Wilderness Way Auction

[2cat]

Anyone know the results of today's auction at 98 Wilderness Way, behind the Starbucks in Grayton Beach?

[Scooter]

Would love to know. That house is right across the street from my lot.

[sunshine]

The high bid was $460,000 :eek: The 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.

[fisher]

The high bid was $460,000 :eek: The 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]

Last owner (before turning title over to the bank) paid $695k for the home in 2004.


Man, that's gonna leave a mark!

<Note to self: Check portfolio for funds containing GMAC bonds.>



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[bebee]

:clap: :clap: I think this is great for the market. Property taxes are going down folks.:floor: :floor: :floor: :biggrin: :bow: :bow: :bow:

[Busta Hustle]

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]

looks like some banks do not mind owning a little real estate after foreclosure...it's on the market for $749K.

[Smiling JOe]

looks like some banks do not mind owning a little real estate after foreclosure...it's on the market for $749K.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]

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.

I'm guessing the privately held banks are more open to ORE. Is that what you've seen?

[egrp]

I'm guessing the privately held banks are more open to ORE. Is that what you've seen?

yeah that is probably true, but the regulators are the ones who really monitor OREO...and they are sure to manage the amount held very closely.

[SHELLY]

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.

IMO banks will not be holding on to these properties long enough for the properties to go back up to the original sale prices (which can be a long, long time).

Holding them on their books at the bubble prices keeps the bank's asset column lookin' good--for now. But the Fed is not going to allow these high-priced REOs stack up on the bank's books while the properties sit empty, rotting on the vine, as surrounding properties' prices tick downward. The area banks will eventually have to auction these properties off to the highest bidder or risk a sharp smack on the snoot by the Fed.

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[6thGen]

yeah that is probably true, but the regulators are the ones who really monitor OREO...and they are sure to manage the amount held very closely.

I'd say Wall Street looks pretty closely at it as well, and any market but especially this one, that will kill your stock price.

[Busta Hustle]

believe i saw the price reduced by 50K...