Sometimes I wonder "Wouldn't the bank make more money if they just dealt with these things promptly?" Then I wonder if the salary cost of somebody dealing with things promptly would cost more than just letting it slide...
-Curt On Monday, December 12, 2022 at 10:43:06 AM EST, dan penoff.com via Mercedes <mercedes@okiebenz.com> wrote: As my good friend and real estate attorney who worked for Chase for many years says about this, “Banks are dicks.” The house we bought in Indianapolis was a bank sale. Bank foreclosed on it, sat on it for two years after they flooded the basement by turning off the power so the sump pumps didn’t run, then wanted to haggle over the price we offered in a market that was tanking (3rd quarter 2008). We walked away from them twice. Someone must have had some sort of rational thought going on at the time, as they at least countered. My real estate attorney friend says banks are notorious for just ignoring stuff like this, they simply don’t care. You make them an offer and they don’t respond. Just a line on a balance sheet. -D > On Dec 12, 2022, at 10:35 AM, Curt Raymond <curtlud...@yahoo.com> wrote: > > The carrying costs amaze me. There's a house in our neighborhood that a guy > has been rehabbing. He bought it at auction after the bank sat on it for 6 or > 7 years. After sitting empty for 6 years it had no glass, plumbing or wiring. > The inside was destroyed, the barn roof had leaked and the barn was falling > in. > > It's not like it had been sitting for sale, it was just empty. I have no idea > why the bank just held it like that... > > -Curt > > > On Monday, December 12, 2022 at 10:25:31 AM EST, dan penoff.com via Mercedes > <mercedes@okiebenz.com> wrote: > > > > > > I think Kaleb had mentioned this previously, but it’s certainly something I > noticed, and that was they were paying inordinate amounts of money for used > cars. Granted, they sold them for some of the highest prices on the market, > but I can’t imagine the profit margin was in any way decent over the long > term. > > I would compare them to Zillow and their failed house flipping business. > OpenDoor is still around using the same model and I’m wondering how long it > will be before they implode. They have three houses listed in my old > neighborhood, all discounted to the point where they’re within $10k of their > acquisition price. One is within $2k of their purchase price and still hasn’t > sold. They have to be losing their collective asses on these homes, > especially when you figure the overhead and carrying costs for them, too. > > -D > > >> On Dec 12, 2022, at 10:18 AM, Curt Raymond via Mercedes >> <mercedes@okiebenz.com> wrote: >> >> I mean, they seem to have a hard time proving they actually own a lot of the >> cars they try to sell. >> >> https://www.foxbusiness.com/markets/carvana-car-buyers-without-title >> >> -Curt >> >> >> On Sunday, December 11, 2022 at 08:48:23 PM EST, Allan Streib via Mercedes >> <mercedes@okiebenz.com> wrote: >> >> >> >> >> >> More bad news for Carvana -- >> >> "After a blockbuster few years during the COVID-19 pandemic, Carvana has >> seen 98% of its market value evaporate and its stock plunge to just $4.81 as >> of Friday morning. The upstart used car retailer is fading so fast, many >> industry players are wondering what happens if it goes bust." >> >> https://www.businessinsider.com/used-vehicle-retailer-carvana-bankruptcy-car-buyers-inventory-2022-12 >> >> >> On Fri, Nov 18, 2022, at 16:28, Kaleb Striplin via Mercedes wrote: >>> This has been a subject in my business for a while. Yes it seems like >>> they have to be close to the end. >>> >>> Sent from my iPhone >>> >>>> On Nov 18, 2022, at 3:20 PM, Rick Knoble via Mercedes >>>> <mercedes@okiebenz.com> wrote: >>>> >>>> I expect carvana to end up below earth. >>>> >>>> "It's dead, Jim." >>>> >>>> >>>> Rick >>>> _______________________________________ >>>> http://www.okiebenz.com >>>> >>>> To search list archives http://www.okiebenz.com/archive/ >>>> >>>> To Unsubscribe or change delivery options go to: >>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> >>>> >>> >>> >>> _______________________________________ >>> http://www.okiebenz.com >>> >>> To search list archives http://www.okiebenz.com/archive/ >>> >>> To Unsubscribe or change delivery options go to: >>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> >> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
