BF2S Forums What would happen if China starts buying the U.S. foreclosed homes?

S.Lythberg wrote:

You'd have to check the law books, but I don't think a corporate entity is allowed to control large tracts of residential zoned land.

If the Chinese want to pay our asinine property taxes, more power to them though

Of course they (a corporate entity) can.

Kmarion wrote:

S.Lythberg wrote:

You'd have to check the law books, but I don't think a corporate entity is allowed to control large tracts of residential zoned land.

If the Chinese want to pay our asinine property taxes, more power to them though

Of course they (a corporate entity) can.

But you can't operate a business, you'd have to rent them, leaving you liable for the property taxes

Kmarion wrote:

No you can't, if it's zoned for residential use. .. actually it depends what type of residential zoning.. ar-1, ar-2, etc. Some types of zoning allow for other uses and it really depends on the local zoning laws. Large corporations can and are buying up large blocks of foreclosed homes right now.

Of course they are, it would be a fantastic investment right now. Buy a foreclosed home for $30k, charge $1k a month rent and make your money back in 30 months. Easy money.

bigger chinatowns?

Kmarion wrote:

S.Lythberg wrote:

Kmarion wrote:

Of course they (a corporate entity) can.

But you can't operate a business, you'd have to rent them, leaving you liable for the property taxes

No you can't, if it's zoned for residential use. .. actually it depends what type of residential zoning.. ar-1, ar-2, etc. Some types of zoning allow for other uses and it really depends on the local zoning laws. Large corporations can and are buying up large blocks of foreclosed homes right now.

I find it odd that banks would rather evict residents and suffer a total loss than let the resident stay and pay a reduced mortgage, it makes little sense, and everyone loses.

For example, our neighbor's husband died two years ago, leaving her unable to pay the full mortgage, the bank rejected her offer to pay 60% monthly for a longer term, and instead foreclosed.  Now, nobody has ever shown up form the bank to actually evict, so she has been living for free instead while the bank is bogged down with more foreclosures than it can handle.  Half the neighborhood is foreclosed on, home values are down 50%.

This is in Florida though, Chicago hasn't been hit as hard, our condo here lost 25% of its value

S.Lythberg wrote:

Kmarion wrote:

S.Lythberg wrote:

But you can't operate a business, you'd have to rent them, leaving you liable for the property taxes

No you can't, if it's zoned for residential use. .. actually it depends what type of residential zoning.. ar-1, ar-2, etc. Some types of zoning allow for other uses and it really depends on the local zoning laws. Large corporations can and are buying up large blocks of foreclosed homes right now.

I find it odd that banks would rather evict residents and suffer a total loss than let the resident stay and pay a reduced mortgage, it makes little sense, and everyone loses.

For example, our neighbor's husband died two years ago, leaving her unable to pay the full mortgage, the bank rejected her offer to pay 60% monthly for a longer term, and instead foreclosed.  Now, nobody has ever shown up form the bank to actually evict, so she has been living for free instead while the bank is bogged down with more foreclosures than it can handle.  Half the neighborhood is foreclosed on, home values are down 50%.

This is in Florida though, Chicago hasn't been hit as hard, our condo here lost 25% of its value

They can however write off a good portion of those losses. And since some of them were given bailout money it eases their pain. So essentially they can take your money (via citizen taxes) to make up for their losses and take your home.

Your neighbor is smart. Never move out until it is forced. The bank would rather the house be occupied until they can sell the deed.

JohnG@lt wrote:

Kmarion wrote:

They can however write off a good portion of those losses. And since some of them have were given bailout money it eases their pain. So essentially they can take your money (via citizen taxes) to make up for their losses and take your home.

Your neighbor is smart. Never move out until it is forced. The bank would rather the house be occupied until they can sell the deed.

Of course they would. The house gets maintained, the pipes don't freeze etc.

And vandalized.. http://forums.bf2s.com/viewtopic.php?pi … 1#p2884221

Kmarion wrote:

JohnG@lt wrote:

Kmarion wrote:

They can however write off a good portion of those losses. And since some of them have were given bailout money it eases their pain. So essentially they can take your money (via citizen taxes) to make up for their losses and take your home.

Your neighbor is smart. Never move out until it is forced. The bank would rather the house be occupied until they can sell the deed.

Of course they would. The house gets maintained, the pipes don't freeze etc.

And vandalized.. http://forums.bf2s.com/viewtopic.php?pi … 1#p2884221

Hell, I'd be pissed too, you're lucky they didn't strip the wiring

Kmarion wrote:

JohnG@lt wrote:

Kmarion wrote:

And vandalized.. http://forums.bf2s.com/viewtopic.php?pi … 1#p2884221

F that. I would've ripped all the appliances out of the house and sold them on ebay

That usually what they do before the leave. I went into one and they had taken out the Central AC unit.. The selling agent didn't even know about it. I've seen them take the baseboards out ffs.

They're thinking ahead! Extra firewood to burn when they move under the bridge.

1216 Carriage Park Drive Valrico, fl. $335,000 4/5 3434 sqft.

Probably Less than 15k to like new condition (easily worth it). It is really not major stuff. New carpet, paint, a back door, a cleaning crew for a day or two, landscaping, and the pool drained and acid washed.

Yes, I'm an agent.

ghettoperson wrote:

What's the catch, why's it so cheap?

It's in Florida. Cost of living is dirt cheap because there are no jobs. It's full of retirees.