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Wilderness Way Auction
- Thread starter 2cat
- Start date
The high bid was $460,000The seller (Homecomings Financial Network, a division of GMAC) has 7 days to accept or reject the bid. I think the mortgage balance was considerably higher than the bid.
Last owner (before turning title over to the bank) paid $695k for the home in 2004.
SHELLY
SoWal Insider
Man, that's gonna leave a mark!
<Note to self: Check portfolio for funds containing GMAC bonds.>
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Busta Hustle
Beach Fanatic
the mark that these foreclosures leave unfortunately will not be on lower taxes due to lower sales comps ...because the state uses only "arms lenght" transactions and they consider these unusual circumstances that do not reflect the reality of the market...i beg to differ...
Busta Hustle
Beach Fanatic
looks like some banks do not mind owning a little real estate after foreclosure...it's on the market for $749K.
Smiling JOe
SoWal Expert
I'm seeing several banks holding some property. I know they don't want to be in the land holding business, but if they can hold on long enough, the banks will be the ones to profit, IMO.
6thGen
Beach Fanatic
I'm guessing the privately held banks are more open to ORE. Is that what you've seen?