A Sucker is Born Every Minute - Foreclosures »
Posted by: altnrg 1 month, 2 weeks agoIf you are heading to the next foreclosure auction you would do yourself a favor by taking what little money you have and burning it in your fireplace. The only people getting rich in foreclosure are these so-called foreclosure "experts" selling homes on television for $70,000.
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CHAM1 month, 2 weeks ago
Thanks for the notice of this post altnrg. I used to be a Real Estate Broker in my youthful days and I've seen a lot of crazy deals in my time.
Back then the difference between cost of money and the loan value was less than 1% and people made a living. Now its several % and everybody struggles? My question is why.
And the advice to never buy from the foreclosure agents on TV is absolutely correct.
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skogan1 month, 2 weeks ago
The best way to profit from a foreclosure is before it gets foreclosed. Typically after a home is foreclosed, it usually gets trashed from the disgruntled owners and it becomes the bank property which you have to bid and compete for from other prospectors. Instead, find an owner who is delinquent and defaulted on his bills and give them an offer of paying off their bills, making him "current", removing the burden of house payments, preventing a foreclosure and ruining his credit, all for a great deal at bargain basement prices.
(side note: great place to find these pre foreclosed listing for no charge http://www.foreclosurecraze.com/foreclosure-sea... )
This is the best deal in the market these days. Their is tons of material online to the proper etiquette and protocol to take when approaching these home owners .. definitely worth looking into.
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cowboygrandpa1 month, 2 weeks ago
Sadly LMAO because it is true.
I have people come in where I work and tell me about the great real estate deal they are making.
I've had some of them come back crying because they didn't know what they were getting into.
I don't feel sorry for them.
I've always said if it sounds to good to true it probably is or it isn't legal.
My sister in law is in real estate out here in CA and it sucks big time right now.
Greed kills everything after a while.
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Justice4All1 month, 2 weeks ago
This is very sad. People sold houses for more than they were worth to people who could not afford them. The people who bought were afraid that it was now or never because the so called experts said prices would continue to rise.
Now people are buying houses for much less than they were worth a couple years ago and they are looked at like villans. But all they are doing is paying what the house is worth today. The villans are the ones who sold for huge profits a few years ago.
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cowboygrandpa1 month, 2 weeks ago
imarks:
Nah, actually I want to bitc* slap them for their whining.
I remember telling one driver to shut the fu*k up about his stupidity.
It's not like somebody put a gun to their head and forced them to buy.
These are the same ones who want to profit off of someone elses misery, then cry when it happens to them.
I have no sympathy for them.
Now the ones who lose their jobs because the companies downsize or go out of business. Yeah, them I feel for!!!
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Gransater1 month, 2 weeks ago
Grandpa
Wish I could give you more than 1 pos.
Those are words of wisdom there. It seems many of us have forgotten that a good deal is only a good deal, if it truly benefits all parties to the deal, otherwise it used to be called stealing. Of course, much of that has become legalized, and moralized.
Have a good evening.
:) G
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Endoscopy1 month, 2 weeks ago
It was Phineas Taylor Barnum and the quote was "There's a sucker born every minute"
Other that those inaccuracies it is a good story. Sometimes the people being evicted do nothing but others hearing about it will go take everything sometimes including the windows. There are sites that tell about houses being foreclosed on. Another scam that robs people are those who find a good house that has been foreclosed on and will rent it to someone unsuspecting family getting first, last, and deposit. They find out when someone comes and tells them they are there illegally.
Evil people on all sides.
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Daylight1 month, 2 weeks ago
Endoscopy
Other that those inaccuracies it is a good story. Sometimes the people being evicted do nothing but others hearing about it will go take everything sometimes including the windows
"There's a sucker born every minute" Capitalism sucks every second. Capitalist economy is as bad as Communist economy of exploitation.
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lvrofwolves1 month, 2 weeks ago
Sadly there are enough greedy, uncaring of right and wrong people in this world, you don't have to bring those 2 into it every single time.
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susanlea1 month, 2 weeks ago
The Foreclosure mess in part is caused by people buying homes they could not afford. I also wonder how many illegals bought homes (no SS number required) lost their jobs and merely walked away. No one is winning in these deals. Foreclosures also can be caused by people being transferred, house has lost value, and its easier to merely walk away.
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lvrofwolves1 month, 2 weeks ago
I actually know of a house that has been in foreclosure for 3 years, the people moved right away, but said they wished they had known to wait until they were put out.
There are some who have recently bought houses knowing full well they couldn't afford them, get in there and wait for the sheriff to come and put their stuff out, which can take a very long time, but it means they live mortgage payment free all that time. Heck people should realize anyhow, at this stage, people will never have the kind of equity in their homes that people that bought houses 20-30-40 yrs ago have.
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ibstilyn1 month, 2 weeks ago
It really is a sad state of affairs. People used their homes like piggy banks/ATM's. I"m a home owner (2 rental condos free and clear and mortgage on my primary residence for the tax write-off) and the loan vultures with dollar signs for eyeballs were harping to "get loans on that equity" with no thought to how I would pay for it.Predatory to say the least. "Just say no" is very applicable here.
It's not just "illegals" losing their jobs--outsourcing took it's toll on 575 people in my company and all were documented. I'm sorry , but NO CEO should get paid 25 million dollars when the CEO of Toyota takes $500K a year .Here in Arizona the $200k homes are now going for $140k--where they should have been priced when you take greed and speculation away. The problem is , at 140k they are now "fixer-uppers" and neighborhoods are getting seedy.
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Justice4All1 month, 2 weeks ago
Here's my story.
I sold my house in 2001 to take a job outside the US. By 2004 I decided I better get back into the market while I could still afford a home. Prices kept rising with no end in sight. And even though my old home was worth 30% more than I sold it for a couple years earlier my payments would be similar to what I paid before thanks to low interest rates.
One day in August 2004 while sitting in a hotel room in California browsing local real estate magazines with the TV tuned to a news station I noticed some coverage of the presidential election. It looked like Bush was doing better and had a chance to win the election. I didn't really believe this could happen but was concerned enough that I decided to wait on buying a house until after the election just in case Bush won. Thank god I decided to wait. Imagine owning a house in California as an investment that was purchased in 2004.
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Justice4All1 month, 2 weeks ago
The Bush administration caused this. The Fed lowered rates to prop up the economy which led to all the sub prime loans and a booming housing market. The fix was temporary and now all has fallen apart. Prices are adjusting back to normal.
Bush has made a big mess that will take years to fix. It's not likely that Obama can do much even if he is elected. But at least he can put an end to the mistakes that caused the problem. Then wait 5 years for the economy to heal.
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ChrisLang1 month, 2 weeks ago
Since most of the assumable loans are gone with the 90s, the real estate info products are now pretty useless. The no money down tactics that these guys espouse were great 20 years ago but you just can't find the assumable loans that these products run on any more.
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Natureboy1 month, 2 weeks ago
A scandal and a shame.
But at the minimum, you have to admit that opportunists hoping to profit from the misfortune of others are meeting with their own misfortune at the hands of other opportunists.
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melaniejor1 month, 2 weeks ago
I agree that the foreclosure auction is probably the worst time to buy a foreclosure as the pros at those auctions will eat the less experienced participants alive, or amateur foreclosure investors will get caught up in the eBay-like atmosphere and overpay for a property.
Foreclosure investing is not get rich quick, it's get rich slow and steady.
I disgaree that all foreclosures are junkers (although many are) and that all the pros buy up everything. The pros want a fast, easy transaction and pick the low hanging fruit. The deals that take more effort to close are the ones that are left for everyone else and are not necessarily any less attractive.
All an individual foreclosure investor needs is a couple to a handful of deals a year to make some nice money. With over one million foreclosures and next year 2.5 million are projected, there is room for everyone who wants to make money on foreclosures to do so if they are willing to make the effort.
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joeblowe1 month, 2 weeks ago
I get a little disgusted by all the talk of foreclosures being a big money-making opportunity. It kind of reminds me of chumming the water to try to attract sharks before you throw your lawyer in the water. Well, OK, maybe THAT wouldn't be so bad, but you get the idea. The thing that gets overlooked in all this greedy talk: Pretty much every time there is a foreclosure, some family is loosing their home. Sometimes it's well deserved, but in many cases not. If we were still a country of decent people, we would be helping people to KEEP their family homes instead of standing in line to fight over the leftovers of their misfortune. Christian nation indeed! And that would have started back when housing skyrocketed for no reason, and bad loans were made by even greedier banks.
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