ForeclosureStore(Nation Wide Listings: ALL 50 States, All Counties)

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Bank Foreclosures, Court Auctions, Pre-Foreclosures, Homeowners In Bankruptcy, HUD Homes, VA Homes, Government Homes, For Sale By Owner Homes.

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this type of deal is great !!!!!!!!!!!!!!!!!!!!!!

Please Please Please Do Not Do This!!!!!!

Please Please Please Do Not Do This!!!!!!

Agreed!

Spam!!!!

Doesn't matter. A lot of people believe in buying foreclosed homes as being a great deal. It is an economic disaster.

I think the spammer got a friend to bump his spam. LOL! :shhh:


Unless you have AAA credit and proof of income in the US, no USA bank is going to give you credit to buy a foreclosure in the present banking climate.


Buy property in the Out Island. It's a better bet right know for Bahamians.

Doesn't matter. A lot of people believe in buying foreclosed homes as being a great deal. It is an economic disaster.



Please explain. Are you saying one should not buy foreclosed homes here as well?

Please explain. Are you saying one should not buy foreclosed homes here as well?



In the Bahamas, it is not bad if you can get a CLEAR TITTLE TO THE HOUSE, CAN AFFORD THE HOUSE and are going to live in it.


If you are just speculating in land or G_D forbid, house flipping, DON'T DO IT!


The days of flipping houses in California and making big money are over. I could tell you stories that would curl your hair!


~~~

Please explain. Are you saying one should not buy foreclosed homes here as well?


I think Sunny explained it. I'm not saying its ba to buy an under-valued property and increase its value. But if one person does it, then everyone does it. When everyone does it then you suddenly have a market. Banks and other lending agencies want to provide financing for that market. In order to do that they have to lower borrowing criteria and make money cheaper. If you lower borrowing criteria and make money cheaper you create inflation. As prices become more inflated the more difficult it'll be for those people with lower borrowing criteria to repay or pay for anything. And consequently you have recession - exactly where the US economy is headed.

You are the only person I know that sound like they are gleefully awaiting the coming recession!
LOL!

Yes I am. It'll teach people not to make the same mistakes again. Plus I'll be right. If I can accurately forecast financial or economic outcomes I think that knowledge would be fairly marketable.

In the Bahamas, it is not bad if you can get a CLEAR TITTLE TO THE HOUSE, CAN AFFORD THE HOUSE and are going to live in it.


If you are just speculating in land or G_D forbid, house flipping, DON'T DO IT!


The days of flipping houses in California and making big money are over. I could tell you stories that would curl your hair!


~~~



Tell me one.

My in-law in Las Vegas tried to flip a house with a so called interest only mortage. He has since pulled his hair out. Not only is he stuck with it, the taxes are high. I don't know more about economics than I NEED to, so can you or Ting-um explain what an interest only loan is, and why someone would choose it? At the time he tried to explain how lucky he was to get that kind of loan and saying that was what EVERYONE was doing. I had asked why on earth would anyone get a loan like that?

Who's crazy, him or me?

Yes I am. It'll teach people not to make the same mistakes again. Plus I'll be right. If I can accurately forecast financial or economic outcomes I think that knowledge would be fairly marketable.



I'm not laughing at you, but this is funny as heck! ROFL!

Lawd jebus, Ting will be the next bear sitting up on Larry Kudlow! :D



Ting: Larry you's a straight fool talkin' mess 'bout "Goldilocs'

Larry: But Ting, we believe in keeping America strong!

Ting: Gimme dis mic out your hand. You is what cause Bear Stearns and Countrywide to sell all dem crappy CDO's wit your fool talk"


Ting licks Larry wit a Kalik bottle and the mic- takes over the show.

Ting: We are for telling America and the Bahamas the truth and keeping them from pissing their money away on house flipping or asues!

:p


~~~

He is crazy.

First off, he probably didn't want to own the home. If you get an interest only loan you're trying to keep your expenses as low as possible in order to sell the home and make a big profit. You only get a regular fixed rate loan if you're planning on keeping the home a long time. The problem is when millions of people get into the business of flipping houses, that means you have millions of houses on the market. The only way to get rid of them is if you have millions of people willing to buy them. But you don't. So now the only way to get rid of the house is to lower the price to try to convince buyers that you are offering a better deal. However, the loan you took out is not for a lower price. Its for a higher price. So even if you manage to sell the house you won't be able to cover the loan. Also, with interest rates rising it means that your house will be worth less (prices and interest rates have an inverse relationship - as one increases the other one goes down and vice versa, ignoring convexity and duration). The thing is for years most speculators were on the good side of this gamble.

Its like reaching into a barrel that has 50 gold bars and 50 rattlesnakes. The first 30 times you could pull out a gold bar. But your chances of pulling a rattlesnake has increased. And now you're too afraid to reach into the barrel. Which is what has happened to the US economy. Too many bad loans, too many risking investments, and too many people trying to get rich quick. And if more people join in and start pulling gold bars too. Then your chance of pulling a rattlesnake suddenly increases even more.