jasonc
Member
Those with money and the time to look and invest .
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Coronavirus
- Thread starter humble soul
- Start date
I think it may be different in Australia. This article says...
"So for example, if a borrower’s property is repossessed and they owe $500,000, and the lender sells the house for $550,000 the lender is repaid $500,000 while the borrower receives the remaining $50,000.
However, if the house were to sell for $450,000 the borrower would still be liable for $50,000 so the lender can get its $500,000 back."
Read this article and get back to me about it pls
The sale of repossessed homes in Australia
I didn't say u were wrong.
I said it seems like it's different in Australia and asked you to tell me what u thought of that article i linked
I read the article but there was nothing about the bank having to sell for only 42k
In fact a part of it said this...
"The biggest lure of buying a foreclosure is the potential savings you get compared with buying a similar nondistressed property.
"It can be like a 15 percent discount on your neighboring houses," Reiss says. "So, it can be significant."
But Mendenhall says how much you will save depends on the local real estate market and the stage of foreclosure of the property."
Im confused. Say the bank was limited to selling a house for 42k.
There would be multiple interested buyers so how would they decide which investor to sell it to?
jasonc
Member
States might vary on this and also brother has his foreclosed and neighbors and lookimg at tax records that's why I say that .neighbors houses are bigger then mine
jasonc
Member
Going after savings ,can't do that even with a bankruptcy
Besides that, banks are not in the business of real estate. They have enough to do without adding the burden of trying to sell homes in a depressed market and the more they have to foreclose on, the more houses are added to the market, the more depressed the market becomes, and the lower the value of the homes get.
If Jason still owes $100K and the house has a mortgage value of $142K, the bank loses the first $100K on the foreclosure so now there is only $42K left in value. Of course, it is likely Jason would not be the only one going into default so that would mean a lot more houses coming into the market and that lowers the values.
Corn Pop
Member
I went to work this morning and I can see the social distancing. The whole town was shut down and the food giant was open and packed with people waiting in line.
I just don't understand why everything gets shut down when the same rules can apply like the places that are allowed open.
I'm talking other food shops that should be essential service like butchers and fruit and vegetable stores. They are only food and people gotta eat.
Small convenience stores are open.
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I'm not really sure how that has to do with anything, except maybe just to get everybody's mind off of this.
I like cake.
I'm sort of concerned because today I've been noticing that I haven't had as much air in my lungs as I usually do. Then again I'm guessing that it's probably allergy related. I saw two dogs today out in the neighborhood that I really wanted to pet but I knew there were multiple reasons why I shouldn't. It was still really difficult to see the sad looks on their faces though. 
Corn Pop
Member
People like that should stand down. I mean he is the health minister. During this time there are snitches everywhere.
Why did he apologise to the PM, he should apologize to the people of the country.
Why did he apologise to the PM, he should apologize to the people of the country.
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Summit News said:
Anyone want to guess how many were screened for 19 before being allowed in?
309,389 +32,228
Corn Pop
Member
It all goes back to boarders. The reason 19 is inside so many countries is because of boarders.
Why did it take so many countries to be infected before boarders were closing?. As soon as it starts to spread you shut boarders because it's obviously spreading globally. It's gone from one country to another. That is a bio alert warning sign.
Why did it take so many countries to be infected before boarders were closing?. As soon as it starts to spread you shut boarders because it's obviously spreading globally. It's gone from one country to another. That is a bio alert warning sign.
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759 000??
Corn Pop
Member
"And under the rules there is now no doubt fishing, swimming, surfing, hunting and tramping are banned."
The bay where I live is calm water as it is inside the harbour, Its not a surf beach, it's a calm bay. Maybe boat and rock fishing can be classed as risky as might need rescuing.
I don't know what my fishing risk would be. maybe if a shark jumps out the water and bites my leg, or I somehow bring in a fish and pull it out the water really fast and it hits me in the head and knocks me out.
The bay where I live is calm water as it is inside the harbour, Its not a surf beach, it's a calm bay. Maybe boat and rock fishing can be classed as risky as might need rescuing.
I don't know what my fishing risk would be. maybe if a shark jumps out the water and bites my leg, or I somehow bring in a fish and pull it out the water really fast and it hits me in the head and knocks me out.
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