sold for 9% of 2021 price
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sold for 9% of 2021 price (by Tony [NJ]) May 14, 2024 9:17 AM
       sold for 9% of 2021 price (by ken [NY]) May 14, 2024 9:32 AM
       sold for 9% of 2021 price (by tryan [MA]) May 14, 2024 11:07 AM
       sold for 9% of 2021 price (by 6x6 [TN]) May 14, 2024 7:29 PM
       sold for 9% of 2021 price (by ken [NY]) May 14, 2024 8:18 PM
       sold for 9% of 2021 price (by Ray-N-Pa [PA]) May 14, 2024 9:10 PM
       sold for 9% of 2021 price (by 6x6 [TN]) May 14, 2024 9:27 PM
       sold for 9% of 2021 price (by BRAD 20,000 [IN]) May 15, 2024 12:11 AM
       sold for 9% of 2021 price (by zero [IN]) May 15, 2024 9:40 AM
       sold for 9% of 2021 price (by 6x6 [TN]) May 15, 2024 5:23 PM
       sold for 9% of 2021 price (by zero [IN]) May 15, 2024 6:25 PM
       sold for 9% of 2021 price (by 6x6 [TN]) May 15, 2024 7:58 PM
       sold for 9% of 2021 price (by BRAD 20,000 [IN]) May 16, 2024 12:45 AM
       sold for 9% of 2021 price (by zero [IN]) May 16, 2024 8:02 AM

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sold for 9% of 2021 price (by Tony [NJ]) Posted on: May 14, 2024 9:17 AM
Message:

br eit bart com

Fort Worth's Tallest Building Sells for Less Than 9% of 2021 Purchase Price

Olivia Rondeau

~2 minutes

The tallest building in Fort Worth, Texas, has been sold at a foreclosure auction for less than nine percent of its purchase price from just three years ago, according to the Dallas Business Journal.

Burnett Plaza, a whopping 40-story commercial and office tower constructed in 1983, was bought back by Pinnacle Bank Texas for just $12.3 million at the auction last Tuesday — after being sold for more than $137.5 million in 2021.

The building’s former owner, Burnett Cherry Street LLC, defaulted on a $13 million loan used to purchase it, the bank said.

Pinnacle bought it back for just $12.30 per square foot, according to the local outlet.

Burnett Plaza’s most recent appraisal found it to be worth $104.5 million, with tenants including General Motors Financial, Kimley-Horn and Associates, and Huckabee. However, the building’s vacancy rose to 22 percent last quarter, according to Cushman & Wakefield real estate data cited by the Real Deal.

The average commercial building vacancy in downtown Fort Worth is around 50 percent lower at 11.5 percent, the outlet reported. --73.215.xxx.xx




sold for 9% of 2021 price (by ken [NY]) Posted on: May 14, 2024 9:32 AM
Message:

dont get excited, it is very common for banks to start bidding off low and if no one bids they get it at the low number for tax writeoffs or some other reason.Wait till the bank sells it to get a better idea of its real value --74.77.xx.xx




sold for 9% of 2021 price (by tryan [MA]) Posted on: May 14, 2024 11:07 AM
Message:

Yeah ... I read this as "nobody showed up to bid, so the bank bid a minimum."

Back in Feb I represented my homeowners association foreclosing on 11 acres for unpaid assessments. Nobody showed except me . 11 acres were bought by the association for 34k. Buildable lots sell for 60-90k here (depending on access, view, perc testing ... blah, blah). --198.168.xx.xxx




sold for 9% of 2021 price (by 6x6 [TN]) Posted on: May 14, 2024 7:29 PM
Message:

I'm a little confused by how all that works? --76.129.xxx.xx




sold for 9% of 2021 price (by ken [NY]) Posted on: May 14, 2024 8:18 PM
Message:

6x6 when a bank or anyone forecloses on a house it goes to auction, the bank gets the first bid and sometimes bids rediculously low,if anyone else wants to bid they bid whatever amount they choose to,then the bank bids again and on and on it goes.If the bank has the only bid and they got it cheap i believe there is a tax situation there somehow,also if they bid less than is owed they can go after the payor for a deficiency judgment if they want to for the difference so many reasons they start off low.I bought a house one time for $2.oo because the bank only bid $1.00, i have bought about 7 houses for $101 because the bank only bid $100. I have no idea why but that is what they do sometimes.No idea what the bank was going to bid on this place though --74.77.xx.xx




sold for 9% of 2021 price (by Ray-N-Pa [PA]) Posted on: May 14, 2024 9:10 PM
Message:

I wouldn't be all that excited about buying an office building. But I am a bit surprised that the some of the heavier hitter tenants in the building didn't bid on it and buy themselves out of the lease --24.101.xxx.xxx




sold for 9% of 2021 price (by 6x6 [TN]) Posted on: May 14, 2024 9:27 PM
Message:

Thank you, Ken.

Good point, Ray. --76.129.xxx.xx




sold for 9% of 2021 price (by BRAD 20,000 [IN]) Posted on: May 15, 2024 12:11 AM
Message:

The bank uses their own money to pay themselves to buy back their own loan. It really does not cost them anything but they get control of the property.

Lots of times the bank has already made a deal with a buyer and they're just waiting for the sheriff sale to process their right to take ownership.

So unless no one else bids the bank gets the property.

BRAD --73.103.xxx.xxx




sold for 9% of 2021 price (by zero [IN]) Posted on: May 15, 2024 9:40 AM
Message:

Ken, back when the wife was more hands on with purchases she would make sure the offer ended with $1. At first the realtor said that wasn't necessary, but after a while he expected it.

Bought a place back in '02 for $20,501.00.

Cheapest I see was a 2/1 with detached 1.5 and fenced in back yard. It had a tenant when I bought it for $14,001.00. Still have that one. Paid off, refinanced and paid off again. Rents out for $750 now. (remember I am in a location where rents are not high)

Now that I do the purchasing I do not toss the extra dollar in there. The realtor misses it, but maybe I am just lazy. --107.147.xx.xx




sold for 9% of 2021 price (by 6x6 [TN]) Posted on: May 15, 2024 5:23 PM
Message:

zero, what was the reasoning behind the $1 ? --76.129.xxx.xx




sold for 9% of 2021 price (by zero [IN]) Posted on: May 15, 2024 6:25 PM
Message:

In her mind someone would offer say the 14k so we would win with a bid of $1 more.

Not saying that it actually worked that way, but it made her happy and that was half the battle to purchase a place at the time. --107.147.xx.xx




sold for 9% of 2021 price (by 6x6 [TN]) Posted on: May 15, 2024 7:58 PM
Message:

Thank you, zero. --76.129.xxx.xx




sold for 9% of 2021 price (by BRAD 20,000 [IN]) Posted on: May 16, 2024 12:45 AM
Message:

Basic bidding strategy - never stop on the even number, always add a buck or a few cents.

I won a foreclosure by bidding 25 cents over the bank. ANyoe else in the room could have outbid me.

(A bank worker thought that was unfair so the sheriff made a rule "full dollars only".)

BRAD --73.103.xxx.xxx




sold for 9% of 2021 price (by zero [IN]) Posted on: May 16, 2024 8:02 AM
Message:

Wow, a quarter used to get you a phone call or a cup of coffee.

You got a house!

That bank worker was just upset that you found a way to beat the system. --107.147.xx.xx



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