Radical cheap: $1,000 homes

Radical cheap: $1,000 homes

"Foreclosures have turned banks into property management companies," said Heather Fernandez, a spokeswoman for Trulia.com, the real estate Web site. "And it's often cheaper for them to give these homes away rather than try to get market value for them."

In fact, the $500, $1,000 or $3,000 that a buyer forks over often goes straight to the real estate brokers as a commission. And often the lenders have to kick in extra cash to make it worthwhile for a realtor even take the listings, according to Eissa.

:story:

Ok so the banks are selling foreclosed homes for pennies practically. I got that. Some are not makeing any money off of this. I got that. People are fixing homes up at a fraction of what they will be selling them for. I got that.

What I don't get is why in these difficult times do people still feel the need to crap on everyones cereal? I mean some of these people have nothing. A family perhaps just trying to make ends meet and then one day they dont have a house eether. If the banks arent going to make any money off of them anyway then whats the point of kicking families out of their homes? Give it a break people! Im sure that they are going by the book on this, but IMHO the book, in difficult times like these, needs to be looked over in some cases. Do ya think? Or do you think that its the peoples fault and mess on them, their families and their hopes to come home and have a roof over thieir heads?

Feedback! Opinions?

MessOnTheFED!

Clearly the banks want to make their money back.

Actually in UK, the banks are now going to buy our houses in part share, so soon we will all be owned by bankrupt banks......

Of course they WANT to make their money back. But that dosent mean its going to happen. It seems to me that in some cases the banks would be better off if they just gave to homes to these families.

I thought that when you were bankrupt, as a business, that you were through, as a business. Guess i was wrong about that one.

MessOnTheFED!

The banks could have leased out these homes to the same occupants instead of playing their foreclosure power card and at least kept some sort of income flow towards the mortgage.

Its really simple..its called "unflexability" and "greed" and "price jacking" which is what killed the real estate market.

Now they will reap what they sewed. But do they really care now? They just got a huge bailout.


Cheers!!!!

GREED. That is one horrible little word isn't it? Maybe if these people would get their butts off of their shoulders we wouldn't be in this mess.

MessOnTheFED!

It seems that a company could buy up these properties and sell them back to the former owners with morgages they can afford.

As I understand it these cheap houses are in neighborhoods that most folks would not want to live in.
Here in Fla it looks like prices are back to where they were about 10 years ago.
I blame the realtors and their appraisers for jacking up the prices.
Bigger selling price=bigger commissions.
And then the banks who are believing the appraisers are giving 100% loans.
There needs to be a congressional investigation and realtor & banker heads should roll.

reply to post by OhZone


No doubt about that. Heads should roll. but when you live in a system designed by the greedy for the greedy the little man usually ends up in a nice new refrigwerator box. I dont get it. I couldnt do that to someone. if i was going under anyway then everyone would get a piece of my action. if you know what i mean.

MessOnTheFED!

reply to post by smarteye


That would be the sensible idea wouldn't it? I mean even a hundred dollars a month is better then paying some realtor to sell your foreclosed property. I would think.

MessOnTHeFED!

reply to post by MessOnTheFED!


Opinion;

You are right, it sucks that they didnt do more to keep the owners in the houses in the first place. Which is why I am against the bailouts. Companies that cannot perform efficiently should fall by the wayside.

These banks had every opportunity to work with these borrowers and refused to. And it sucks that they are being bailed out while people are being kicked out of their homes when many of them were willing to try and work out a deal so that they could pay something, they just couldnt afford their whole current payment.

reply to post by smarteye


Too bad the evicted owners cant come up with the couple thou to buy the houses back. Having a middle man, ( a company ) come in and make a profit isnt bad, but I would rather see the people themselves get a good deal.

reply to post by Illusionsaregrander


They are not in a position to get that deal, nor do they deserve it. They do deserve realistic morgages, which a middle man with the capital can provide.

Here, look at this thread.

www.abovetopsecret.com...&addstar=1&on=5594569#pid5594569

It might make you feel just a little bit better.


And to smarteye, I disagree with you about what people do and do not deserve, though you may be right that they are not in a position to be able to do it. People who lose their homes can be victims of circumstance you know, it isnt always their fault. Not everyone bought a home they couldnt afford frivolously, some bought well within their means and lost jobs or had some other event not in their control occur.

I think the people deserve more help than the banks do.