Is this wrong or is it just me????

[steyou]

I just found out that there are condos on 30A that are bank owned and they were trying to sell them to no avail. They decided to take them off market and furnish them and rent them out. I just cannot stop thinking of them using TARP monies to furnish these units. Does this upset anyone else or is it just me?

 

[scooterbug44]

Are they actually using TARP money to do so?

If my bank owned condos/houses they couldn't sell, I would want them bringing in income or offsetting some costs by renting them out.

 

[steyou]

Are they actually using TARP money to do so?

If my bank owned condos/houses they couldn't sell, I would want them bringing in income or offsetting some costs by renting them out.

They did receive TARP funds but maybe I am upset because I have a Buyer at last list price and they will not sell.

 

[kkddbb]

the bank knows that sales are in the toilet. if they have to furnish and rent them to at least bring in revenue than thats good business. besides, this bank may be one of the banks that didnt want the TARP, but were forced to take it anyway. they have to pay back the TARP somehow. the situation stinks, but i see it as good biz.

 

[JUL]

what condos

 

[Matt J]

They're probably not going to move them anytime soon. If they sit empty then the bank is holding back payment of TARP funds to pay COA dues and assessments. Folks if you can afford it right now go for assessment monies and do some good for your investment. The banks are going to have to pony up the money as they can't out vote you. Unless you live in a condo that went bust and the bank owns a majority stake in the building. Those improvements will only improve the overall investment and thus move those properties quicker.

There might be 10,000 available units, might as well move yours to the top of the list. ;-)

 

[Pirate]

I just found out that there are condos on 30A that are bank owned and they were trying to sell them to no avail. They decided to take them off market and furnish them and rent them out. I just cannot stop thinking of them using TARP monies to furnish these units. Does this upset anyone else or is it just me?

The majority of banks have a great deal of inflated real estate on their books. It is a wonder how they are skirting around the liquidation requirements most of them are supposed to follow. The main problem I can see with what you describe is that these banks are using taxpayer money and are unwilling to take mark downs that are inevitable so they dip a little deeper into our pockets on fraudulent information. True some banks would fail if their assets were valued at current market, but its time to get this behind us if there is ever to be a recovery. If an impartial auditor was allowed free reign on the banks books I bet the outcome wouldn't be pretty. They need to realize the value of this property and stop stringing along their investors and taxpayers. Since it is evident they are not going to do it on their own terms, the investors or taxpayers may need to compel them to do so.