Comments on: Sacramento Foreclosure Auction Looking for Suckers! http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/ Home buying, home selling tips, neighborhood videos, Instant Foreclosure access, Instant MLS search homes for sale,market stats, Sat, 22 Nov 2008 23:29:04 +0000 http://wordpress.org/?v=2.6.1 By: Gena Riede http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-16798 Gena Riede Wed, 12 Nov 2008 20:45:56 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-16798 Troy, I hear horror stories like that every day. All this talk about re-negotiating loans is hogwash. It seems to me to be a ploy for the banks to get yet more money from the tax payers. Until Congress starts putting stipulations on that money, I don't think we will see any REAL help coming to those who want to work out their loans with the banks. Sorry to hear that you were one of many who has had to endure the stupidity of the bank. "Good luck on getting $250K back on a house worth half that, now." That pretty much says it all... Troy,
I hear horror stories like that every day. All this talk about re-negotiating loans is hogwash. It seems to me to be a ploy for the banks to get yet more money from the tax payers.

Until Congress starts putting stipulations on that money, I don’t think we will see any REAL help coming to those who want to work out their loans with the banks.

Sorry to hear that you were one of many who has had to endure the stupidity of the bank.

“Good luck on getting $250K back on a house worth half that, now.” That pretty much says it all…

]]> By: Troy http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-16790 Troy Wed, 12 Nov 2008 19:07:10 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-16790 i agree i think a lot of the forclosures could be prevented, and its like the banks want everyone to fail. thats really what a adjustable rate loan is, its a set up for failure.. in my experiance with mine. the bank wouldnt allow any partial payments, only paymemnt in full late charges and all, and after trying to refinance with 20 banks but being turned down because the market price wasnt there anymore. i contacted the bank and told them of my efferts, and trouble. i told them if they could rewrite the loan to keep the payment the way it was before it adjusted up. i could keep the house. even if it meant adding a balloon payment to the end or whatever. the bank would not work with me AT ALL!! so i say to them good luck on getting your $250,000. back on a house worth half that now. i offered, and begged to have them work with me, so i hope they choke on it! i agree i think a lot of the forclosures could be prevented, and its like the banks want everyone to fail. thats really what a adjustable rate loan is, its a set up for failure.. in my experiance with mine. the bank wouldnt allow any partial payments, only paymemnt in full late charges and all, and after trying to refinance with 20 banks but being turned down because the market price wasnt there anymore. i contacted the bank and told them of my efferts, and trouble. i told them if they could rewrite the loan to keep the payment the way it was before it adjusted up. i could keep the house. even if it meant adding a balloon payment to the end or whatever. the bank would not work with me AT ALL!! so i say to them good luck on getting your $250,000. back on a house worth half that now. i offered, and begged to have them work with me, so i hope they choke on it!

]]> By: Gena Riede http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-13682 Gena Riede Sun, 09 Dec 2007 22:17:36 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-13682 Welrdeir, yes I heard about the one that happened in West Sac and the bank changed their mind...in fact I wrote a blog about it. The banks need to wake-up. They are banking on the fact that the bids will go higher and that the consumer will get caught up and pay more...when it doesn't happen they simply don't accept the offer that the highest bidder offered. In your case, they are now hoping that someone will come in and offer a better price than you did but in the meantime, this property is costing them money every day...wake up banks! Welrdeir, yes I heard about the one that happened in West Sac and the bank changed their mind…in fact I wrote a blog about it.

The banks need to wake-up. They are banking on the fact that the bids will go higher and that the consumer will get caught up and pay more…when it doesn’t happen they simply don’t accept the offer that the highest bidder offered.

In your case, they are now hoping that someone will come in and offer a better price than you did but in the meantime, this property is costing them money every day…wake up banks!

]]> By: welrdelr http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-13665 welrdelr Sun, 09 Dec 2007 01:47:36 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-13665 Recently went to a couple of Hudson and Marshall REO auctions could not believe how low the houses were selling for .. The fever got me and I was the high bidder, $216,000 total(with title insurance and escrow. I valued this house at about 300,000. After filling out all the papers and waiting a couple of weeks I was informed that the bank refused my bid. I was also told the Wells Fargo refused about five hundred bids at recent auctions. I have driven by the house a couple of times since and it still has the "Bank Owned For Sale Sign" on it. Recently went to a couple of Hudson and Marshall REO auctions could not believe how low the houses were selling for .. The fever got me and I was the high bidder, $216,000 total(with title insurance and escrow. I valued this house at about 300,000. After filling out all the papers and waiting a couple of weeks I was informed that the bank refused my bid. I was also told the Wells Fargo refused about five hundred bids at recent auctions. I have driven by the house a couple of times since and it still has the “Bank Owned For Sale Sign” on it.

]]> By: Gena Riede http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10908 Gena Riede Fri, 13 Jul 2007 04:07:28 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10908 Christian, it's important to help those that may not realize the importance of good,sound professional help. We, as a nation don't need any more home owners and/or investors traveling down the wrong path. Sometimes, folks are looking for the golden egg and the easy way...there is not easy way...hard work, committment and goals...that's where it's at. Thanks for dropping by Christian and sharing your thoughts. Christian, it’s important to help those that may not realize the importance of good,sound professional help. We, as a nation don’t need any more home owners and/or investors traveling down the wrong path.

Sometimes, folks are looking for the golden egg and the easy way…there is not easy way…hard work, committment and goals…that’s where it’s at.

Thanks for dropping by Christian and sharing your thoughts.

]]> By: Gena Riede http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10907 Gena Riede Fri, 13 Jul 2007 04:02:39 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10907 Edde, the blood is dripping...the banks will survive. I have all the faith in the world that this will hurt them. We will return to a more normal market for sure and all of this has hurt each and everyone of us. I'm a person who admires individuals and business who accept responsibility. Since I don't see the banks admitting the sour loans that they propelled and the devastated ruins they injected...I felt the need to let the public know. I don't want see anyone go out of business or subject each of us to more of this bleeding...just some accountability...would be nice. Thank you for insight and taking the time to comment. We shall look back at this just as we have 80's and 90's. Edde, the blood is dripping…the banks will survive. I have all the faith in the world that this will hurt them. We will return to a more normal market for sure and all of this has hurt each and everyone of us. I’m a person who admires individuals and business who accept responsibility. Since I don’t see the banks admitting the sour loans that they propelled and the devastated ruins they injected…I felt the need to let the public know. I don’t want see anyone go out of business or subject each of us to more of this bleeding…just some accountability…would be nice.

Thank you for insight and taking the time to comment. We shall look back at this just as we have 80’s and 90’s.

]]> By: Christian http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10905 Christian Fri, 13 Jul 2007 00:26:56 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10905 Anyone who overpays at an auction deserves it. That is why you do your homework, make phone calls, view the property, talk to realtors...no one got suckered here. Buying an investment is a "left brain" decision, not an emotional one. Buyer beware!!! These are just disgruntled idiots who "think" they know anything about real estate investing. Stick to your day job people! Anyone who overpays at an auction deserves it. That is why you do your homework, make phone calls, view the property, talk to realtors…no one got suckered here. Buying an investment is a “left brain” decision, not an emotional one. Buyer beware!!!

These are just disgruntled idiots who “think” they know anything about real estate investing. Stick to your day job people!

]]> By: Gena Riede http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10901 Gena Riede Thu, 12 Jul 2007 06:20:10 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10901 Rick, yes there are deals but only if the Buyer does their homework. Getting caught up in the hype which is what a lot of Buyers do when they attend an auction was the reason for my blog. It is those individuals who do not use a professional to help them that end up as I put it, "suckers." I thank you for your opinion and it is obvious that you did your homework. Rick, yes there are deals but only if the Buyer does their homework. Getting caught up in the hype which is what a lot of Buyers do when they attend an auction was the reason for my blog. It is those individuals who do not use a professional to help them that end up as I put it, “suckers.”

I thank you for your opinion and it is obvious that you did your homework.

]]> By: Rick http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10900 Rick Wed, 11 Jul 2007 23:49:31 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10900 Your "sucker" comments seem to be a bit harsh. I know of two properties at the Sacramento auction that sold 15% below the estimated bpo figures. One property sold for 197000. The same property sold for 315000 2 years ago. Another sold for 155000 and similar fixed up homes sold in the same area for 230000. Bottom line is there are some deals out there if you have a sharp eye and don't get caught up in all the hype. Your “sucker” comments seem to be a bit harsh. I know of two properties at the Sacramento auction that sold 15% below the estimated bpo figures. One property sold for 197000. The same property sold for 315000 2 years ago. Another sold for 155000 and similar fixed up homes sold in the same area for 230000. Bottom line is there are some deals out there if you have a sharp eye and don’t get caught up in all the hype.

]]> By: Gena Riede http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10733 Gena Riede Sat, 30 Jun 2007 14:58:48 +0000 http://sacramentorealestatevoice.com/2007/06/15/sacramento-foreclosure-auction-looking-for-suckers/#comment-10733 Lucky, hi there stanger...glad you made it over. I too, hope that it helped those last Saturday and will help those with an upcoming Auction in Sacramento. Having good advice from a professional is extremely necessary before bidding on these homes and not getting caught up in the moment. The value that the auction companies place on these homes is outdated and it also is predatory that the Lenders are present giving loans to the winning bid as well as making them pay 5% on top of their bid to the Auction Co. Lucky, hi there stanger…glad you made it over. I too, hope that it helped those last Saturday and will help those with an upcoming Auction in Sacramento. Having good advice from a professional is extremely necessary before bidding on these homes and not getting caught up in the moment. The value that the auction companies place on these homes is outdated and it also is predatory that the Lenders are present giving loans to the winning bid as well as making them pay 5% on top of their bid to the Auction Co.

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