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Old 07-26-2011, 03:40 PM
 
Location: nj
28 posts, read 107,540 times
Reputation: 19

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Counter offer ACCEPTED! Trying to research home inspection companies now, any suggestions greatly appreciated.
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Old 07-26-2011, 08:25 PM
 
1,374 posts, read 2,435,920 times
Reputation: 789
you first asked if you should make counter offer, now you asked for referral of home inspector. Are you not working with an RE agent? why are you buying a property without using an agent?
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Old 07-26-2011, 08:31 PM
 
670 posts, read 1,104,796 times
Reputation: 893
Quote:
Originally Posted by jerseynurse View Post
Counter offer ACCEPTED! Trying to research home inspection companies now, any suggestions greatly appreciated.
We used Desert Home Inspections recently and were very pleased. We had the report in our hands 24 hours after the physical inspection took place. Very thorough, easy to understand report. Ours was a particularly critical inspection as it was obvious to us the home had been neglected for some time and given the known problems, the hidden could have been much worse.

Also, If you are working without a RE Agent and would like referral to our fantastic agent please feel free to DM me.
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Old 07-26-2011, 08:42 PM
 
2,724 posts, read 4,764,554 times
Reputation: 1042
Quote:
Originally Posted by tony soprano View Post
When you have some downtime, flip through any one of BAC's 10Qs from the last couple of years and then get back to us about banks not losing money on foreclosures. Better yet, find one of the ~40K former WaMu employees and educate them about banks not losing money on foreclosures. I'm sure you'd have their undivided attention.
Apologies to OP for thread hijack

Facts...

Banks buy seized assets from FDIC (@.70 cents on the dollar).
FDIC promises to cover 80-95% of any losses.
Potential losses are calculated from the original mortgage amount NOT what is currently owed or what the home is presently worth.

Example...

Homeowner takes out mortgage for $478,000
Subsequently he defaults.
The bank adds $7,200 for missed payments.
Total owed is now $485,200.
Bank bought loan for 70% of $478,000 = $334,600.
Purchase offer is made at foreclosure sale of $241,000.
Take the $485,200 and subtract $241,000 = $244,200.
Bank says "we LOST $244,200".
FDIC "covers" 80% of bank's loss = $195,360.
FDIC pays bank $195,360.
$241,000 + $195,360 = $436,360.
The bank turned a profit of $101,760 (at the expense of the American taxpayer)!

When Americans finally wake up and realize they've been duped and they subsequently refuse to pay their mortgage and credit cards, the proverbial chicken will have finally come home to roost.

The ultimate irony is that what brought down the great nation was not war, famine, disease or overpopulation... it was GREED!


Last edited by eventusstultorummagister; 07-26-2011 at 08:45 PM.. Reason: spelling
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Old 07-27-2011, 12:03 AM
 
1,347 posts, read 2,448,818 times
Reputation: 498
Quote:
Originally Posted by eventusstultorummagister View Post
Apologies to OP for thread hijack

Facts...

Banks buy seized assets from FDIC (@.70 cents on the dollar).The wheels come off the wagon really early in this thesis. The FDIC seizes assets from failed banks, or banks on the verge of failure. Without failed banks, the FDIC has no inventory. But wait, how can banks be failing if they're actually turning a profit on foreclosures? It's a circular and contradictory theory.
FDIC promises to cover 80-95% of any losses.
Potential losses are calculated from the original mortgage amount NOT what is currently owed or what the home is presently worth.

Example...

Homeowner takes out mortgage for $478,000
Subsequently he defaults.
The bank adds $7,200 for missed payments.
Total owed is now $485,200.
Bank bought loan for 70% of $478,000 = $334,600.
Purchase offer is made at foreclosure sale of $241,000.
Take the $485,200 and subtract $241,000 = $244,200.
Bank says "we LOST $244,200".
FDIC "covers" 80% of bank's loss = $195,360.
FDIC pays bank $195,360.
$241,000 + $195,360 = $436,360.
The bank turned a profit of $101,760 (at the expense of the American taxpayer)!

When Americans finally wake up and realize they've been duped and they subsequently refuse to pay their mortgage and credit cards, the proverbial chicken will have finally come home to roost.

The ultimate irony is that what brought down the great nation was not war, famine, disease or overpopulation... it was GREED!

It's time to revolt people! Don't let the man keep you down!!
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Old 07-27-2011, 07:55 AM
 
2,076 posts, read 4,074,309 times
Reputation: 2589
Source for "Facts"?

Quote:
Originally Posted by eventusstultorummagister View Post
Apologies to OP for thread hijack

Facts...

Banks buy seized assets from FDIC (@.70 cents on the dollar).
FDIC promises to cover 80-95% of any losses.
Potential losses are calculated from the original mortgage amount NOT what is currently owed or what the home is presently worth.

Example...

Homeowner takes out mortgage for $478,000
Subsequently he defaults.
The bank adds $7,200 for missed payments.
Total owed is now $485,200.
Bank bought loan for 70% of $478,000 = $334,600.
Purchase offer is made at foreclosure sale of $241,000.
Take the $485,200 and subtract $241,000 = $244,200.
Bank says "we LOST $244,200".
FDIC "covers" 80% of bank's loss = $195,360.
FDIC pays bank $195,360.
$241,000 + $195,360 = $436,360.
The bank turned a profit of $101,760 (at the expense of the American taxpayer)!

When Americans finally wake up and realize they've been duped and they subsequently refuse to pay their mortgage and credit cards, the proverbial chicken will have finally come home to roost.

The ultimate irony is that what brought down the great nation was not war, famine, disease or overpopulation... it was GREED!

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Old 07-27-2011, 09:16 AM
 
1,347 posts, read 2,448,818 times
Reputation: 498
Quote:
Originally Posted by WestieJeff View Post
Source for "Facts"?
His source are these two mopes - using their identical numbers in fact. It's a load of fiction that gets circulated amongst the intarweb conspiracists and passed off as fact.



Information not shared by the aforementioned mopes -
Quote:
Originally Posted by FDIC
OneWest has not been paid one penny by the FDIC in loss-share claims. The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

FDIC: Press Releases - PR-2010 2/12/2010
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Old 07-27-2011, 10:56 AM
 
2,076 posts, read 4,074,309 times
Reputation: 2589
I had seen that video and figured that was the source. Thanks for the source @ FDIC.

I get tired of hearing the typical consumer "banks got bailed out, now I should get xyz for free"

Quote:
Originally Posted by tony soprano View Post
His source are these two mopes - using their identical numbers in fact. It's a load of fiction that gets circulated amongst the intarweb conspiracists and passed off as fact.
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Old 07-27-2011, 11:04 AM
 
Location: Kingman AZ
15,370 posts, read 39,117,748 times
Reputation: 9215
Quote:
Originally Posted by WestieJeff View Post
Source for "Facts"?
FACTS, we don need no stinkin FACTS.
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Old 07-27-2011, 11:15 AM
 
1,609 posts, read 2,015,880 times
Reputation: 2036
Quote:
Originally Posted by jerseynurse View Post
Counter offer ACCEPTED! Trying to research home inspection companies now, any suggestions greatly appreciated.
I plan on using this gentlemen once (hopefully) our short sale goes through. There were a lot of good reviews of him. F.Y.I. INSPECTIONS INC. -

By the way, did you have to go up $10K or did you stand pat on your original offer? Congratulations
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