warmpancakes
Well-known member
Im house shopping right now too wife an I have decided to rent for a year or 2 while we shop for the right house , the one we want isin the begining stages of foreclosure but that process takes a year in michigan
House hunting blues
- Thread starter quick86
- Start date
warmpancakes
Well-known member
howell I know you , you know me
warmpancakes
Well-known member
you should have kept that blue 4 eye
warmpancakes
Well-known member
go check your PMs on MM
Packard V8
Well-known member
Yes, there are hundreds of thousands of homes in foreclosure.
No, you and I usually never get a shot at them. the larger banks don't have the staff or the expertise to retail homes. They're so lazy, they choose to take a much larger loss and wholesale them to investors, often ten at a time. No inspections, no appraisals, no financing, just cross them off the books and get on with stealing more of the taxpayer's money.
Second problem is even finding who actually holds the paper on the foreclosed homes. Again, the big banks bundled their paper and sold it to brokers who resold it to hedge funds. Some home sit empty because no one is sure who really owns it.
Maybe, asking around, checking with smaller local banks, credit unions, craigslist, local free real estate catalogs will turn up the perfect house at the right price.
thnx, jack vines
No, you and I usually never get a shot at them. the larger banks don't have the staff or the expertise to retail homes. They're so lazy, they choose to take a much larger loss and wholesale them to investors, often ten at a time. No inspections, no appraisals, no financing, just cross them off the books and get on with stealing more of the taxpayer's money.
Second problem is even finding who actually holds the paper on the foreclosed homes. Again, the big banks bundled their paper and sold it to brokers who resold it to hedge funds. Some home sit empty because no one is sure who really owns it.
Maybe, asking around, checking with smaller local banks, credit unions, craigslist, local free real estate catalogs will turn up the perfect house at the right price.
thnx, jack vines