2000 rollbacks

[quote author="tmare" date=1236251294]Okay, FreedomCM, all I have to say about that listing is WTF? I'd buy it right now if 60K was really the price. I just don't believe it. Is this an attempt to get a bidding war going? If so, is this the new strategy we can look forward to seeing in the future?</blockquote>The greedy realtard forgot to add a '9'. It is most likely $599,900.
 
[quote author="opuswon" date=1236267135][quote author="tmare" date=1236251294]Okay, FreedomCM, all I have to say about that listing is WTF? I'd buy it right now if 60K was really the price. I just don't believe it. Is this an attempt to get a bidding war going? If so, is this the new strategy we can look forward to seeing in the future?</blockquote>The greedy realtard forgot to add a '9'. It is most likely $599,900.</blockquote>




599K is almost as absurd as 60K given that was the price it sold for at the height of the bubble.
 
[quote author="tmare" date=1236281865][quote author="opuswon" date=1236267135][quote author="tmare" date=1236251294]Okay, FreedomCM, all I have to say about that listing is WTF? I'd buy it right now if 60K was really the price. I just don't believe it. Is this an attempt to get a bidding war going? If so, is this the new strategy we can look forward to seeing in the future?</blockquote>The greedy realtard forgot to add a '9'. It is most likely $599,900.</blockquote>




599K is almost as absurd as 60K given that was the price it sold for at the height of the bubble.</blockquote>Agreed!! :)
 
Nice property, Graph. I attended a nephew baptism. I was near the corner of Chapman/Hewes and looking towards the southeast, I saw these properties literally on the edge of the hills. Does anyone know what neighborhood that is?
 
[quote author="reason" date=1238251298]Nice property, Graph. I attended a nephew baptism. I was near the corner of Chapman/Hewes and looking towards the southeast, I saw these properties literally on the edge of the hills. Does anyone know what neighborhood that is?</blockquote>


I'm not totally certain, but it could be part of 92705, the unincorporated part of Santa Ana. That is if you were looking towards the homes on the hillside. <a href="http://www.redfin.com/CA/Santa-Ana/12332-Circula-Panorama-92705/home/3417859">Here is a very, very nice home on the hill</a>. Normally, I don't care for homes on a hill like that, especially in earthquake prone socal, but this home is truly amazing. An architect designed it, that I am awaiting BK approval on, and the attention to detail is phenomenal. I really recommend that people go to see this place, and the details in the door, the pillars, and green materials alone. Then, and only then, can you appreciate the view, and it is stunning.



http://media.cdn-redfin.com/photo/46/bigphoto/131/P672131_2_0.jpg



http://media.cdn-redfin.com/photo/46/bigphoto/131/P672131_3_0.jpg



http://media.cdn-redfin.com/photo/46/bigphoto/131/P672131_9_0.jpg
 
[quote author="graphrix" date=1238243818]

Better hurry though, it's gonna sell this weekend.</blockquote>


Redfin has it tagged as a shortsale.



This is strictly a teaser price so the realtor can take a range of bids to the bank. If you can get the bank to sign off ahead of time, it's a great stragety to "find" a fair price for the bank.
 
[quote author="no_vaseline" date=1238287614][quote author="graphrix" date=1238243818]

Better hurry though, it's gonna sell this weekend.</blockquote>


Redfin has it tagged as a shortsale.



This is strictly a teaser price so the realtor can take a range of bids to the bank. If you can get the bank to sign off ahead of time, it's a great stragety to "find" a fair price for the bank.</blockquote>


What's the vegas line on it actually selling? Anybody determine if the seller really has approval for a $400,000 loss? $300,000 loss?
 
Depends on the bank. If they've got a green light to short sell it from the bank, 100%.



Deuce was telling me one of the agents he works with got a short sell done here a month ago or so, but he also claimed she is both a superstar and relentlessly hard working.



At some point the banks will start approving these short sells when they realize it's a far better result than foreclosing on them and then selling them. I'm on record here I thought it would start in March of '08. Deuces success aside, IMO it still hasn't started in earnest.



I will be curious to see what this home actually closes for.
 
Since the loan was Lehman Bros and their debt was purchased for $0.20 on the dollar, then I would say that it is possible it will sell, and whoever owns the loan will make a profit. Good times from these bank failures.
 
The 20 cents on the dollar (actually I think it was 12) was for unsecured Lehman debt so it's not directly linked to any particular house. That debt will be entitled to shares of the MBS and whatnot that Lehman owned, but not 1:1, because some other creditors come first, notably derivatives counterparties. Unless you're referring to some more specific security, of course.
 
[quote author="FairEconomist" date=1238387832]The 20 cents on the dollar (actually I think it was 12) was for unsecured Lehman debt so it's not directly linked to any particular house. That debt will be entitled to shares of the MBS and whatnot that Lehman owned, but not 1:1, because some other creditors come first, notably derivatives counterparties. Unless you're referring to some more specific security, of course.</blockquote>


Right, but a lot of the tranches and even the underlying collateral was traded at 20 cents on the dollar, give or take 10 or so pennies. So if the investor bought the tranche, the lien on this specific property, a group of tranches or specific loans, or even the entire pool at 20 cents on the dollar, then they profit. The derivative counterparties got paid when the default ratio of the pool or the tranche they insured reached a certain threshold, regardless of a specific property, or who owns the rights to the tranche or MBS pool, (If Goldman bet <em>that</em> Lehman pool or tranche would suck, then they got paid, and it looks like they really did too.) and most likely it was AIG, er... I mean the taxpayer.
 
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