Posted on 02/02/2012 8:12:24 PM PST by tbw2
I have heard that the government has started selling lots of foreclosed homes to government approved real estate management firms or property liquidators. 1. Where is more information on this process? 2. Who is getting to bid on lots of homes, how do we find out who is awarded the properties? 3. What are the long term ramifications of this?
Lot of wealth changing hands. Helps to have friends in high places.
People are becoming less interested in making wealth and more interested in grabbing it.
Step 1 be a bundler for 0...
Can they convey clear title??
If the property was in a MERS, I doubt it will be easy.
I’ve been thinking about real estate investment trust and people following Robert Koyasaki’s Rich Dad.
* REITs may take a beating if those buying property at a discount from the feds offer rentals below market rates. After competition goes under, jack up rates and make more money.
* Those who buy and rent investment property may also lose out to the federal winners / landlords.
* What happens to those who buy the property? Do they have to rent based on government mandates or bribery? Thought: “This niece of guy on the board gets to rent the 6 bedroom 4 bath for $500 a month. Oh, and her kids are teenagers and bring friends over a lot.”
1: Most likely in the hands of some administration lackey.
2: Moot point. Only big donors to Obama’s campaign are allowed to bid.
3: Nothing good.
Sounds like a job for the FR sleuths.
#1...Forget it. Info is not being released to the general public,
#2...Only obama's inner circle. All awards will go to his Swiss and Grand Cayman financial lawyers and to Valerie Jarrett.
#3...You will be a millionaire slum-lord within 2 years.
3. Sounds like the cities are trees rotting from the inside out.
Busts up the urban core of high-density democrat voters, but as you infer, it’s being managed successfully for a progressive outcome.
If you have to ask, you haven’t been paying attention.
Great minds, eh? And, only 4 minutes apart.(took me a little longer,,,,couldn’t get “Valerie” spelled right.)
1. Fannie Mae DC Offices. Fed Reserve DC Office. Senator Shelby’s Office.
1. http://www.federalreserve.gov/publications/other-reports/files/housing-white-paper-20120104.pdf
2. Very liquid REITs and privately owned property management companies who can pass a screening process to prove they have the infrastructure in place to be landlords to large numbers of properties.
3. Shifting the supply curve by limiting the supply of foreclosures will in the short term will be positive on single family home prices. In the mid to long term it creates horrible problems due to the detoriatino of housing stock, i.e. physical destruction due to it being rental properties instead of owner occupied.
The only number I saw thrown about was blocks will be sold in 75Million dollar minimums, but it’s just a rumor.
Thank you for the direct information source!
Maybe this is why I couldn’t find the ghetto slums of North Philadelphia on Google street view the other day. All nice and tidied up now. It’s interesting what money passed between politicians can do.
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