| Title: |
10/31/09: Buying a Foreclosed Home |
| Published: | Sat, 31 Oct 2009 |
| Description: | Rick talks to a caller who wants to buy a house that is being foreclosed on. 10/31/09 |
" And -- show is online and on demand. Turned to Richie yeah Saturday is one before Sunday's nine to noon on."
" It's not. Let's go to Ed in his car and you're on 96 time Boston talks I had."
" I don't connect. Export and -- question I'm renting a house bettors go in there that's gone into foreclosure. Com and the I I've been trying to work -- which he owner to try to. Buy it or what not pitch com and I know how to load it and had an appraisal done approximately six months ago and I just didn't."
" There have been closed down before well. Okay because of this is new. Case law which makes buying foreclosed properties dangerous but -- in your case in May -- the exception. What's your question."
" Questioners it is is its top legal and auctions. And it and a few weeks here and you know what worm are living in it you know an honor to know what's owed him and I'm trying to work with. -- Warner and in good idea or should I."
" It's easier is it well it is it is in a property that you and if you weren't living there and wasn't going into foreclosure would you buy. -- visited an area that is. A lot of properties -- being foreclosed on are just happens to be yours. Or. Well if you can negotiate a really good price I would talk to some brokers and eat you up against the -- see what it's worth the and then you can go back sizzle to the -- all receipts economic job which he goes on."
" Yeah right around recently."
" I'm what do you think properties worth."
" It was -- that in -- it. 399 for a quick sale."
" And it sounds to me like you know I mean. You think 375 is steel. Then it that that it okay that's my my gut feeling on this one is that. This not enough if he if it was. Appraised at 399. And it -- but you can get it for 300. Then I'd say yeah it's worth a shot but you know I can get the 300 because these give you a short sale is gonna go back to the beginning. So I I'd doesn't sound to me like like this is he gonna deal with the property like this and you wanna be able to buy and a at a major discount. And this is no there's not enough room in abided major discount now recognized if it's foreclosed on. You may have to move is also the possibility that if it's foreclosed on and they'll and and by the the entity that -- it is the lender. Then you may be able to negotiate a better deal with that. On the other flip side as they make kicked out. What what is your lease so how long -- more. Well then -- if it's. If you don't buy it and you can't negotiate with the purchaser. To buy it then -- then you're you're out of there."
" Now that did banks and a certain percent of those that they -- that are willing to take a lot on focal."
" depends on the lender depends on the bank to depends on pins and a lot of things you you keep you can't look at it that way you have to look at it from. From your standpoint is what is what would what would make it worth your while to buy it and if the lender says yes fine gentleman says no. Then move on. The --"
" Thanks for downloading and listening to the money show with -- for. Come back -- Boston's talk evolution by these 69 WTKK. It is fun line and on them."
A caller asks Rick if he should gift his two properties to his children. 11/14/09
“…they haven't put anything into the college education. -- Oakland that they benefit if they picked it and the College Station and nice so that this -- role. If you worker in the summertime and honor all that well and and help but …”
“…I'm gonna sell it. But Hologic -- the kids. …”
Rick educates a caller on annuities. 11/7/09
“…type or almost exactly same type of investment. Product available without the drawbacks of annuities so. With -- the one exception I made which is the benefit. To the people sell them things. I don't think they're any benefits to annuities and yes there you are you gonna get people coming out of the woodwork trying to sell you a new -- And they'll come up with -- new names -- they have new types of -- all the times. All the time. Because they wanna sell because when they sound they make a lot of money but the fact of the matter is. All annuities have the same major drawbacks. . That virtually. They don't all have all of the say that the same drawbacks but they all -- have virtually all the same drawbacks and which make them a lousy product for people to be to be investing. Who the exception we make with annuities is to fall one. If you. If annuities part of a forward care for a three beats the site in the big good it just it lowers the the -- then it the negative it spreads and negativity around and in some cases very very. And minor. Limited cases they can be a part of Europe. Retirement. He returned planning your your health care. Many Medicare. Moon. Nursing home care. . Planning. But that's -- that's not -- that's not your question and that's not the issue here so now a new I don't like annuities I would not. And and and Susan I will retain that until they make -- a good investment. Which I don't pay …”
“…then I can I make the argument that putting money under the mattress is better than going into annuities annuities are lousy product I think they should be illegal. They're not. They're there a legal product but basically. Actually I'd I'd I'd …”
10/25/2009 Money Show Financial News Of The Week
10/25/2009 Money Show Financial News Of The Week
“…debt as a percentage of GDP gross domestic product. Off for the United States is about 5050. For Britain. Is that the death as a percentage of their hold GDP. 70%. France 77%. Germany 80%. Italy …”
“…basically. To be the credit markets back from the abyss and the United States even with the problem Graham we're still the strongest economy in the world. …”
