Comments on: Q&A with the Banker Panel at the National Auctioneers Association http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Kary L. Krismer http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329715 Kary L. Krismer Wed, 03 Dec 2008 16:42:06 +0000 http://raincityguide.com/?p=3585#comment-329715 It's probably one of their best performing assets this year! :D It’s probably one of their best performing assets this year! :D

]]> By: Bob Hunter http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329714 Bob Hunter Wed, 03 Dec 2008 16:13:44 +0000 http://raincityguide.com/?p=3585#comment-329714 ' Buying land for the value of the corn.' I wonder how that has worked out for the hedge fund, seeing that corn prices have been cut in half this year. ‘ Buying land for the value of the corn.’

I wonder how that has worked out for the hedge fund, seeing that corn prices have been cut in half this year.

]]> By: Kary L. Krismer http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329705 Kary L. Krismer Wed, 03 Dec 2008 05:21:40 +0000 http://raincityguide.com/?p=3585#comment-329705 Speaking of bailouts, I liked the first panel of the last "Bad Reporter." http://www.sfgate.com/columnists/asmussen/ As to the class, the sad thing is that people get taken in by these scams, and then basically scam other people not necessarily realizing what they're doing is wrong. The distressed property laws should have gone after the teachers. Speaking of bailouts, I liked the first panel of the last “Bad Reporter.”

http://www.sfgate.com/columnists/asmussen/

As to the class, the sad thing is that people get taken in by these scams, and then basically scam other people not necessarily realizing what they’re doing is wrong. The distressed property laws should have gone after the teachers.

]]> By: Jillayne Schlicke http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329704 Jillayne Schlicke Wed, 03 Dec 2008 04:53:58 +0000 http://raincityguide.com/?p=3585#comment-329704 Hi Kary, Thanks for the link. The nice thing about the KOMO article was that they exposed the 'get rich quick' scheme for what it really is: a sham. Hi Kary,

Thanks for the link. The nice thing about the KOMO article was that they exposed the ‘get rich quick’ scheme for what it really is: a sham.

]]> By: Jillayne Schlicke http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329703 Jillayne Schlicke Wed, 03 Dec 2008 04:46:04 +0000 http://raincityguide.com/?p=3585#comment-329703 Hi Sniglet, No comments from the panel, however I AM hearing the following in the classroom this week: homeowners calling their lenders and Realtors asking for their bailout....."I hear that the government is bailing everyone out. Can you help me get a bailout, too?" and stories about homeowners weighing all their options, and chosing to walk away instead of continuing to pay on a declining asset. Hi Sniglet,

No comments from the panel, however I AM hearing the following in the classroom this week:

homeowners calling their lenders and Realtors asking for their bailout…..”I hear that the government is bailing everyone out. Can you help me get a bailout, too?”

and stories about homeowners weighing all their options, and chosing to walk away instead of continuing to pay on a declining asset.

]]> By: Kary L. Krismer http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329659 Kary L. Krismer Tue, 02 Dec 2008 16:40:38 +0000 http://raincityguide.com/?p=3585#comment-329659 Sniglet, bankers might not know that. Non-judicial foreclosure is so favorable to lenders that they probably don't even typically look at the financial condition of the buyer in default. And absent actually suing them and getting a judgment, they'd have no way of knowing, unless the buyer gave them the information, which would be unlikely in a walk away situation. I have no doubt some people are doing walk aways, because some people do stupid things. On the flip side of this, KOMO recently did a story on a class people are presumably taking on how to buy from people in foreclosure: http://www.komonews.com/news/35175759.html I'd consider part of what's described in that story as being very risky behavior, given the distressed property law. Sniglet, bankers might not know that. Non-judicial foreclosure is so favorable to lenders that they probably don’t even typically look at the financial condition of the buyer in default. And absent actually suing them and getting a judgment, they’d have no way of knowing, unless the buyer gave them the information, which would be unlikely in a walk away situation.

I have no doubt some people are doing walk aways, because some people do stupid things. On the flip side of this, KOMO recently did a story on a class people are presumably taking on how to buy from people in foreclosure:

http://www.komonews.com/news/35175759.html

I’d consider part of what’s described in that story as being very risky behavior, given the distressed property law.

]]> By: Sniglet http://raincityguide.com/2008/12/02/qa-with-the-banker-panel-at-the-national-auctioneers-association/#comment-329656 Sniglet Tue, 02 Dec 2008 16:30:56 +0000 http://raincityguide.com/?p=3585#comment-329656 No comments about "walk-aways" then? I was curious to find out if they see this phenomena in their own businesses. It's interesting that these folks seem to be mainly optimistic. Either we have hit bottom, or the lenders are well cushioned against a greater decline. Very interesting... No comments about “walk-aways” then? I was curious to find out if they see this phenomena in their own businesses.

It’s interesting that these folks seem to be mainly optimistic. Either we have hit bottom, or the lenders are well cushioned against a greater decline.

Very interesting…

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