Is it worth "timing" the real estate market?

[JustBored]

Originally Posted by Kbinspections

Funny, I did an inspection in Brooklyn, the evicted people stripped all the copper out of the house down to the telephone wire! No electric, plumbing nada.Crazy!

Heh yeah, thats why some Banks are paying people to leave their homes in peace.. isnt that facking insane? You borrowed Money from me, now you can't pay, so instead of just leaving because you are responsible, you take everything you can get your grimly hands on, so when I sell the house you can no longer afford, its empty and I might as well just knock it down and sell the land, some people have no shame..

Originally Posted by lxl

$0 down, 105% interest only loans are things of the past. Mortgage is such a bad word in the industry that it is now called Residential Credits. You omitted the most likely scenario. It is very expensive for banks to own those houses (banks have to pay LI taxes too ). Eventually, they will have to sell them at their new market values, with 0% discount. You bet that the market value for that once $400k house is now much lower. Those such such % below market value claims are non-sense. It's a free market. Whatever the price the buyer and seller agreed upon is the market price. No one is getting a discount. Just think of it for a bit. The banks will not sell you anything that's a penny less than what they can fetch. It's just a matter of staying in the business.

Not actually true, they still do 100% loans, they are just packingit differently so the Fannie Mae, and FHA are responsible for the loan, not them.. They are getting the seller to "gift" the 3% downpayment .... or something to that effect..

Edit: Although some homes that are stripped bare, and thieves..

[TomMoser]

Originally Posted by Kbinspections

Funny, I did an inspection in Brooklyn, the evicted people stripped all the copper out of the house down to the telephone wire! No electric, plumbing nada.Crazy!

I have seen this in many foreclosed homes. All the copper piping gone. Baseboard heat removed. And, it wasn't just ripped out. It was a neat job, professionally done. One house was even missing the boiler.

[rocafeller05]

This is why the banks are sweating bullets right now. They have thousands of these homes which are being forclosed. And they know how much destruction a pi$$ed off homeowner can do. But in the same token they dont get back to an offer on a "short sale" for months! I guess they really are stuck between a rock and a hard spot?

[TomMoser]

The problem though, is that banks are run by bankers. Salaried employees who have no real interest in the properties they are dealing with.