MSNBC is pushing 'good deals out there on foreclosed properties' ... Really?

[Blackhatjack]

They seem to be talking about the wealthy with cash on hand 'picking up assets of distressed owners for pennies on the dollar' just like Mr. Potter in It's A Wonderful Life.

The superwealthy get even richer off the distress of the American poor, working poor, and middle class.

[truebrit71]

1. Yeah, great deals if it's not YOUR house being foreclosed....

....f*cking vultures...

[gaspee]

2. Pretty much, yeah...

[OPERATIONMINDCRIME]

3. There Are Some Ways In Which Money Shouldn't Be Made.

I have a certain amount of money I need to invest in order to make sure after the loss of over half of my household income, that down the road I can still take care of my children adequately. My brother was telling me about tax liens etc, and how if I did it right I could make a killing off of it and even possibly pick up properties in the process.

I told him no way in hell, and that I could never be content knowing where the money came from and how I had to profit off of those in dire circumstance. I told him I'd sooner want to pay off their tax liens for them than profit from their hardship or take their homes from them. He argued a bit yet I held firm, and in the end I could tell he couldn't quite grasp the honorable position of not profiting under such circumstances. But then, though God bless him, he is a bit of an ass.

[mikeytherat]

I started investing at age 15, and my parents gave me their Golden Rule:

"Remember: If you make a 'killing,' somebody else just died."

My parents were conscientious investors, and their advice has stayed with me to this day.

mikey_the_rat

[blondeatlast]

7. I have a wealthy brother-in-law who plans to profit from this.

I used to really respect him, but now I find it difficult to look him in the eye. In all other respects, he's a level-headed guy and it just boggles my mind that he's willing to do this. He's never seemed greedy before.

Mr. B@L told him he wouldn't even discuss it anymore because it irritated him so badly.

[blondeatlast]

4. Greedy assholes coming to gorge on a neigborhood near you.

They've not infested mine yet, but with all the for sale and pre-foreclosure sale signs I see, it'll happen any day.

Three pre-foreclosure signs in my neighborhood of 158 homes and at least a dozen for sale signs.

I feel sick when I see them, just physically ill.

[SammyWinstonJack]

5. Disgusting!

:puke:

[piedmont]

6. If nobody bought those properties then the value of YOUR house would drop.

What I mean to say is that if fewer people were bidding on them, they would go for even less money than they already do. And when it comes time to sell your house (or borrow money on it) you would find that it's worth less, because comparable houses were selling so cheap.
Besides that, buying these houses is the first step in getting them back into circulation, and back to being lived in. A house goes down quickly if people aren't living in it and keping it repaired.