Re: Re: So just how much will the banks give way?

#101664
Anonymous
Participant

I tried to buy a couple of places through CAM bank, they were a disorganised mess and didn’t appear to have any strategy for dealing with offers, they just gave us loads of BS and in some cases never got back to us

So, IME they seriously expect to get the asking prices

The house I bought in the end was a private deal, just before the bank repossessed the house, we subrogated the mortgage and in the end we got IMO a good deal, but even so the bank messed us around on the mortgage terms

We took the opinion that we were doing the bank a favour, as we reduced the outstanding debt and avoided another repo going on the books, but it took a few weeks of discussion to get them to see sense

So, IME they are still just unrealistic fools, the longer they hold out, the worse it will be for the banks

If you are looking to buy a bargain, a distressed seller is a lot better prospect than a bank repo IMHO