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I know of one house that was listed for $300k. Friend offered $270k for it. Bank countered at $325k. WTF I'd also like to know where all of my tax bail-out dollars went and how that's helping the banks help me. Maybe it's just me, but I'm not seeing it.
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I wonder about that too, I went to a foreclosure auction yesterday, still a lot of homes on the chopping block. I knew of a house that was going, I wanted it to use as storage(large lot, ect) & have a friend looking for a place to rent (divorced after 30 years, has nothing to show for it)
So after researching, I found out that the owner owed $139K ($126K+ fees) needs some wood replaced, roof is questionable, and hearing about FC homes selling for $100, and true, they do, back to the bank...
So I took some cash, figured what I would be willing to spend & value based other homes in the area for sale & such, went & signed up.
The 1st few properties didn't have any bidders other than the bank, so, $100 by the bank bought them, but if there were bidders, the banks had a minimum and you had to go $100 over that to get the property, and they weren't any real deals either. I bid on the one I was interested in, but turns out that the bank wanted $119K, I was willing to go 1/2 that, based on the fact that it backs right up to rail road tracks & I know the work it needs and there are already 4 other homes for sale in the same subdivision (and it is a small one too).
Now, the banks are buying back these FC, instead of individuals, so they have a bunch of homes that they will be getting paid twice for (once by the Gov bail out, then the resale) so this isn't really helping new home owners or people looking to buy homes with cash to fix up & rent or sell. When going to a cash sale like this, I was looking at paying .60 or .70 cents on the dollar in this current market, but the banks aren't letting that happen, since our tax dollars are funding them to sit on properties..