[Daddys///M3]

Originally Posted by olecapt

It makes no sense Gulfer. The trying period is when you finally announce you are evicting them and they then get lots of time to tear up the place if they are going to. I think the real pattern is very few people actually stay around after the decision to walk. Live goes on.

I still see weird things rather than planned stuff. Just apparently got foreclosed on a listing where they refused to look at a short sale because they had the guy set up for a loan modification. The seller is not remotely interested. So they are telling me they won't sell the property while some other department is foreclosing. I find this out when they change the locks.

So they likely bit off an extra 20K or 30K and another couple of months because they don't talk internally. Ah well.

I think everyone in this thread arguing the bank's intentions and whatnot need to pay very close attention to the bold passage. I think that many of you are giving the banks entirely too much credit. The assumption that they are organized enough to conspire with all of the other lending institutions to pull off some huge plot to keep pricing stable, when the right hand does not know what the left hand is doing between one lender's departments, is either extremely naive or very conspiratorial. Either way, the simplest explanation is the most likely one, that explanation being that the banks are simply too inept to do anything in a smooth and timely fashion (anyone that has gotten a mortgage with a large national lender lately will likely attest to that) coupled with the fact that they are simply overwhelmed with REO transactions, foreclosing of homes, short sales, loan modifications, and of course new mortgage origination. They are seriously understaffed due to the economy and their work load has quadrupled in the last 2 years.

[changyai]

Three or four Banks make up a large percentage of foreclosures. Wells Fargo, Duetche Bank, and Bank of America (Countrywide) all come to mind. The words "collude," and "conspire," come to mind also.

[olecapt]

Originally Posted by changyai

Three or four Banks make up a large percentage of foreclosures. Wells Fargo, Duetche Bank, and Bank of America (Countrywide) all come to mind. The words "collude," and "conspire," come to mind also.

Shoot I would be impressed all to hell if the BofA Asset management operation could manage to cooperate with the BofA Modificaton operation and them with the BofA foreclosure operation. And that is too much too hope for...

[changyai]

And if you are only doing REO (and no short), you will have eliminated the need to deal with two of them. 93 days until November 30.

[olecapt]

Originally Posted by changyai

And if you are only doing REO (and no short), you will have eliminated the need to deal with two of them. 93 days until November 30.

And if you don't do REOs as well you can forget about the banks altogether.

So what?

[changyai]

So then you won't be wasting 300 Dollars per day flying out here and looking at properties that are being "sold" by someone, who does not own them. Avoiding the banks altogether would be the easiest, but not most cost effective. The REO process isn't real easy, but that's where you will get value.

[olecapt]

Originally Posted by changyai

So then you won't be wasting 300 Dollars per day flying out here and looking at properties that are being "sold" by someone, who does not own them. Avoiding the banks altogether would be the easiest, but not most cost effective. The REO process isn't real easy, but that's where you will get value.

In my view better value from shorts. Just harder to do. The cost of the front end is small in the overall deal.

One way to solve the conundrum is buy short blind until you get an acceptance then fly out.

[changyai]

That is sound advice. Especially if you are currently in a suitable home. Rattle their cages, and see who comes out to deal. However, a "deal" on a short, and bank approval/closing are two different matters.

[olecapt]

Originally Posted by changyai

That is sound advice. Especially if you are currently in a suitable home. Rattle their cages, and see who comes out to deal. However, a "deal" on a short, and bank approval/closing are two different matters.

Acceptance on a short is bank approval. Seller agreement is also needed but of course much easier to get. One does not fly on a short until the bank approves.

[tony soprano]

Originally Posted by olecapt

Where do you get these misinterpretations? I don't care what the market does. It is fine with me now. I get my business from referrals and investors looking at the low end. I would just assume it stay like it is...particularly at the high volume.

The only thing I am changing is I have begun to look for listings again...but mostly because the sellers are getting more rational. Still way too many shorts though for that side of the business to do much before spring.

Misrepresentations? hahaha. It seems like you've recently been gifted with a big dose of reality. We haven't heard much of that "REO inventory is running out" nonsense for awhile now. None of the "time to jump on the train before it leaves the station." It seems like there was plenty of time after all.

Present trends can not continue.