Newsgroups: alt.invest.real-estate
Subject: Re: Flipping IS Illegal
From: "Baird Spalding" 
Date: Sun, 13 Jul 2003 20:42:26 GMT


On 13-Jul-2003, eldredp@aol.comSPAM-OFF (EldredP) wrote:

> Why can't you believe that some banks might call him to get a property off
> their books?  60% of FMV(for example) is better than NOTHING, while in the
> meantime they have to worry about taxes, vandalism, etc...

That's what insurance and tax write-offs are for. Unless there's allot of
repairs, they won't lose if they foreclose, all it might do is lower their
foreclosure ratio. If they've had too many foreclosures then they will call
a Realtor. Selling to a private investor who'll pay 60% under FMV would be
an abuse of their investors funds. If they are doing it, someone is getting
kick back, or in other words the investor is their Straw Man. I don't
believe Rev. JRF is involved with anything like that, so it's my guess he
has a golden reputation for getting the job done and an established rapport.
But for Joe Blow Vulture to walk in off the street and expect call. No way.