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Old 09-28-2008, 08:21 AM
 
Location: wrong planet
5,127 posts, read 10,239,565 times
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I ran into our realtor yesterday while I was out and talked to her for a while. She told me that things have really slowed down, no surprise. BUT, she told me she had a client who is looking to buy a house, finally she found a house her client liked and was perfect for her. They put in an offer to the bank (house is bank owned) verbally the bank agreed, so the potential buyer went ahead with a home inspections, mold and radon test etc. etc. Then she tells me the bank has now called off the sale, saying they are waiting to see what will happen with the bail out bill and they are hoping to get more money from the government in a bail out.

Just peachy. I wonder how many banks will now decline to sell properties, hoping for more money from the taxpayers.

This just is insane.
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Old 09-28-2008, 09:27 AM
 
4,089 posts, read 4,705,738 times
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Quote:
Originally Posted by katzenfreund View Post
Just peachy. I wonder how many banks will now decline to sell properties, hoping for more money from the taxpayers.

This just is insane.
Unless you are the bank. Then it is smart.
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Old 09-28-2008, 10:05 AM
 
Location: Albemarle, NC
7,730 posts, read 12,689,324 times
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Got a friend in Roanoke who just had the same thing happen. They walked away with no notice.
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Old 09-28-2008, 10:10 AM
 
13,072 posts, read 11,394,061 times
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Quote:
Originally Posted by katzenfreund View Post
I ran into our realtor yesterday while I was out and talked to her for a while. She told me that things have really slowed down, no surprise. BUT, she told me she had a client who is looking to buy a house, finally she found a house her client liked and was perfect for her. They put in an offer to the bank (house is bank owned) verbally the bank agreed, so the potential buyer went ahead with a home inspections, mold and radon test etc. etc. Then she tells me the bank has now called off the sale, saying they are waiting to see what will happen with the bail out bill and they are hoping to get more money from the government in a bail out.

Just peachy. I wonder how many banks will now decline to sell properties, hoping for more money from the taxpayers.

This just is insane.
No offense to you, but there are always two sides to every story. I would be interested in seeing all the facts before I believed something like that. It just seems rather... well... too convenient of a claim considering the current situation.
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Old 09-28-2008, 11:06 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
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Quote:
Originally Posted by Nomander View Post
No offense to you, but there are always two sides to every story. I would be interested in seeing all the facts before I believed something like that. It just seems rather... well... too convenient of a claim considering the current situation.
Hate to break it to you, but this is going on all over the country. Yes, banks are waiting to see what the bail out means to them. And of course it is convenient . . . banks are not philanthropic institutions. They are money making entities, LOL. So of course banks are waiting to see who is gonna bail them out. Why take a loss if they are not gonna have to? This is how it works. Unfortunately, most of us simply have no clue what this bail out really MEANS since no one is telling us the actual terms of this "deal."
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Old 09-28-2008, 11:11 AM
 
Location: Albemarle, NC
7,730 posts, read 12,689,324 times
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Quote:
Originally Posted by anifani821 View Post
Hate to break it to you, but this is going on all over the country. Yes, banks are waiting to see what the bail out means to them. And of course it is convenient . . . banks are not philanthropic institutions. They are money making entities, LOL. So of course banks are waiting to see who is gonna bail them out. Why take a loss if they are not gonna have to? This is how it works. Unfortunately, most of us simply have no clue what this bail out really MEANS since no one is telling us the actual terms of this "deal."
I'm going to have to wager that Congress will vote on this legislation long before we ever get the actual text of it. There will be no debate. It will be passed nearly unanimously in the Senate with a few dissenters in the House. Bush will sign it and the markets will rally on Monday and Tuesday. Once the text is published and people start dissecting it, we'll realize that we've just been swindled to the tune of several trillion dollars.
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Old 09-28-2008, 11:20 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
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Originally Posted by paperhouse View Post
I'm going to have to wager that Congress will vote on this legislation long before we ever get the actual text of it. There will be no debate. It will be passed nearly unanimously in the Senate with a few dissenters in the House. Bush will sign it and the markets will rally on Monday and Tuesday. Once the text is published and people start dissecting it, we'll realize that we've just been swindled to the tune of several trillion dollars.
Yep. I am rather sickened by this whole process. And I am also astounded that somehow the DEMS have tried to "blame" this on Republicans. Dodd keeps saying "McCain slowed the process" and "GOP won't cooperate" . . . and they would have had something worked out sooner . . . but I don't buy that for one moment. For one thing, the legislation is coming from the House, wh/ has DEM majority. There are DEMs as well as GOP who have had questions about this bail out. I congratulate them for it!!!! I am very concerned at the speed at wh/ this is being thrown together. This would never be allowed in corporate America - throwing a deal together this fast w/o any apparent sign of due diligence. I mean, no one can really even define what the liability is (in dollars and cents).

I think everyone agrees - the issue needs to be addressed . . .but my concern is w/ how much of this is just addressing an issue and creating legislation w/o EXAMINING the issue and making decisions based on facts, rather than speculation.

This should not be a political process and I very much resent some of the legislators trying to make this a political issue rather than focusing on the actual financial issue . . . and finding innovative ways to solve the problems. It appears what Nancy Pelosi, Harry Reid, Dodd and Frank wanted was a quick hand over of $700 B dollars . . . and then they complained when their fellow legislators said - wait a minute - we need to examine the issue.

I am rather appalled at that! Scary to think this is how our country is being governed . . . a few people making these kinds of decisions - when none of them are economic/financial experts . . . pretty crazy, IMHO.
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Old 09-28-2008, 11:34 AM
 
Location: South FL
5,425 posts, read 6,380,756 times
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Wow, sorry to hear that.

It is truly insane, .
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Old 09-28-2008, 01:53 PM
 
13,072 posts, read 11,394,061 times
Reputation: 2608
Quote:
Originally Posted by anifani821 View Post
Hate to break it to you, but this is going on all over the country. Yes, banks are waiting to see what the bail out means to them. And of course it is convenient . . . banks are not philanthropic institutions. They are money making entities, LOL. So of course banks are waiting to see who is gonna bail them out. Why take a loss if they are not gonna have to? This is how it works. Unfortunately, most of us simply have no clue what this bail out really MEANS since no one is telling us the actual terms of this "deal."
So let me get this straight, I say I would be interested to see the facts because there are always details people leave out and much of the "gossip" which is common in word of mouth information passed from person to person happens to be slanted, adjusted, or missing relevant contextual information and you respond with basically "take my word of it I'm right" with no evidence to back up your claims? So, do you have some relevant factual evidence to report or will you respond again with another "take my word for it, I heard..." type of claim?
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Old 09-28-2008, 07:42 PM
 
Location: wrong planet
5,127 posts, read 10,239,565 times
Reputation: 4180
Quote:
Originally Posted by Nomander View Post
No offense to you, but there are always two sides to every story. I would be interested in seeing all the facts before I believed something like that. It just seems rather... well... too convenient of a claim considering the current situation.
Well, what can I say... I am only relaying what my realtor told me, but I trust her (know her quite well) and see no reason why she would tell me such a story if it weren't true.
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