Bobby J avatar
Beach Fanatic
13,468 views
We just closed a Country Wide Short Sale! What a long, winding road. The property has been under contract for close to 7 months and the buyer stayed on board even after CW delayed 2 months for a letter that said to proceed to the closing. I have learned the hard way why some of these banks are in trouble. The buyers can't really buy the properties! Anyway, just patting my own back. :clap: If you need help with a short sale, holler we are getting pretty good at them!

Replies

82
Beach Lover
#77
[FONT=arial, helvetica, sans-serif]From the FDIC press release at the time IndyMac was taken over...

"At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors...The FDIC will pay uninsured depositors an advance dividend equal to 50 percent of the uninsured amount."

It was an "advanced dividend" taken out of the assets of the Bank - looks like the FDIC was putting uninsured depositors at the front of the line before they paid any dividends to preferred shareholders, common shareholders or debt holders.
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scooterbug44 avatar
SoWal Expert
#78
Why is ANYONE getting a dividend? Crappy stock/company performance doesn't qualify for a dividend IMO. :idontno:

Heartless, but I just thought of a way to save us 1/2 a billion..............
TheSheep avatar
Beach Fanatic
#79
Is that some of the reason why it is taking 7 months to get a short sale to close?
More often than not, the clearance of all liens and encumberances, some whch do not come to light for several months.

Is it legal to list a property as a short sale just because the seller is upside down?
Only if change is coming out off his pockets....and he's a midget.
:lolabove:
Babyblue avatar
Beach Fanatic
#80
Short Sales

Looks like tonight that our government has taken care of short sales. Watch the banks start dumping property.
Babyblue avatar
Beach Fanatic
#81
I have no problems with the FDIC/taxpayer taking care of the depositors at WAMU up to the guaranteed $100K. The banks pay FDIC for the insurance policies and if the government spents all the proceeds that's not the fault of the depositors.

I did take issue with the FDIC paying the IndyMac depositors 50-cents on the dollar of their deposits over the insured $100K limits :idontno: What the hell was up with that??

.

Because we can pay 50 cents on the dollar. ;-)
AAbsolute avatar
Banned
#82
Because we can pay 50 cents on the dollar. ;-)

How does that work? What can we pay 50 cents on the dolar for in this case?
AAbsolute avatar
Banned
#83
Quoted from Santiago "They have to make a decision based on their loan loss reserves, capital, current income and amount of current income that is being reserved each month for losses, among other things. They also have to factor in future expenses of holding said property, and decide what makes the most sense. The larger well capitalized banks in many cases are saying, f... it, lets get this behind us and start making money again. There is a lot more to it than whether or not AAbsolute thinks its "shady" or not. Its called business."

I was just reading the Driftwood thread. Your above quote to me kept ringing in my ears. If the Developer can legally win the case or bury A. Osborne and Driftwood to gain advantage isn't that "called business".

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