An "exciting opportunity"?

Discussion in 'Taxes and Accounting' started by GarrettKimmel, Nov 2, 2015.

  1. Jones75

    Jones75

    Save your money and a lot of grief, just pass.
     
    #11     Nov 2, 2015
  2. Handle123

    Handle123

    AND IF YOU ORDER BY MIDNIGHT WE WILL GIVE YOU TWICE AS MUCH SWAMP LAND AND ADD 99 RECORDS TO LAWRENCE WELK with the Banana Sisters doing their acts from 1907.

    DON'T WAIT !!!!!
     
    #12     Nov 3, 2015
    lawrence-lugar likes this.
  3. Listen to that inner voice...your intuition :wtf:ops:
     
    #13     Nov 3, 2015
  4. Sig

    Sig

    He may not be trying to scam you, but the opportunity isn't actually there. The bank is a bidder on what is essentially their own property, and will always bid up to their idea of a fair value if anyone else starts bidding. The whole auction thing is just a legal requirement, and bonus for the bank if someone does come in with what they think is a decent price and they don't have to go to the cost of foreclosure and resale. Your mom's associate saw an auction with no one else bidding and assumed that an outside party could have gotten the property for $1 more than the bank's bid. However if he had bid, the bank would have continued to outbid him and the "deal" would have evaporated. He needs to show you an instance where an unrelated third party won the bid for it to be a valid opportunity. He'll find that you may still be able to get a decent deal, basically the bank is taking their foreclosure costs out of the asking price, but you won't get the kind of steal he's thinking of.
     
    #14     Nov 4, 2015
  5. For me it is very clear: it is a steal.
    But the question is: who will steal from who?
    That's not clear yet.
     
    #15     Nov 4, 2015
  6. ElCubano

    ElCubano

    unfortunately as Syswizard pointed out above, most often run towards.
     
    #16     Nov 5, 2015
  7. Arnie

    Arnie

    There was no sale. The bank didn't buy anything, they simply foreclosed. That's SOP around here (VA) for how banks foreclose. What you friend saw was a legal proceeding, not a "sale" in the true sense.
     
    #17     Nov 6, 2015