[007 license to sell]

This is mind boggling how long we have been in this housing mess and they still can't figure out what to do and how to make the process flow smoothly.

Nevadans miss chance to avoid foreclosures

Jeanne Bullock parted with her grand piano. Now, she might lose her home. The longtime local musician was forced to ship her beloved piano to a music store in Maryland owned by her brother. Like...

[WestieJeff]

Originally Posted by olecapt

I think it even more complicated than that. Note that the "banks"in general don't own these properties. They are owned by some form of a securitized investor. The decision on how to proceed comes from the investor and not the bank.

Totally correct there.

Originally Posted by olecapt

The situation is also rife with the opportunity for hanky pank. And I am sure some of it is going on. A chosen investor gets whispered to that the bank will not bid on a particular property. The investor picks it up on the cheap and resells it for a 30 or 40K profit. Where does that money go? There has never been such an opportunity for fraud that has gone unexercised.

I 100% believe this is not happening. These are public auctions so it really doesn't matter if an investor knows the bank will or won't bid on the property. The bidding isn't sealed bid, it keeps going until no one is willing to pay more. If the "tipped off" investor bids low enough to make 30-40k in the property, all it takes is another investor to step up and offer 1 penny more (literally) to take the house.

I can't see there is any benefit from knowing the opening bids for any property except if you know it's low then an investor can do more due diligence and possibly pay more money for the property if everything looks good.

If you go to the auctions, it's the same people every day bidding on homes. There are a few new people here and there that want to pickup properties, but the core set of people buying is the same and they're buying a million+ a week in properties. These people it is their business and they won't let a deal pass them by.

[vegaslocal55]

Very interesting. I've seen addresses located on the MLS as a short sale or "contingent offer" & then also scheduled at trustee auction that same week. Of the addresses listed on the trustee sale calendar, what percentage would you guess are actually sold to a buyer (as opposed to being taken back by the loan holder)? Positive reps to you all-thank you!

[olecapt]

Originally Posted by WestieJeff

Totally correct there.



I 100% believe this is not happening. These are public auctions so it really doesn't matter if an investor knows the bank will or won't bid on the property. The bidding isn't sealed bid, it keeps going until no one is willing to pay more. If the "tipped off" investor bids low enough to make 30-40k in the property, all it takes is another investor to step up and offer 1 penny more (literally) to take the house.

I can't see there is any benefit from knowing the opening bids for any property except if you know it's low then an investor can do more due diligence and possibly pay more money for the property if everything looks good.

If you go to the auctions, it's the same people every day bidding on homes. There are a few new people here and there that want to pickup properties, but the core set of people buying is the same and they're buying a million+ a week in properties. These people it is their business and they won't let a deal pass them by.

I will guarantee you the hanky pank goes on. The difficulty however is that I know of no way to tell the hanky pank from incompetence. Though in some cases the incompetence may be worse than the hanky pank. I would think the bank can throw in a bid up to the value of the mortgage if it choses to and may do so if the correct bidder is not winning. What one really needs to know is what instructions the bank actually has from the security investor...if any...

The situation is ripe for fraud. This is Las Vegas. I therefore think it a pretty good bet that the fraud is occurring.

But who knows....maybe it is all just gross incompetence.

I still have a 200K property trustee saled for 138K and then resold for $175K. These guys are all playing to buy at 75% of real value or less?

Had a security investor turn down a 9K note from a short seller the other day. If not cash they did not want to deal with it.

[vegaslocal55]

Originally Posted by 007 license to sell

This is just one example of why it's going to take years to get through the foreclosure inventory.
Bank of America: Overturn order halting 8,900 Nevada foreclosures

007, I'd really appreciate an update on this situation when available. In my dreams all the foreclosures are dumped on the market on the same day & I get my pick of condos to buy!

[olecapt]

Originally Posted by vegaslocal55

007, I'd really appreciate an update on this situation when available. In my dreams all the foreclosures are dumped on the market on the same day & I get my pick of condos to buy!

It is not going to happen. The system has limited throughput and is running close to that limit. The clerical process prevents any large peak. All it means is the queues got bigger...the rate in and out remains about the same.

[SportyandMisty]

Originally Posted by olecapt

... The situation is ripe for fraud. This is Las Vegas. I therefore think it a pretty good bet that the fraud is occurring...

FRAUD??? In Las Vegas??? I'm shocked. SHOCKED I tell you. It's time to round up the usual suspects.

[Fastrudy]

It's time to round up the usual suspects

Politicians, businessmen & bankers? or are they going to blame it on
Immigrants, middle class and the homeless?

[007 license to sell]

I think you will find this interesting, this video email is usually sent to loan officers and realtors. The information is something I think the public needs to know regarding the foreclosures.

Housing Double Dip or Dance Craze? - 01.31.11

Watch Video

[Robustus]

Originally Posted by 007 license to sell

I think you will find this interesting, this video email is usually sent to loan officers and realtors. The information is something I think the public needs to know regarding the foreclosures.

Housing Double Dip or Dance Craze? - 01.31.11

Watch Video

Wow, really!? That's how real-estate market info and forecasts are disseminated within the industry? That's the sort of presentation it takes to make real-estate industry "professionals" pay attention?

I thought you people analyzed macro economic trends combined with local market dynamics, historical price trends, the overall money supply and interest rates and the like... But I guess goofy guys dancing around and offering simpleton analysis and explanation is easier to digest, eh?