Housing Vultures

[essentialsaltes]

I notice that trulia.com now lists houses in pre-foreclosure. So the banks are saying how much is left on the mortgage, and pushy, industrious househunters can try to make a deal with the current deadbeats in residence to buy the house from them before things progress to foreclosure. Maybe you can find some potential bargains, or maybe you can locate some poor bastards in way over their heads.

Comments

[colleenky.livejournal.com]

Awesome. When we're ready to buy, we fully intend to take advantage of some folks who made poor financial decisions.

[ian-tiberius.livejournal.com]

Who the flaming fuck would pay over $600,000 for a 788 square foot house in Inglewood?

[essentialsaltes.livejournal.com]

I don't know. Nor do I know who would lend over $600,000 to someone to buy it.

[jimkeller.livejournal.com]

Yeah, that's the part that's truly flabbergasting. That lending institution deserves to lose its proverbial shirt.

[freudinshade.livejournal.com]

I'm willing to bet there was a crookeder than average mortgage broker and some significant fraud involved. Some of the stories I've heard about how little things were being checked, it wouldn't be hard to set up a straw buyer to pick up a, let's say, $300K house for 700K. The straw buyer gets paid a chunk of change and walks away. The seller pockets the bank's cash and it looks fully legit on his end (until someone actually looks at it. If he gets audited or something, the deal's all right on paper.)

[doctorray.livejournal.com]

Hey! That was the big swindle in the last episode of The Sopranos that I watched!

[dustchick.livejournal.com]

There's a business here that does foreclosure bus tours. It makes me sad.

[ian-tiberius.livejournal.com]

As someone who doesn't yet own a home, that makes me laugh like a howler monkey.