Homestead mailing list

[Rob <becida AT comcast.net>]

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