toledoforeclosurebustours.com it's free! If you're looking to buy a Foreclosed home or soon to be foreclosed this might be for you.
Anyone heard of the Foreclosure Bus Tour?
Comments ... #
- June 3, 2008 Fred interview (mp3 file) with two Welles Bown real estate employees who discuss the Toledo-area foreclosure bus tour.
- Bus tour Web site : http://www.toledoforeclosurebustours.com - "Can you afford NOT to get on board?"
- The bus tours are free.
- It's a 27-passenger bus.
- First tour is Sunday, June 22.
- Will visit five to seven homes.
- Registration form
- Tour schedule :
- Sunday, June 22, 1:30-4:30PM
- Sunday, July 27, 1:30-4:30PM
- Sunday, August 24, 1:30-4:30PM
- Sunday, Sept. 21, 1:30-4:30PM
- Sunday, Oct. 19, 1:30-4:30PM
There is something very sick about this. Next they will have a bus tour for the Findlay homes that were destroyed in the flood. Must be some good deals there!
Welles Bowens - way to position yourself as uncaring realtors.posted by Molsonator on Jun 19, 2008 at 03:44:14 pm #
Wait, you really think they had morals pitching the "greater fool theory" when prices were booming? Their job is to push product, not morally so.
What's so sick about taking prospective buyers to properties that are for sale? Explain please.
posted by muddyriverduck on Jun 19, 2008 at 09:24:29 pm #
Sick is probably not the best choice of words, but obedience pays and it sure beats the alternative.
An excellent quote from Milgram:
"Moreover, even when the destructive effects of their work become patently clear, and they are asked to carry out actions incompatible with fundamental standards of morality, relatively few people have the resources needed to resist authority".So....."Can you afford not to get on board"?
posted by Molsonator on Jun 20, 2008 at 09:01:09 am #
I don't see the problem here. In most cases, but admittedly not all, the forclosed upon occupant is long gone. The remaining adjacent home owners are probably glad to get the vacant property marketed and sold. Vacant homes, especially unkempt ones with overgrown grass and piled up blue bags from the idiot Blade newspaper, are targets for scrap strippers and can really drag a neighborhood down.
We have a home here like that very close to me. The neighbors take turns mowing the grass and generally keep it looking lived in. The bank that owns it (out of town) is totally unresponsive to calls to maintain it.
The problem is not with someone shopping for a forclosed home, but with how the realtor has positioned it. They are marketing other peoples losses.
And yes "sick" is the correct word here.
posted by Molsonator on Jun 20, 2008 at 09:37:31 am #
Sorry,but I do not think this is sick at all. I'm sorry that some people lost their homes,but that means it was probably to much for them in the first place.
I only payed 80,000 for mine and then fixed it up and have no problem making the montly payments.
posted by camaroman2125 on Jun 20, 2008 at 01:42:31 pm #
These scumbag-ridden bus tours are necessary for ratcheting down the price. Prices rarely rise or fall without people holding during interim periods in order to take the gain or loss. The bus tours are just looking to pipeline losers to buy these properties so they can absorb the next phase of loss, before they, too, are foreclosed or sell at a loss. It's called "catching a falling knife".
We have fucktards shelling out half their income to "feed the alligator" that is their mortgage. Overpaying for an asset is NEVER sensible.
So, I support these bus tours. Pack those buses full of dipshits. They will all take just a little more of the losses that must be taken as the prices of houses in Toledo continue to collapse.
Toledo fully participated in the national housing bubble since we have the same BANKING SYSTEM as the rest of the nation does. Prices for houses and condos rose in Toledo over the span of the bubble (2002-2007, roughly), when all the flight of jobs and population should have dictated that those prices FALL. Now the start of the fall is happening. More victims are required. FILL THOSE FUCKING BUSES!
I'm in my 40s and I have never seen such cultural STUPIDITY in my life. People are rushing from one asset bubble to another, eager to play a dangerous game of market timing, when the evidence is perfectly clear of fraud being committed by the market organizers. We deserve what were going to get around here.
GZ, son you got way with words! And I agree. On the other hand, three buds of mine bought Florida condos on the cheap (relatively)just last week.
Offshore, condos in bubble areas are one of the worst performers. Good luck to your buds, but it's all too likely they caught falling knives well above the floor.
Guest, The Fla properties may turn out to be bad investments. In fact, I doubt they consider these to be "investments".
These men and their wives, all of whom are middle class, aged 48 to 53, products of public schools and universities have worked, earned, saved, invested and managed their resources, not unlike you with your CDs, to attain a level wealth where they can more comfortably purchase real estate they may have not been able to consider before. And do you know why?
For the simple sake of having a place in the sun for warmth, golf, fishing, or drinking mojitos, margarita’s, and cold beers at pool side for winter breaks and a place to retire and count their blessings within the next ten years.
In addition, all of the guys share the philosophy that this is not a dress rehearsal. It is not an American dream, it is a reality.
"This is not a dress rehearsal". Well said. I would add you cant take your CD with you. I intend to live a little while I live, responsibly but not with just an eye the bank balance. I'm thinking of boarding that foreclosure bus myself.
I agree you can not take it with you when you go and I'm not leaving a dime for the kids.
I am at a point in my life financially that I can pretty much do what I want. I do not say this to brag,but just to point out that not everyone is in trouble. Some are more responsible than others so they are not into trouble financially like other are.
I'm actually going out to Southern Cal this week to look at some property by a friend's place.
posted by camaroman2125 on Jun 21, 2008 at 06:35:06 pm #
offshore makes a good point...I understand how the term "catching a falling knife" applies, if a person is looking at property as an investment.
But if you're looking for a place that you can afford and that you'll get personal use/enjoyment out of, then why not buy when the price falls to a level you find acceptable?
I watch the prices periodically on cottages in the Irish Hills, just to monitor the trends. Eventually, if I see the right cottage at the right price, I might make a move to buy. Not with the intent to resell later and make a profit...with the intent to hold onto it for the rest of my life, so that my family can spend lots of long summer weekends there.
(I'm more the kind of person to take lots of 3-4 days weekends to relax vs. going on one big 2 week vacation.) :)
« Why not buy when the price falls to a level you find acceptable? »
That's what all those knife-catchers are saying, all the way down into the price collapse.
My point is that you should never overpay for an asset. When the prices will drop further, you should wait, and let the knife-catchers absorb the losses.
There is one emotion governing what's happening in the house/condo market today, and that's DENIAL. But prices will continue to fall or stagnate until 2014.
Bring real money (i.e. 100% cash) to the buying table, mom2, and tell me again your willingness to buy. This willingness to overpay is fueled in part by the backing of CREDIT (i.e. mortgaging entities).
Actually, if (more likely when) I do buy the cottage, I probably will plunk down at least 70% cash. But I'll be watching the prices over the next year or two first.
I also don't carry a big mortgage on our home...80% is mine outright, only 20% is financed.
I guess I factor in the extra years of enjoyment we'd get out of it now while my kids are at the right ages vs. waiting until 2014 or later.
Looking back at a 2005 archive ToledoTalk post about (http://www.toledotalk.com/cgi-bin/comments.pl/7/1430) the Bartley Loft's (downtown), those prices on the units have fallen considerably(http://bartleylofts.com/documents/Bartley_20080429_PriceSheet_000.pdf), and they are now more "inexpensive" if you will...just another way that the market (poor economy) has adjusted those prices.
When I was younger and growing up, my dad taught me quite a few things about how the economy and markets work...one of the most important fundamental lessons I learned from him and use in everyday life in almost every situation, is opportunity cost...
Things are ONLY worth what people are WILLING to pay.
In most cases, developers and consumers aren't typically going to build/develop/purchase something that doesn't make financial sense.
I was that idiot that RENTED high priced apartments downtown for over 5 years just pissing money away that could have been put towards a purchase...between living at the Oliver House (1000/mo rent) and living at the Sun Flower BLDG (1100/mo rent), I'd say BY FAR buying a condo at the Bartley Lofts at current market price is a much better investment compared to some of the alternatives out there!
Given, I don't have a ton of disposable money to piss away...being single and in my mid-20s buying a condo makes perfect sense for my first purchase. Spending $1100/mo on a mortgage is worth it to me for what I receive in return (no lawn care, limited maintenance, etc). I don't pitty the people who paid $50,000-$100,000 more for the same/similar unit...those people rushed into those units like flies on crap, and got an overcharged, however it was obviously worth it to them! :)
So as far as the "repo" bus is concerned, people that can afford to purchase a home, and live within their means, more power to them, as there are many good deals out there.
As far as the banking industry goes, we're starting to see a long overdue amount of reform on regulations. Hopefully that will prevent another huge buildup a f**king problems 30 years from now
Action, there was more buzz about buying into those lofts back then. So it appears that you're sending a message that you didn't intend. Were they lying then? What about the people who bought in during that period?
Of course, the tax abatements on those condos are hiding the real costs of ownership ... just like ARMs. So we're probably not seeing people walk away like they should be.
As for renting high-priced apartments ... why did you do it? Generally speaking, no more than 25% of your net pay should be used as a rent or mortgage payment. (Whatever happened to that rule, too?)
And finally, if you think there's going to be reform in the banking industry ... well, that's just foolish. The existing regulations weren't enforced anyway. The fallout criminality isn't being prosecuted anywhere near where it should be to function as a deterrent against future problems. What's the point of reform if those reforms will be ignored during the next bubble?
And P.S.: Toledo's full participation in the national housing bubble was in having the prices of houses and condos rise when they should have fallen. So when the prices fall from the bubble high to the mean line, that still means that they are overpriced since they must by all rational economics fall below to catch up to the price collapse that had to happen in the first place. Population and prosperous jobs have fled Toledo at a strong pace. That must undermine the values of houses and condos in the area from the start of the flight.
So negative Zero! We all know the glass city has changed...drastically about every decade since the 1940s!
I respect your opinions about the mortgage crisis (ARM probs, etc), however things will never be the same (ever); history has proven so --- bankers (elephants) never forget.
point being...I paid high price apartment living because I could, and it was the best years of my life so far (partying)...
the lofts have come down in price, probably won't get any cheaper then what they are now, so I'm sinking my teeth in while I can!
just giving a fresh retrospect here :)
enjoy talking to you guys, and I hope to have heated discusions in the future!
So negative Zero! We all know the glass city has changed...drastically about every decade since the 1940s!
I respect your opinions about the mortgage crisis (ARM probs, etc), however things will never be the same (ever); history has proven so --- bankers (elephants) never forget.
point being...I paid high price apartment living because I could, and it was the best years of my life so far (partying)...
the lofts have come down in price, probably won't get any cheaper then what they are now, so I'm sinking my teeth in while I can!
just giving a fresh retrospect here :)
enjoy talking to you guys, and I hope to have heated discusions in the future!
If buying a house for yourself -good.
If buying a house to rent out -pretty horrible investment, but ok.
If buying a house to renovate and sell, then move to the front of the line to be laughed at by anyone with any investment savvy.
But, I wouldn't buy any property now. Still more shedding to go in housing prices. And, as always, a house is NOT an investment -- only a sunk cost.
The sentiment that a house is an "investment" is purely an invention of the Real Estate Industrial Complex (REIC). Call or write Senator Dodd and that Conrad fellow about how the REIC works.
Even in areas where rents are able to cover mortgage, insurance, maintenance, and even HOA costs ... well, landlording is an involved business and I just don't see a lot of these "investors" doing the job. That's why they become absentee landlords, then slumlords, and then you can clearly see that "investment" largely leaves the discussion.
Flipping only SEEMED like investing during the period of the bubble, when house and condo prices were only rising. But such a bubble could only burst, and it did so in 2005-2007 (depending on region of the nation). Now people are still trying to flip, and the prices are falling. So they get underwater. So they sell at a loss, or they let the lender short sale as a loss, or they let the lender foreclose at a much larger loss ... so that the next flipper retard can take the matter into 1 more cycle to cover the price drop. This will happen until 2014.
sorry to tell you but me and my dad bought two hud homes last year, fixed them up and resold them and made a profit. We paid cash for both houses and renovations.
we bought one for 60,000 and the other for 50,000. We put about 10,000-15000 in both in renovations and both sold for around 130,000.
maybe we just know what we're doing
posted by camaroman2125 on Jun 25, 2008 at 12:56:55 pm #
I'd be interested in seeing proof, i.e. addresses. And the key phrase = last year.
Cam, niche deals are not the mainstream.
And not to pick a fight with you or anything like that, but houses that sell for X and then re-sell soon for 2X is usually an indicator of mortgage fraud. Are those houses now in foreclosure? The Big F is what almost always follows such fraudulent lending deals.
Are you willing to post a few MLS numbers? I'd understand that you might not want to, if there's a link to your real name.
Even if there is a link to name, Aries provides sales information for Lucas county and every other county I know has something similar. Just post a screen shot with the vital info blacked out. I always see investors on the stock boards boasting a 100% return on their trades, but amazingly they can never back up the claim. A near 100% return on any flip is almost unheard of, sans some western/sunny states.
I will get the papers from my father the next time I see him which will be within the next couple days
And there was no mortgage so how could there be mortgage fraud. I stated above that we paid cash for both homes. As in cash our own cash, not a banks.
posted by camaroman2125 on Jun 26, 2008 at 04:15:22 pm #
I think GZ was stating that the person who bought the house after you refurbished it was attached to the mortgage fraud.
That's correct, JJ. The fraud was in the price difference, which is paid for by the lender used by the so-called buyer (i.e. money-renter), hence is subsumed into the buyer's mortgage. I hardly need to explain all of that, since there are enough news articles now about this sort of thing via google.
Please note that in mortgage fraud that makes use of a large price jump, the seller is often the source of the fraud, and the buyer is just a patsy. Again, I'm not saying you were doing that, Cam. But it's still true that a 100% price increase in such a slow asset like a house, does indicate that the FBI should investigate. After all, the price jump could very well be somebody trying to steal $100K or more from a bank without using a gun.
It's pretty sad that the FBI has to do that sort of thing, since you'd think a lender would be savvy enough to perform due diligence, hence find out the deal is bad for it. But since lenders were just re-packaging their loans as mortgage-backed securities, they no longer cared about financial liability. And now the Congress is trying to get YOU ALL to cover another $300 billion in these frauds. Ever powerless, the taxpayer is used as the sucker of last resort.
We actually just sold it for what it was appraised for. We remodeled the areas that bring in the most value. These would be bathrooms, kitchens and basement living areas.
It is not our fault that we sold it for what it was appraised for and got it. we also sold one of them to people we knew.
Like I said when I get back from so. cal I will get the papers from my father.
posted by camaroman2125 on Jun 27, 2008 at 05:01:04 pm #
Didn't know it was happening here, but its pretty successful in other cities. MSN featured one in Orlando, FL a few weeks ago.
posted by taxiang on Jun 19, 2008 at 08:42:35 am #