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Tuesday, August 25, 2009
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4 comments:
http://franklymls.com/FX7143360
DOM 0/0
price $180k
under contract
2005 sold price $400k.
Want to make a bet that the seller will be renting back this home from the investor or family member who's buying it from them? That's my best guess.
The likelihood of the seller's bank approving such a sale price with O days on market seems nil. But if they get free rent in the interim that may not be important.
Mixed feelings on these deals, but really the owners bought the house, they should be able to sell it to whomever they want, and if the reason for their choice is so that they can still live in the home, why not? So long as the mortgage holder agrees it's a fair price, or the buyer agrees to whatever price the lender demands (and can still make a profit from renting it out).
Cara-
I wouldn't think it is necessarily a family sort of situation. A lot of people just want to get rid out the house so they put it at some absurdly low price and let the agents and the banks deal with the paperwork while they pay no rent and hope to get out of their house at some point.
Subprime Lenders Getting U.S. Subsidies, Report Says
Many of the lenders eligible to receive billions of dollars from the government's massive foreclosure prevention program helped fuel the housing crisis by issuing risky subprime loans, according to a report to be issued Wednesday by the Center for Public Integrity.
Under the $75 billion program, called Making Home Affordable, lenders are eligible for taxpayer subsidies to lower the mortgage payments of distressed borrowers. Of the top 25 participants in the program, at least 21 specialized in servicing or originating subprime loans, according to the center, a nonprofit investigative reporting group funded largely by charitable foundations.
Philippines - Gawad Kalinga is a nation-building movement and a unifying force of a people seeking to build a slum-free, first-class country by 2024.
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