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photon · 05-13-2005, 11:15 AM

I think they take it all.. they tend not to get top dollar for repossessed properties because they want to sell them fast (the bank is in the money business not the real estate business) and because the property itself is usually in poor shape (crack heads don't usually keep their places in good repair).

I've looked at a few bank repossessions (even came close to buying one), and they weren't pretty. The one I almost got was a "cat lady" house, the smell was unimaginable. We would have had to take it down to a shell to get it out. It was probably worth about $240,000 and it sold for $170,000 (and I thought that was about $20,000 more than it should of, someone must have been able to fix it up for less than I was thinking).

I guess the thing I don't really understand is if I get a line of credit and put the money in my savings account isn't it my money now?

If you take out a line of credit and put the money in your account, it's not your money.. It's still borrowed money. BlackEleven has the right of it.

05-13-2005, 11:15 AM	#17
photon The new goggles also do nothing. Join Date: Oct 2001 Location: Calgary Exp:	I think they take it all.. they tend not to get top dollar for repossessed properties because they want to sell them fast (the bank is in the money business not the real estate business) and because the property itself is usually in poor shape (crack heads don't usually keep their places in good repair). I've looked at a few bank repossessions (even came close to buying one), and they weren't pretty. The one I almost got was a "cat lady" house, the smell was unimaginable. We would have had to take it down to a shell to get it out. It was probably worth about $240,000 and it sold for $170,000 (and I thought that was about $20,000 more than it should of, someone must have been able to fix it up for less than I was thinking). I guess the thing I don't really understand is if I get a line of credit and put the money in my savings account isn't it my money now? If you take out a line of credit and put the money in your account, it's not your money.. It's still borrowed money. BlackEleven has the right of it. __________________ Uncertainty is an uncomfortable position. But certainty is an absurd one.