Skip to Content.
Sympa Menu

homestead - Re: [Homestead] land prices!

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: Rob <becida AT comcast.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] land prices!
  • Date: Sun, 06 Nov 2005 13:18:28 -0800

At 11/6/2005 09:07 AM, you wrote:

Rob, if it was the original lender, he might as well have paid $25 million an
acre, it would have been little difference. In most states when a lender
forecloses on land, je can't legally just seize the land. It must be auctioned
off. To prevent the land from selling to a thrid (or would it be second) party
for $2K an acre and the lender being screwed, he takes possession of the land
by bidding absurdly high. He's just bidding to pay himself, so what does it
matter what he bids. Then in full legal possession of the land once more, he
can then sell it or develop it as he sees fit.

In a normal sale out here (like a house) someone has to pay the 8.3% sales tax. On that $15mil that comes to 1,260,000 dollars.
I just took a look at the local radio station web news, they made a "credit bid" of $18mil not 15 as I thought... Not sure what a "credit bid" is... probably means they didn't have to pay for it then. Still 8.3% of that is a lot of money... $1,494,000

http://www.kmas.com/news.htm



Rob

becida AT comcast.net
Western Washington State, USA





Archive powered by MHonArc 2.6.24.

Top of Page