Stijn!!

[porsche4life]

Most are selling for what the house is actually worth, and taking a beating. Hence ricks problem, the market is flooded...


At least in some parts of the country....

[Rick V]

Originally Posted by vas930

No PARF, Rick.
I was asking what the banks do with the houses.
Do they just sell them for what they can get, or do they hold them.

They sell them for dirt cheap prices. You can buy my house foreclosed for less than a quarter of what I am asking and I am still asking less than tax value.

[slodave]

Originally Posted by Rick V

They sell them for dirt cheap prices. You can buy my house foreclosed for less than a quarter of what I am asking and I am still asking less than tax value.

Vas, banks are stuck with these properties and at some point, it becomes easier for them to cut the value of the property and make some money, any money. At some point the property will cost more to maintain, than it is worth. Dump it at a low price and be done with it.

[Rick V]

Originally Posted by slodave

Hi Vas.

That's not quite right, Rick. Up until a few years ago, it was pretty easy to get a mortgage loan valued at way more than a person could afford to pay back. The lenders weren't about to tell their clients that they cold not repay the loans, since the lender was making money hand over fist. The clients were thrilled, since they could now buy a million dollar home, even though they should have purchased something in the $300,000 range (making numbers up here). The collapse of the economy just made things worse.

It really had mostly to do with the mortgage industry and how loans were made.

You just said it in a more eliquantly than my readers digest version.

[vas930]

Hi, Dave.
Great to hear from you.

Thats pretty much what goes on in most places.
I was wondering how the banks got rid of the houses.

[vas930]

Man, I got to learn how to type faster.

and spell.

[Flieger]

Hi Dave, good to see you again. How's the flying?

The thing with the chick probably won't go anywhere. Heck, she might not even be in class. Lots of classes have been cancelled by the instructor for tomorrow, the last day before finals week. It would be much easier if there were more women in engineering so I would have more chances to get to know one that I liked, and does not already have a boyfriend.

Bouncing tach? I would first look at the grounds but beyond that I hear that worn points (incorrect dwell) in the distributor can do that, as can a bad diode in the alternator. Since it is so intermittent it makes me think bad ground.

[HHI944]

A home on island was just sold by the bank for 350k... ..in 07, it sold for 1.4.....
condos all over for under 100......

[Flieger]

The more exciting news it is looks like I have a shot at heading up the suspension design team for Formula Hybrid/Electric next year. Their best guys are graduating apparently and they need seniors. The gas team already has people.

They say they might be able to get this worked into the three-quarter long senior project that engineers do, in which case I should actually have time to do this.

I have wanted to do FSAE since I was a freshman, but never had time.

There is an info meeting tonight at 6pm.

[vas930]

Originally Posted by slodave

Vas, banks are stuck with these properties and at some point, it becomes easier for them to cut the cost of the property and make some money, any money. At some point the property will cost more to maintain, than it is worth. Dump it at a low price and be done with it.

Do they have the buyers picking up these homes for cheap?

The wealthy guys may, that way they can sell them at a mark up when things
get better.

[Rick V]

Originally Posted by Flieger

The more exciting news it is looks like I have a shot at heading up the suspension design team for Formula Hybrid/Electric next year. Their best guys are graduating apparently and they need seniors. The gas team already has people.

They say they might be able to get this worked into the three-quarter long senior project that engineers do, in which case I should actually have time to do this.

I have wanted to do FSAE since I was a freshman, but never had time.

There is an info meeting tonight at 6pm.

Good deal Max

[vas930]

Originally Posted by Flieger

The more exciting news it is looks like I have a shot at heading up the suspension design team for Formula Hybrid/Electric next year. Their best guys are graduating apparently and they need seniors. The gas team already has people.

They say they might be able to get this worked into the three-quarter long senior project that engineers do, in which case I should actually have time to do this.

I have wanted to do FSAE since I was a freshman, but never had time.

There is an info meeting tonight at 6pm.

Thats fantastic, Max.
Good luck at the meeting.

New project, hot young chick.
Good for you.

[Rick V]

Originally Posted by vas930

Do they have the buyers picking up these homes for cheap?

The wealthy guys may, that way they can sell them at a mark up when things
get better.

A lot of "homes" have become houses and therefor rentals. It is actually very sad. The rock house I had my heart set on was one of these, and that is where it ended up.

[slodave]

That's the thing, Vas. Once the economy tanked there were not enough people that had money left and wanted a home, to sell the properties to. The mortgage industry also had to go through a major overhaul to try and prevent this type of lending from happening again, so houses sat unoccupied and loans were not being made. Those that lost their homes and there are a lot, don't have the credit anymore to buy another property, even one they can afford.

The mortgage industry is stabilizing out here and the economy is starting to look up, so there are more people that can get new loans and buy again. There are more houses than buyers, but you can get some amazing deals now.

This is where Rick gets screwed. He wants fair market value for his property, but down the street and bank owns a property about the same size and wants to dump it cheap. Easy decision for the buyer.

[vas930]

Well, best go do some stuff.
See ya.

Nice to hear from you, Dave.

[Rick V]

Later Vas

[HHI944]

Of course the drawback to that property is the 20k poa buy in and 1k/month dues...

[Noah930]

Housing market in my neck of the woods is still dropping. I bought a home 2.5 yrs ago. Put 20% down. On paper, I've pretty much lost all of that. Zillow says its gone down about $16K in the last month, alone.

[slodave]

Originally Posted by HHI944

Of course the drawback to that property is the 20k poa buy in and 1k/month dues...

Not really. If you could afford the normal cost for the property, but buy it at that reduced price, put the rest of the money into something that pays interest. Do it right and you can pay the dues and monthlies, while still making money.

[vas930]

Hey, guys.
I know its easy for me out here in Australia.
We have a strong economy, mainly due to China buying our stuff.
You guys are having a hard time, but things will turn around.
I hope its sooner, rather than years.
Hang in, things will get better.

If not, I am buying a place next year,and you can all come live at my place.