Kind of pointless to pick nits at this bomb, since there's an endless supply, but when they have a confrontation at the diner and Dale tells the whole place that Quaid bought the place for 210k, and later Quaid tells the sheriff that there's about 1200 acres, I just laughed my butt off. It was just par for the course in this dog.
sharewhat does 210k mean?
share$210, 000
~Kelsey
Look me in the eye and tell me you don't find me attractive-Where Does The Good Go?
thank you. so when the guys responds to Dale saying 5 did he mean 5 millions? i just don't understand their slang
shareProbably meant $500,000. I didn't quite catch that in the film and thought maybe he said 85 or something - seemed like poor sound.
shareHe says, "a million... a million 5..."
shareI can say, and be 100% sure, that no where in any state east of the mississippi river is land going to sell for 175 dollars an acre. Not to mention the land already having a huge house on it is only going to raise the value. You can barely get a pair of sunglasses for 175 dollars and you sure can't get an acre of fine farm land anywhere for that price.
shareI guess you all don't understand how a foreclosure sale works. The bank took the farm/house back due to nonpayment of the mortgage. The bank is only interested in getting back what they are out on it. If the balance of the mortgage was in the 200k range, then 210k is not out of line. The bank adds their administrative expense onto the amount of loan due and sets that as the least amount they will settle for. Don't believe me, go ask your local banker.
shareWhile generally speaking you would be correct, in this case however you are not. I happen to be a banker, though I am a commercial lender, I have several friends in mortgage banking. If the property was actually valued for 5 million and the balance was 200K. A couple of things would happen. A) an interested private citizen, like in the movie would put an offer in. B) a real estate broker would put in an offer. C) a competing brokerage would offer to by the mortgage. Worst case scenario the rule of 65 would come into play. In finance nothing ever sells for less that 65% of it's fair value.
share". I happen to be a banker,"
Yeah, and I'm Jesus Christ. Anyone that would believe this BS is soft in the head.
1200 acres + mansion = $210,000
Whoever was responsible for this should be fired - What a joke!
hello, retard. banking is a huge industry, and employs a crapton of people. the guy didn't say he was a SUPERHERO, for god's sake. MOST LIKELY HE IS NOT LYING.
shareTax sale. You pay what's owed, it's yours.
shareTax Sale...ok I guess that is possible. It's supply and demand though. Ok so the bank's value is 200K; the market value is a lot higher and the outside investor value will be higher. When you factor in the cap. rate or NOI (if it is going to be used for future cash flows) the value would be higher than 200K. The logging and mineral rights to 1200 acres alone would be worth over 210K. The bottomline is (whether you believe I am a banker or not) that the property is valued well over the 210K. I don't know what your education background is, but I wager you know more than me on some stuff, but on this issue Im right.
shareDo you understand that this was a repo and banks auction those off for whatever they bring? Then they hold the defaulter accountable for the difference. It's like a fire sale.
Political Correctness Is Paralyzing Us From The Brain Down...
It didn't seem a farm as much as a wooded lot. That in itself is also a difference. Fertile 'farm' land sells for a lot more than infertile because who in their right mind would by infertile land to run a farm.
Also, my father owns a 400 acre farm and in the area he lives that is considered smaller than normal. 1000 acre farms aren't all that uncommon. My stepdad's uncle owns a ranch that is 1000's of acres in Northern Ontario. The property is like 25 sq miles. But in Northern Ontario once you get north of North Bay and/or Timmins you could literally drive 200 miles (provided there were roads) and not see another person. Up there a town with 2 or 3 thousand people is a major urban area.
ok to make everything realy easy and simple the reason the house is so cheap is becuase a) it's in the middle of nowhere and in the middle of nowhere you get pretty cheap houses i'm not kidding go check for yourself B) it needed alot of work so it wasn't in the "Best condition" C) it's not llike the land was that great eigther and D) it's in a place where the economy isn't exactly booming.
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*~*it may be those who do most dream most*~*
The Banker is right, but there is a hitch on property values that are in a hard to sell region. If it all worked the same everywhere the numbers game would work as posted but in fact all places are not created equal. There is no way to know if in fact the mortgage owner was in fact an acual bank. They may call it one but many private companies deal in mortgage. Depending on where this is, as mentioned before the local to employment and amenities, the acual value may be high but the amount to be recoupt from the property are different. If the legal owner (lender) was in the situation of lean offers and a tax situation because of value it would be possible for this to happen. This and other situations can cause things like rule of 65 to become unrealistic.
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