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Cashed-up Aussies Buy Up Big In The States  
User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Posted (3 years 5 months 3 weeks 3 days 10 hours ago) and read 2791 times:

I have heard about some Aussies buying US real estate for next to nothing, but according to this report its fraught with DANGER    and all because of Americas legal system. Apparently foreclosure victims are planning to go to court to get these houses back !

A paltry $20 grand will get you a house, maybe, and a VERY big maybe at that. But I could imagine you'd spend much more than that in legal fees if your dragged before the courts to defend a legal transaction that is completely above board.

This is what an attorney, MATTHEW WEIDNER, says.

Quote.

" I’m very concerned about our American legal system and so, for Australians that are looking at purchasing property, I’d be very careful.

When you buy a piece of property in the United States of America, there are real questions being raised now about whether you truly own that property fair and square."


So for any Aussies out there planning to buy cheap in the US, forget it, its not worth the risk IMHO !

I'd save up and buy here in Australia, or if you really want to go off shore, buy New Zealand real estate, with the exchange rate at NZ $1.31 for the dollar, there are bound to be bargains over in Kiwi land to be had, and without all that crazy US risk.   

http://www.abc.net.au/7.30/content/2010/s3048994.htm

[Edited 2010-10-26 05:22:29]


Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
47 replies: All unread, showing first 25:
 
User currently offlineBaroque From Australia, joined Apr 2006, 15380 posts, RR: 59
Reply 1, posted (3 years 5 months 3 weeks 3 days 7 hours ago) and read 2716 times:

Quoting TheCommodore (Thread starter):
When you buy a piece of property in the United States of America, there are real questions being raised now about whether you truly own that property fair and square."


If it sounds too good to be true, it probably is too good to be true. Tears before bedtime. US house prices might be a giveaway, but who knows what is going to happen next let alone the uncertainty re ownership. The US just seems unable to free itself from the mess - a bit like punching tar-baby it seems.

I wonder if any other world power has got to the edge of collapse due to mortgages. Spain and Britain fought too many wars. Arguably the US has done likewise, but even those morasses are not as effective as the mortgage mess. Holland tried with tulips, that must be close.

And then there is outsourcing. Perhaps the clever thing would be to buy real estate in China rather than the US, except I don't suppose you can. Clever lot the Chinese!!! I wonder if the Chinese are buying up distressed US properties, they sure are a force in Aus.


User currently offlinemham001 From United States of America, joined Feb 2005, 3389 posts, RR: 2
Reply 2, posted (3 years 5 months 3 weeks 3 days 7 hours ago) and read 2702 times:

Much ado about nothing. Very few of all the foreclosed houses will be in legal limbo. The number is minuscule.

Besides, you could buy houses in upstate NY for $20k before the bubble burst.


User currently offlineScarletHarlot From Canada, joined Jul 2003, 4673 posts, RR: 56
Reply 3, posted (3 years 5 months 3 weeks 3 days 6 hours ago) and read 2688 times:

Quoting TheCommodore (Thread starter):
When you buy a piece of property in the United States of America, there are real questions being raised now about whether you truly own that property fair and square."

This is very much an overstatement. Sure, there are some situations where this might be the case - a house that has bounced around from owner to owner and is foreclosed, for example. But you could buy my house with no trouble at all.

Even in the case of the foreclosure, I have not heard of anyone who bought a foreclosed home and then had it taken away because of uncertainty of ownership.

Quoting TheCommodore (Thread starter):
Apparently foreclosure victims are planning to go to court to get these houses back !

They can't afford to pay their mortgages. Where are they going to find the money to go to court?

Quoting TheCommodore (Thread starter):
So for any Aussies out there planning to buy cheap in the US, forget it, its not worth the risk IMHO !

Very much an overstatement. Do your homework and you'll be fine.



But that was when I ruled the world
User currently offlineDerico From Argentina, joined Dec 1999, 4276 posts, RR: 12
Reply 4, posted (3 years 5 months 3 weeks 3 days 6 hours ago) and read 2683 times:

It is not just Australians.

Argentines and I assume Brazilians most certainly, are buying up swaths of properties particularly in Florida. A friend of mine was telling me how Miami, Orlando is overrun with tourists from Argentina and Brazil, leaving malls and shops with carts of goods, because of the dollar losing value (yup, even against the lowly peso, due to internal inflation). In the larger malls they outnumbered the locals.

There is a ''rumour'', I call it rumour since I have not verified this myself but it seems to have some truth given the number of people buying, that the US government will make it easier for a foreigner to buy than a local (who has to jump dozens of hoops because of the hypertight lending). With an up to date passport, an approved visa (in our case), proof of employment and a salary of at least 20.000 pesos a month, (30.000 if you are paying for a mortgage at home), they'll let you buy pretty much on the spot.

What I have also heard is that homes that are repoed, or in owner default, are extremely risky because basically the US mortgage system has collapsed into the stone age, to the point the Argentine system is sounder, the joke goes. There is no legal security with those. So usually it is recommened to buy properties in buildings that are yet uninhabited and thus still very cheap, instead of those that are owner defaulted. In terms of prices, there seems to be not a huge difference between buying in Miami right now than buying in Mendoza or Buenos Aires (150.000 US$ buys you a nice apartment in both).

The bet people are making is that in Argentina the market is at least at fair value if not overvalued because of the (overheating) economy specially BA, Mendoza and Patagonia, where you also have lots of foreigners buying 2nd homes, vineyards, or actually moving in outright... and that in the United States the market is terribly depressed and undervalued.

Thus if you have the money, put it in a Miami studio that probably has much more to rise in 5 to 10 years as opposed to Puerto Madero.



My internet was not shut down, the internet has shut me down
User currently offlinemham001 From United States of America, joined Feb 2005, 3389 posts, RR: 2
Reply 5, posted (3 years 5 months 3 weeks 3 days 5 hours ago) and read 2669 times:

Quoting Derico (Reply 4):
There is a ''rumour'', I call it rumour since I have not verified this myself but it seems to have some truth given the number of people buying, that the US government will make it easier for a foreigner to buy than a local (who has to jump dozens of hoops because of the hypertight lending). With an up to date passport, an approved visa (in our case), proof of employment and a salary of at least 20.000 pesos a month, (30.000 if you are paying for a mortgage at home), they'll let you buy pretty much on the spot.

The government does not grant those privileges. That is solely up to the lender, the banks, and I have a very hard time believing that story.

Foreign owners need to be concerned with maintaining the properties long distance. Not an easy task.


User currently offlineVonRichtofen From Canada, joined Nov 2000, 4626 posts, RR: 37
Reply 6, posted (3 years 5 months 3 weeks 3 days 4 hours ago) and read 2637 times:

Canadians have been doing this for years.


Word
User currently offlineKINDFlyer From United States of America, joined Oct 2009, 44 posts, RR: 0
Reply 7, posted (3 years 5 months 3 weeks 3 days 3 hours ago) and read 2631 times:

Quoting Derico (Reply 4):
Argentines and I assume Brazilians most certainly, are buying up swaths of properties particularly in Florida. A friend of mine was telling me how Miami, Orlando is overrun with tourists from Argentina and Brazil, leaving malls and shops with carts of goods, because of the dollar losing value (yup, even against the lowly peso, due to internal inflation). In the larger malls they outnumbered the locals.

Can't speak to Argentines and Brazilians, but we recently stayed in a very nice condo community just a few miles south of Disney and ran into an incredible number of visitors from the UK. In speaking with them, they too indicated many had taken advantage of the dollar's weakness to buy vacation property.



This isn't flying. This is falling.....with style.
User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Reply 8, posted (3 years 5 months 3 weeks 3 days ago) and read 2565 times:

Quoting Baroque (Reply 1):
If it sounds too good to be true, it probably is too good to be true.

Lot of truth in that old saying.

Quoting Baroque (Reply 1):
but who knows what is going to happen next let alone the uncertainty re ownership. The US just seems unable to free itself from the mess

Yes, I was reading somewhere that some forecasters are saying that it could be 20 years before things "stabilize" and even then, once you take inflation into account you will still be behind the eight ball.

Not something I would even considers as an investment with a time frame like that.   

Quoting Baroque (Reply 1):
I wonder if any other world power has got to the edge of collapse due to mortgages.

And at the rate that there printing those US $100 bills, they may only be worth $50 by this time next week !

Quoting mham001 (Reply 2):
Much ado about nothing. Very few of all the foreclosed houses will be in legal limbo. The number is minuscule.

That may be the case that few houses are effected, but with a housing market like the one in the US, one hardly needs ANY reason to be uncertain when entering into a transaction like that, usually the biggest purchase one will ever make in a life time.

Quoting ScarletHarlot (Reply 3):
Even in the case of the foreclosure, I have not heard of anyone who bought a foreclosed home and then had it taken away because of uncertainty of ownership.

Did you read the entire article, because that's not what the story says?

"MARK CALABRIA: There's a tremendous amount of litigation and a tremendous amount of litigation risk for the title insurers, for the lenders - really for anybody involved in the process right now today."

Quoting ScarletHarlot (Reply 3):
They can't afford to pay their mortgages. Where are they going to find the money to go to court?

Legal aid perhaps ?

Quoting ScarletHarlot (Reply 3):
Do your homework and you'll be fine.

Any investment where there is risk involved like this, could not be considered prudent.

Quoting mham001 (Reply 2):
Besides, you could buy houses in upstate NY for $20k before the bubble burst.

So after the market crashed, your saying these houses are now worth about what, a $1000. Good investment.

Quoting Derico (Reply 4):
There is a ''rumour'', I call it rumour since I have not verified this myself but it seems to have some truth given the number of people buying, that the US government will make it easier for a foreigner to buy than a local (who has to jump dozens of hoops because of the hypertight lending). With an up to date passport, an approved visa (in our case), proof of employment and a salary of at least 20.000 pesos a month, (30.000 if you are paying for a mortgage at home), they'll let you buy pretty much on the spot.

So what happens when you default on the mortgage payments, and you don't live in the US. How can they come after you ?

Quoting Derico (Reply 4):
Thus if you have the money, put it in a Miami studio that probably has much more to rise in 5 to 10 years as opposed to Puerto Madero.

That's a very bullish statement in an environment that doesn't hold much promise for the future.



Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlineFlighty From United States of America, joined Apr 2007, 8201 posts, RR: 3
Reply 9, posted (3 years 5 months 3 weeks 2 days 23 hours ago) and read 2543 times:

US real estate ownership is complex. But, it is still clearer than most other countries, many of which don't even allow property ownership by foreigners. Our property rules have imperfections, but overall they meet a very high standard. IMO.

User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Reply 10, posted (3 years 5 months 3 weeks 2 days 23 hours ago) and read 2533 times:

Quoting Flighty (Reply 9):
Our property rules have imperfections, but overall they meet a very high standard. IMO.

Really ?

Very high standards?

You surely must be mistaken.

Remember "low doc loans" and "Sub-Prime loans"

Where people can take out a mortgage, they cant afford, then default on the repayments, and then walk into the bank and just hand over the keys without any ramifications, leaving the banks to sort out the mess ??

Its called "Non recourse lending" and its these practices that have completely stuffed the market

That's not what I'd call high standards at all.

Where is the onus of responsibility on the borrower ?   



Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlinefridgmus From United States of America, joined Oct 2006, 1439 posts, RR: 11
Reply 11, posted (3 years 5 months 3 weeks 2 days 23 hours ago) and read 2520 times:
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Just out of curiosity, can Americans purchase homes, property or even motor vehicles in Australia if they are not residents?

Thanks,

F



The Lockheed Super Constellation, the REAL Queen of the Skies!
User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Reply 12, posted (3 years 5 months 3 weeks 2 days 22 hours ago) and read 2507 times:

Quoting fridgmus (Reply 11):
Just out of curiosity, can Americans purchase homes, property or even motor vehicles in Australia if they are not residents?

We have something called the "Foreign investment review board" (FIB).

I believe the law is yes, foreigners (Americans included)   can purchase in Australia subject to approval, which is generally given, unless its something to do with the "national interest", which houses generally are not.

However, new house's/apartments especially, off the plan, can be purchased without any consent (FIB) given.

But if a mortgage is needed to fund the purchase then banks will require some type of bond or security in exchange for the loan.

Hope this answers your question .

cheers

[Edited 2010-10-26 17:00:12]


Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlineQuokka From , joined Dec 1969, posts, RR:
Reply 13, posted (3 years 5 months 3 weeks 2 days 22 hours ago) and read 2490 times:

Quoting fridgmus (Reply 11):
Just out of curiosity, can Americans purchase homes, property or even motor vehicles in Australia if they are not residents?


Yes. A lot of property in Australia is held by non-residents/ non-citizens, including Americans.Approval must be sought from the Foreign Investment Review Board (although exemptions apply).

Different rules may apply to whether the land is residential, commercial, industrial or farm land. The main restrictions for residential purchases are, in the case of vacant land a house must be built within a certain period, and in the case of development projects, not more than 50% of units can be bought "off the plan".

Full details can be obtained from http://www.firb.gov.au/content/real_estate/real_estate.asp

Ownership in companies may be subject to scrutiny and there may be upper limits (e.g. no more than 50% of shares in a company) but it varies by industry.


User currently offlinemham001 From United States of America, joined Feb 2005, 3389 posts, RR: 2
Reply 14, posted (3 years 5 months 3 weeks 2 days 20 hours ago) and read 2447 times:

Quoting TheCommodore (Reply 8):
So what happens when you default on the mortgage payments, and you don't live in the US. How can they come after you ?

The banks don't 'come after you'. There is no debtors prison. All they can do is take the property back and give you a big red mark on your credit history. The whole idea that they would freely lend out property in a tight, volatile market to foreigners is pretty far-fetched. Cash sales are a different matter.


User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Reply 15, posted (3 years 5 months 3 weeks 2 days 17 hours ago) and read 2407 times:

Quoting mham001 (Reply 14):
The banks don't 'come after you'. There is no debtors prison.

Well ,perhaps that's part of the problem then. Borrowing large amounts of money is a very serious matter, its even more serious when you cant pay it back. It effects not only the bank, but the entire society.

Quoting mham001 (Reply 14):
All they can do is take the property back and give you a big red mark on your credit history

Big deal. That is hardly going to matter if I don't live in the US and have no intention of doing any further business in the US then dose it ?

Quoting mham001 (Reply 14):
The whole idea that they would freely lend out property in a tight, volatile market to foreigners is pretty far-fetched.

But that's what they have been doing all this time, up until recently, and not just to foreigners, mostly to your fellow country men.

Quoting mham001 (Reply 14):
Cash sales are a different matter.

That goes without saying I would have thought.



Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlineQuokka From , joined Dec 1969, posts, RR:
Reply 16, posted (3 years 5 months 3 weeks 2 days 17 hours ago) and read 2404 times:

Quoting TheCommodore (Reply 15):
Big deal. That is hardly going to matter if I don't live in the US and have no intention of doing any further business in the US then dose it ?

You do realise that banks and other lenders share credit histories, don't you? US and Australian banks to borrow and lend to each other and can add information about a person's credit-worthiness to credit rating company files. If you borrow in Australia the banks do some checks on your ability to repay and I suspect that the same would occur in the US. If you had a history of defaulting on a debt in the US, would an Australian bank be willing to shower you with extra credit? A loan shark might, but their collection methods are not all that civil, even if they may be effective.

[Edited 2010-10-26 22:45:16]

User currently offlineBaroque From Australia, joined Apr 2006, 15380 posts, RR: 59
Reply 17, posted (3 years 5 months 3 weeks 2 days 17 hours ago) and read 2403 times:

Quoting Quokka (Reply 13):
Quoting fridgmus (Reply 11):
Just out of curiosity, can Americans purchase homes, property or even motor vehicles in Australia if they are not residents?


Yes. A lot of property in Australia is held by non-residents/ non-citizens, including Americans.Approval must be sought from the Foreign Investment Review Board (although exemptions apply).

Just a minute, I will check.

Walks to window looks NE up the street, YES, looks NW across the street, YES, looks SW down the street, YES. Returns to keyboard:

Yes, I think you can fridgmus!! Empirically as well as theoretically this seems to be so.

If you take QF41 to Jakarta, you will likely find yourself next to an Indonesian. This will either be a student returning to mum and dad during a vacation or whatever, or dad or mum returning from visiting sonny or the wee lassie who is at school/university in Australia. I cannot recall one that has been living in rented accommodation. All have a property in Sydney or dad has the property in the case of students.

Aside from the rules that Quokka and The Commodore point out which make our house market much MUCH more safe than the US one, it appears to have been buoyed by foreign buyers. The rewards for legislative virtue one could argue although it does mean that housing affordability in Aus is pretty lousy. Still that seems a lot better than the mess in the US. Just my opinion mind you.


User currently offlinePPVRA From Brazil, joined Nov 2004, 8875 posts, RR: 40
Reply 18, posted (3 years 5 months 3 weeks 2 days 16 hours ago) and read 2391 times:

Quoting TheCommodore (Reply 8):
So what happens when you default on the mortgage payments, and you don't live in the US. How can they come after you ?

They come after your HOUSE. Anyone who knows the basic ABCs of mortgage knows this, and yet you pretend to want to teach people about the mortgage market.

Quoting TheCommodore (Reply 15):
Quoting mham001 (Reply 14):
The banks don't 'come after you'. There is no debtors prison.

Well ,perhaps that's part of the problem then. Borrowing large amounts of money is a very serious matter, its even more serious when you cant pay it back. It effects not only the bank, but the entire society.

You want debt slavery back? Because that's what you are implying.

Every investment comes with risk, and so should lending.

Quoting TheCommodore (Reply 15):
Quoting mham001 (Reply 14):
All they can do is take the property back and give you a big red mark on your credit history

Big deal. That is hardly going to matter if I don't live in the US and have no intention of doing any further business in the US then dose it ?

And all the money you sunk into the house? Thousands of dollars not a big deal?



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Reply 19, posted (3 years 5 months 3 weeks 2 days 16 hours ago) and read 2381 times:

Quoting Quokka (Reply 16):
You do realise that banks and other lenders share credit histories, don't you? US and Australian banks to borrow and lend to each other and can add information about a person's credit-worthiness to credit rating company files. If you borrow in Australia the banks do some checks on your ability to repay and I suspect that the same would occur in the US. If you had a history of defaulting on a debt in the US, would an Australian bank be willing to shower you with extra credit? A loan shark might, but their collection methods are not all that civil, even if they may be effective.

Not to sure about that Quokka,

I am friends of a family from the US. The husband had a failed business (swimming pools) and was bankrupt, some years ago now. They moved to Australia for a new start, as you would. As far as Im aware they have had no trouble getting a loan from (which bank !!) the Commonwealth Bank of course.  
and they are currently living in Epping NSW. They even got the first home buyers grant to boot.

Quoting Baroque (Reply 17):
which make our house market much MUCH more safe than the US one, it appears to have been buoyed by foreign buyers. The rewards for legislative virtue one could argue although it does mean that housing affordability in Aus is pretty lousy. Still that seems a lot better than the mess in the US. Just my opinion mind you.

Yes even with our high house prices, it just goes to show that people (foreign buyers) are prepared to pay for a stable housing market with a stable banking system.

Quoting PPVRA (Reply 18):
They come after your HOUSE. Anyone who knows the basic ABCs of mortgage knows this, and yet you pretend to want to teach people about the mortgage market.

So they, the banks, sell your house if you default, good they do that here in Australia too, and that's the way it should be.

But what if the bank cant get the money that they are owed because the housing market has collapsed, what then.?

who is out of pocket and how do the banks get the money there owed ?

In Australia, if you default on your mortgage and the bank sells your house, and they don't get the money (original purchase price) then they sue you for the difference. I don't believe that's the case in the US.

Quoting PPVRA (Reply 18):
You want debt slavery back? Because that's what you are implying.

That is NOT what I was implying at all, Don't put words into my mouth. You have tried to do the before and I don't appreciate it   .No one else has come to that conclusion except you. Go read the entire post will you and stop spouting off.

Quoting PPVRA (Reply 18):
Every investment comes with risk, and so should lending.

You forgot one thing, and that's personal responsibility too.

Quoting PPVRA (Reply 18):
And all the money you sunk into the house? Thousands of dollars not a big deal?

Its no big deal to the bank, they just want the money that you owe them back. They couldn't give a rats about how much you put into the house.



Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlineBaroque From Australia, joined Apr 2006, 15380 posts, RR: 59
Reply 20, posted (3 years 5 months 3 weeks 2 days 16 hours ago) and read 2377 times:

Quoting TheCommodore (Reply 19):
They even got the first home buyers grant to boot.

Interesting indeed. Not exactly following the original concept dare one venture?

Quoting TheCommodore (Reply 19):
In Australia, if you default on your mortgage and the bank sells your house, and they don't get the money (original purchase price) then they sue you for the difference.

I wonder if this misconception is at the root of that bit of cognitive dissonance?


User currently offlineQuokka From , joined Dec 1969, posts, RR:
Reply 21, posted (3 years 5 months 3 weeks 2 days 15 hours ago) and read 2369 times:

Quoting TheCommodore (Reply 19):
and was bankrupt


But presumably a discharged bankrupt, unless he made a false declaration on his application for migration to Australia. Even with our love for all things American, the Migration Act doesn't allow just anybody to waltz in. So he would have had to either been in a relevant skills bracket, been in the balance of family category, or been a business migrant and for the latter you need minimum assets. In short, he would have had to re-establish his creditworthiness. Unless of course it was his wife who got the loan.  


User currently offlineTheCommodore From Australia, joined Dec 2007, 2551 posts, RR: 6
Reply 22, posted (3 years 5 months 3 weeks 2 days 15 hours ago) and read 2364 times:

Quoting Quokka (Reply 21):
But presumably a discharged bankrupt

Would that make much difference ?

Its all part of the credit history inst it and a history that is a significantly higher risk than someone with a clean record so to speak, even though it happened in the US, he /they borrowed from an Australian bank ?

As far as I know the loan is in both names.

I failed to mention that she has dual citizenship, maybe that's the difference ?

Quoting Baroque (Reply 20):
Interesting indeed. Not exactly following the original concept dare one venture?

No its not following the original concept really is it. I missed out on all the handouts as I bought before the scheme/s were introduced. Bugger !  



Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlinemelpax From Australia, joined Apr 2005, 1561 posts, RR: 1
Reply 23, posted (3 years 5 months 3 weeks 2 days 13 hours ago) and read 2343 times:

When an average 3-bedroom house in Melbourne is around AUD$600,000, a $20-30,000 house in a major US city seems like an absoulte bargain to most Aussies. At those prices, most people would just seek an extension to their existing mortgage here, if they have one.......


Essendon - Whatever it takes......
User currently offlinePPVRA From Brazil, joined Nov 2004, 8875 posts, RR: 40
Reply 24, posted (3 years 5 months 3 weeks 2 days 4 hours ago) and read 2292 times:

Quoting TheCommodore (Reply 19):
But what if the bank cant get the money that they are owed because the housing market has collapsed, what then.?

That's the risk the bank takes. They can control how much they are exposed to it.

Quoting TheCommodore (Reply 19):
In Australia, if you default on your mortgage and the bank sells your house, and they don't get the money (original purchase price) then they sue you for the difference. I don't believe that's the case in the US.

Australia also has bankruptcy laws. Bankruptcy laws exist to protect people from things like debt slavery and debtor's prison.

Quoting TheCommodore (Reply 19):
Its no big deal to the bank, they just want the money that you owe them back. They couldn't give a rats about how much you put into the house.

It's a big deal to you and the bank. You lose thousands, and so does the bank.



"If goods do not cross borders, soldiers will" - Frederic Bastiat
25 Post contains images KPHXFlyer : Supposedly, according to MSNBC, it is already happening. Homeowners that did a short sale or foreclosure are being sued by the banks for the balance
26 Flighty : I was only discussing the quality of ownership itself. Our Constitution and our very many lawyers create a climate of legal protection for property o
27 fridgmus : A question for our Australian members, What is a first time home buyer's grant? Is that where the Australian Govt subsidizes part of your first home?
28 Post contains links TheCommodore : Why do you think the US housing market is in this mess ? One reason could be because of the US banks lending massive amounts of money to people who c
29 Post contains images kent350787 : Yes, see the Commodore's link above. As an economic stimulus program, it's sort of OK, but as a policy to improve housing affordability, it's populis
30 Post contains images Baroque : Not sure I have enough s as there are many points in there all of which are true. Agreed. Of course Asia would be even more attractive except most As
31 PPVRA : The banks had adequate risk policies for decades. Some of the banks that failed were around for decades before any regulation was introduced by FDR i
32 Post contains links Baroque : FDR in the 1920s. Me oh my, I did not know he was that powerful. Dig away. In the first 10 months of 1930, a total of 744 US banks failed. In Novmebe
33 PPVRA : Whoops. I mean 1930s. I had 1929 in mind when I typed that. Federal Reserve was already in place by then.
34 travelin man : So, just don't buy a short sale or a foreclosed property and you'll be fine. Give me a break, we just bought a new house (and sold ours). There are pl
35 Post contains links TheCommodore : Wont that just make the problem worse if you quarantine that part of the market ? These are the top 5 areas for forced sales. 1. Las Vegas, NV 2. Mia
36 mham001 : Not so much when you consider that there are 131 million homes in the US and over 19 million are empty at any given time. You've gone to great length
37 Post contains links Baroque : What gives is the US housing market has one way or another trashed a considerable part of the world financial system. That is what gives. So anything
38 Post contains links and images TheCommodore : So your saying there is no problem then ? Care to say what is the total number of foreclosed homes in the US (since the crises started) so far. I'd b
39 Derico : The Brits take advantage of Orlando weak dollar, strong dollar, no dollar. The UK obsession with Orlando is beyond legendary.
40 Post contains links Baroque : If anyone is interested in actual rates of this that and the other in the US including foreclosures/repossessions, try http://www.imf.org/external/pub
41 travelin man : I thought the gist of the whole opening post on this thread was "danger -- Aussies should not buy any property in the US": I am pointing out that the
42 mham001 : I didn't say that at all, but putting some perspective on the numbers does take away some of the drama in this thread. Thats a funny one. An outdated
43 Post contains links Baroque : I dunno where he got that number either, but given the proliferation of numbers about vacent houses, not difficult to be a bit uncertain. Within thes
44 mham001 : Your numbers don't shed any new light. Empty homes rose 300,000 during a period of a record number of foreclosures, or 1.57%, For perspective, .23% o
45 Baroque : Downscaling from 3.2 million being in some stage of foreclosure. I would not call those the basic rules, that is just how the OLD rules are being int
46 Post contains images Alias1024 : Or just purchase title insurance.....
47 Post contains images TheCommodore : I don't care one way or the other if you believe me or not. The fact is the the US housing market is completely stuffed, whether you think that's the
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