Flipper burned sues builder because builder reduces new home...Doh!

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Submitted by forsale_2007 on April 29, 2007 - 5:20pm

Did you folks check this article out?

http://biz.yahoo.com/ap/070429/flippers_...

"Jason Beaver, a Sunnyvale, Calif.-based Apple Inc. programmer, got caught up in the talk of the hot housing market from friends who bought multiple homes in Las Vegas and made a killing. $353,000 home in February 2004. The community is restricted to people age 55 or older; the 37-year-old Beaver had no intention of moving in. That summer, the housing market began to soften. He nervously put the house on the market for a break-even price the same day escrow closed. He got no offers. A tight market had suddenly become flush with resale homes as investors sought to cash out. Pulte was one of several builders to slash new home prices, in some cases by as much as $80,000 in a single day. Beaver and others are suing, but the company has said it was simply reacting to new conditions in an overheated market."

 

What next, sue a company because the day after you buy the stock, it goes down????? Folks like Jason need to take a reality pill. You came, you took the risk, you got burned. Deal with it. End of story....

‹ La Costa Ridge new homes any info? More bloodbatch in 4closure ranch. ›
He really does seem to be
Submitted by Bugs on April 29, 2007 - 7:55pm.

He really does seem to be having trouble with that "there are risks to investing" concept, ya?

the suing part of the
Submitted by ocrenter on April 29, 2007 - 11:15pm.

the suing part of the article is old news. basically Del Webb dropped the prices significantly and the homeowners/flippers got together to do a case action. i tink the LV Review Journal had something on this a year ago and they featured some lady that purchased 16 homes thru del webb.

couple of posts on these Floppers are up on BMIT, enjoy!

http://bubbletracking.blogspot.com/2007/...

http://bubbletracking.blogspot.com/2007/...

This Jason guy got burned
Submitted by Critter on April 30, 2007 - 7:41am.

This Jason guy got burned twice - once by plummeting prices, the other by the fact that his "fallback position" of living in the place if he couldn't sell it was against regulations - he was 37 and the condo complex was for people age 55 and over.

He's a perfect example of a gluttonous specuvestor who still doesn't see "his part" in the situation. Blaming the builder is BS. He should find the fault within himself and face the fact that he may have to wait 18 years to move in!

Yup, but a house has
Submitted by Cow_tipping on April 30, 2007 - 8:00am.

Yup, but a house has intrinsic value ...
You know, these days the thugs are smarter about the internet etc, they will find the houses that are occupied by "out of state investors" and break in those and trash those without fear of the owner calling the cops. We know, the 2 houses that have foreclosure notices in our neighborhood have the worst activity, people having sex in there, bottles on the lawn which is a foot high to help hide even the kegs ... lovely ...
And this dumbass is going to get his butt busted for buying 100 miles away and then sueing someone 100 miles away and if that's not all, at the very least putting some soon to be senior citizen out of a house he could have bought before this clown pushed up the prices there.
Cool.
Cow_tipping.