What would you do? - Posted by ccreed50

Posted by Lee on January 19, 2000 at 21:39:57:

What you describe IS Illegal…

DON’T get caughtup in it… unless you want a orange uniform and 3 squares a day…


What would you do? - Posted by ccreed50

Posted by ccreed50 on January 19, 2000 at 20:55:24:

Say fer hypotheticals you’re at this mortgagee’s auction. (I know, the real playaz don’t go there, but call us slow.) All the usual suspects start to scram, and one comes over and offers you $500 to likewise. Seems there’s a low balance, and it should go off low, unless everybody bids it up. Of course, this never happens in your area, but if it did–what would you do?


Ask a hypothetical question… - Posted by ccreed

Posted by ccreed on January 20, 2000 at 20:31:22:

get hypothetical answers.

Nine out of ten investors surveyed imply with conviction that they’d rather be singing “Nearer My God to Thee”. But a funny thing happens on the way to choir practice.

Here’s the scenario: The piece is worth maybe $45K fixed, needs around 10, owes, say, another ten. So if you can get in there for 20, you’re in good shape to make another 20 or so down the road. Unless, of course, somebody else bids it up to 30. Which is their privilege. In which case you get nothing. Nada. Ugatz. Capice?

The other day we watched in astonishment as an individual bid the $79K–tops–piece in question past the bank’s 83+ to take it at 84. I mean–she hadda have THAT house. No law against overpaying. Nobody stopped her. Nobody blurted “Hey lady, chill–it’s only worth $79!” Maybe she wanted to put her mom in there and it was worth it to her.

And far from implying that it–whatever weird thing that goes down at auctions–happens everyday, I would imply that it happens never, but I never say never…

Rather than orange jumpsuits, the gavones (rhymes with Ramones) favor the leather jacket look, tastefully accessorized with the Mercedes-Benz.

See ya at the next auction…


Can you say ‘collusion’, boys and girls? - Posted by steve

Posted by steve on January 20, 2000 at 09:20:57:

I thought you could.

To answer your question, I’d bid, right up to my limit (just like Bill K. says). If it’s worth $500 to somebody else to chase me off, it’s gotta be worth a helluva lot more than that to me. What’re they gonna do, report you?

This Happens Everyday - Posted by Bill K. (AZ)

Posted by Bill K. (AZ) on January 19, 2000 at 22:12:25:

And, it ruins the spirit of the auction process.

What would I do? Keep my seat, and bid up to, and not a penney more than, my estimated purchase value. If I win the bid, I’ll make more than $500.

Of course, I’m sure that you’re implying that this would happen several times a day, and you could make thousands a day. Nonetheless, I’m staying seated. I’m there to bid, not take a bribe.

Bill K. (AZ)