The TOO dump thread

[Buckmaster]

Here's another one....

3 weeks ago a buddy went to a sheriff's sale. The home next to his went into foreclosure and went to Sherriff's sale.

There were 3 people whom attended. The Judge and 2 bidders. One was my buddy, the other the bank.

Opening Bid $ 110k.
Bank Open's at $ 153K.
My Buddy offers $154k and wins. End of story.

My question....why wouldn't the bank grind out the bid process to tire out any would be bidders if the bank truly wanted real estate holdings?
Why would the bank jump the bid that high?
(potential resale value down the road)
(higher future appraisal value based on current sell price)
(result in higher taxes)

Banks are just weird. I just called my bank and left them a message I wanted a copy of the appraisal before they moved forward with anything. Worst case I saved a quarter point interest, increased my credit score, and gained a little more credit line today despite the low ball appraisal.

 

[Beentown]

We just put a bid in on a flip...realtors drove that bitch to within $30K of its final value and it needed almost $20K worth of work. $10k....man I just can't see the margains.

 

[hickslawns]

We just put a bid in on a flip...realtors drove that bitch to within $30K of its final value and it needed almost $20K worth of work. $10k....man I just can't see the margains.

Our local market seems to have had an increase in people trying to flip houses. If it is sub $30-40k, there are swarms of people. Disregard the fact the house needs $30k in work and will only sell for $60-70k finished. The banks own them most of the time if going to sheriff sale. Ben- I'd say the bank did that to save time. Generally it is a lawyer paid by the bank to represent their interest. He/she is given a number and instructions "Own it for anything less than this number." I have watched opening bids go to the bank for exact number before. For example: $46,935.27 is the number the attorney throws out there. If there is a savvy buyer in the room and he hears an odd number like this, it is best he adds one penny or one dollar to that bid. He will own it.

 

[huntn2]

This was my dump worthiness yesterday:

 

[Jackalope]

The reason is banks are out to make money. The reason they signed people up for these high rate sub prime credit mortgages was to screw them. They also sold things like adjustable rates knowing they would later put the screws to people. Granted, there are a ton of stupid people out there, but the banks very much practiced predatory lending. They figured that once the people signed, they had them by the balls and could jack the rates way up. Nobody wants to lose the america dream they said, nobody wants to lose their home, so we have them right where we want them. A bank never gave an ARM rate expecting rates to fall. What they didn't count on was a very large percentage of those people flipping the bank the bird and saying come get they keys asshole, I'm done with you. This in turn drove down home values, placing many credit worthy buyers who did nothing wrong 20-100k upside down on their houses. Upon discovering this when trying to sell their home they tried to negotiate short sales. The banks scoffed, they still wanted to screw those people and not let them out of the trap. So those people too flipped the banks the bird and said come get the keys. Now banks are sitting on tons of houses, andNEED to make all they can from them. What should be a logical selling price, isn't, because the bank doesn't technically take a loss on the defaulted loan until they sell the asset that backed the loan . And the amount they need to "not take a loss" is the amount they tried to screw the old homeowner with. So in the end, the banks fell into their own trap. Now they only want to give you a loan or appraisal at 70%. Thinking if you flip them the bird and say come get the keys, they can still make an easy 30% on the asset.

 

[giles]

My wife hit a trash can today...$650 quote!

 

[Beentown]

The reason is banks are out to make money. The reason they signed people up for these high rate sub prime credit mortgages was to screw them. They also sold things like adjustable rates knowing they would later put the screws to people. Granted, there are a ton of stupid people out there, but the banks very much practiced predatory lending. They figured that once the people signed, they had them by the balls and could jack the rates way up. Nobody wants to lose the america dream they said, nobody wants to lose their home, so we have them right where we want them. A bank never gave an ARM rate expecting rates to fall. What they didn't count on was a very large percentage of those people flipping the bank the bird and saying come get they keys asshole, I'm done with you. This in turn drove down home values, placing many credit worthy buyers who did nothing wrong 20-100k upside down on their houses. Upon discovering this when trying to sell their home they tried to negotiate short sales. The banks scoffed, they still wanted to screw those people and not let them out of the trap. So those people too flipped the banks the bird and said come get the keys. Now banks are sitting on tons of houses, andNEED to make all they can from them. What should be a logical selling price, isn't, because the bank doesn't technically take a loss on the defaulted loan until they sell the asset that backed the loan . And the amount they need to "not take a loss" is the amount they tried to screw the old homeowner with. So in the end, the banks fell into their own trap. Now they only want to give you a loan or appraisal at 70%. Thinking if you flip them the bird and say come get the keys, they can still make an easy 30% on the asset.

Community Reinvestment Act. The blame isn't on the banks but the .gov thugs who forced them to lend the money. Don't get me wrong MANY banks were caught being fast and loose but that was due to pressure. I.E. Countrywide and Clinton.

 

[hickslawns]

Community Reinvestment Act. The blame isn't on the banks but the .gov thugs who forced them to lend the money. Don't get me wrong MANY banks were caught being fast and loose but that was due to pressure. I.E. Countrywide and Clinton.

This was a big part of it. Govt forced banks to lend to people not qualified to buy a house because "we are discriminating". It wasn't all the banks.

 

[Jackalope]

Community Reinvestment Act. The blame isn't on the banks but the .gov thugs who forced them to lend the money. Don't get me wrong MANY banks were caught being fast and loose but that was due to pressure. I.E. Countrywide and Clinton.

This is true to a point. The CRA did apply pressure to companies but it only required those loans to be a small percentage of their overall loan portfolio. You have to write X percentage of loans to this subclass of people, race, or in Y neighborhoods. But the banks wrote way beyond what was required of them in the subprime arena. Then tried to make even more money out of them by placing them in mortgage backed securities.

 

[Redhunter1012]

Fuggin Heat exchanger went to hell on the furnace. Hoping to do some labor tradeoff and cash in some favors owed to me. Might only be on the hook for the cost of the furnace. Still looking at over $2,000 easily. Honestly, I thank God the whole house didn't go up. It burnt a hole through the outer shell and insulation. Coulda been bad

 

[Bigslam51]

Fuggin Heat exchanger went to hell on the furnace. Hoping to do some labor tradeoff and cash in some favors owed to me. Might only be on the hook for the cost of the furnace. Still looking at over $2,000 easily. Honestly, I thank God the whole house didn't go up. It burnt a hole through the outer shell and insulation. Coulda been bad

Damn man, glad you guys are OK! Sorry to hear about the cost of it though.

 

["J"]

Fuggin Heat exchanger went to hell on the furnace. Hoping to do some labor tradeoff and cash in some favors owed to me. Might only be on the hook for the cost of the furnace. Still looking at over $2,000 easily. Honestly, I thank God the whole house didn't go up. It burnt a hole through the outer shell and insulation. Coulda been bad

Damn..... Glad it didn't get worse.....

 

[the Lackster]

Fuggin Heat exchanger went to hell on the furnace. Hoping to do some labor tradeoff and cash in some favors owed to me. Might only be on the hook for the cost of the furnace. Still looking at over $2,000 easily. Honestly, I thank God the whole house didn't go up. It burnt a hole through the outer shell and insulation. Coulda been bad

That's rough man. Glad all are ok. Money can fix that.

 

[Hoytmania]

Dang red what you burning, fuel oil?

 

[giles]

I just wrote something bitching about all the hours this week and working in this weather...then a few recent threads came to mind and I was very humbled. Not sure this needs to be posted as a "dump", but I felt the need to share. Here's TOO another 16 hour shift in this nasty weather! Come on 0700...

 

[Dustinb80]

Hit a deer on the way to work this morning.

 

[Riverdude]

Updating my resume looking for a new job. At least I have health insurance for a while.

 

[Bigslam51]

Hit a deer on the way to work this morning. View attachment 42106

Damn dude, you've had some shit luck lately. Did you kill it?

 

[Dustinb80]

Didn't stop to find out. I hit her in her lead shoulder and head, so I'm thinking she's dead. Locked up my brakes and swerved a little bit trying to avoid her. If I had run off the road I would've launched off a guard rail that was just starting. She was the last one to cross the road. All of her buddies had already made it across. Saw their flags go up once I nailed her. And Yes, I have had some shitty luck lately. LOL

 

[hickslawns]

Dang Dustin. You are due for a positive upturn in your luck.