So the banks are in the business of loaning money on homes, knowing that some of those loans will be going into default, but they have no plans to deal with the houses they now own. "Prior Planning Prevents Piss Poor Performance"
On Mon, Dec 12, 2022 at 10:14 AM Buggered Benzmail via Mercedes < mercedes@okiebenz.com> wrote: > When I get some more time I’ll tell the story of my friend’s house that > flooded and they walked away from it, was foreclosed, legal festivities > followed > > --FT > Sent from iFōn > > > On Dec 12, 2022, at 11:03 AM, dan penoff.com via Mercedes < > mercedes@okiebenz.com> wrote: > > > > To add to this, there was a bank sale in my current neighborhood that > we made an offer on a few years ago. > > > > Seems the dad was not a bright guy. He turned in his work laptop to his > employer’s help desk for a backup, where they found child porn on it! The > guy went AWOL and couldn’t be found for a few days, although they found out > he had purchased a shotgun at a local gun store. Sheriff finally caught up > with him. > > > > > https://www.theledger.com/story/news/crime/2018/12/05/george-years-child-after-lakeland-detectives-find-more-than-7000-pornographic-files-work-computer/7101837007/ > > > > Anyway, with Dad in stir and Mom being a housewife and not gainfully > employed, the house went into foreclosure. A year later it’s on the market > for $255k (this was 3-4 years ago) and sat for easily 6-8 months with no > offers. We came in and offered $235k. The bank took over four weeks to > respond with a counter. $254k. < face palm > > > > > So we counter again to $240k. Cash deal, close in maybe 10 days, if that. > > > > Nope. No response. Bank’s realtor was pissed. > > > > It was on the market for almost another year before it sold. For $239k, > I believe. > > > > And yes, Curt, you’re right - according to my attorney friend, the banks > aren’t in the real estate business, so they have limited resources to deal > with this sort of thing and look upon it as a part of doing business. They > don’t care about reducing the costs or considering the overhead of having > properties sitting around. > > > > -D > > > >> On Dec 12, 2022, at 10:42 AM, 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 > > > > _______________________________________ > 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 > > -- OK Don "Quality of life is inversely proportional to the amount of clothing you are wearing." "Whenever you find yourself on the side of the majority, it is time to pause and reflect." Mark Twain “Basic research is what I’m doing when I don’t know what I am doing.” Wernher Von Braun 2013 F150, 18 mpg 2017 Subaru Legacy, 30 mpg 1957 C182A, 12 mpg - but at 150 mph! _______________________________________ 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
