Are the Flippers Laying In Wait?

[CA renter]

“Equal access to ownership” does not mean slackers can buy La Jolla homes at Temecula prices. It would be ideal (IMHO) if a great majority of people could buy homes near jobs that can support them and their families in a middle-class lifestyle (not Hummers and big screen TVs)…wherever that may be.

SDR, you and I agree on the cause of the current problems (loose lending), but it takes the other side of the equation (speculation) to complete the destruction. If ALL buyers refrained from speculation and avoided taking on too much debt, it wouldn’t matter how much money lenders were willing to lend…without willing borrowers, there would have been no housing/credit bubble. Unfortunately, greed exists, and **both** borrowers AND lenders have to be regulated because the actions of borrowers and lenders have potentially grave repercussions for society at large.

I’m probably not making myself clear. This is not about being bitter or upset because of our personal situation. We can personally afford almost any area in San Diego, but are **choosing** not to buy because I believe we still would stand to lose a lot of money in the areas where we want to buy. I’m talking about a theoretical situation, not a personal one.

[an]

I think most middle class families can buy a home near where they work now.

[an]

I think most middle class families can buy a home near where they work now.

[an]

I think most middle class families can buy a home near where they work now.

[an]

I think most middle class families can buy a home near where they work now.

[an]

I think most middle class families can buy a home near where they work now.

[SD Realtor]

Well I guess we just agree to disagree. However there are flippers out there, alot of them. They are purchasing homes at trustee sale and reselling them. Personally I see nothing wrong with what they are doing. As for what has happened in the past, I guess I do not distinguish from flippers, speculators, people who could not afford a home but were qualified for them, or even the people who can afford a home and are choosing to walk away.

The biggest problem as we both agree was incompetence in the underwriting process, lending guidelines, fraudulent ratings of the securitized instruments, on and on we go right? To pick out speculation and flipping as a component of the equation, that if removed, would have prevented this situation, is just not an opinion I share. However it is only an opinion and I don’t have raw data to sift through to see what fraction are speculation or not. Off the top of my head I would be willing to bet ya a dime that there were just as many dodo homeowners that ATMd there home as there were speculators. No statistics but just a guess.

Anyways I see lots and lots of people at trustee sales making money… I believe it is only a temporary thing but it is happening. Also I see alot of investment clubs and syndicates taking investors and pooling money, buying homes and making money. What about someone like Ramsey Su? He is an investor.

I guess I do not view the flippers as any more of a scourge then all of the other suspects.

[SD Realtor]

Well I guess we just agree to disagree. However there are flippers out there, alot of them. They are purchasing homes at trustee sale and reselling them. Personally I see nothing wrong with what they are doing. As for what has happened in the past, I guess I do not distinguish from flippers, speculators, people who could not afford a home but were qualified for them, or even the people who can afford a home and are choosing to walk away.

The biggest problem as we both agree was incompetence in the underwriting process, lending guidelines, fraudulent ratings of the securitized instruments, on and on we go right? To pick out speculation and flipping as a component of the equation, that if removed, would have prevented this situation, is just not an opinion I share. However it is only an opinion and I don’t have raw data to sift through to see what fraction are speculation or not. Off the top of my head I would be willing to bet ya a dime that there were just as many dodo homeowners that ATMd there home as there were speculators. No statistics but just a guess.

Anyways I see lots and lots of people at trustee sales making money… I believe it is only a temporary thing but it is happening. Also I see alot of investment clubs and syndicates taking investors and pooling money, buying homes and making money. What about someone like Ramsey Su? He is an investor.

I guess I do not view the flippers as any more of a scourge then all of the other suspects.

[SD Realtor]

Well I guess we just agree to disagree. However there are flippers out there, alot of them. They are purchasing homes at trustee sale and reselling them. Personally I see nothing wrong with what they are doing. As for what has happened in the past, I guess I do not distinguish from flippers, speculators, people who could not afford a home but were qualified for them, or even the people who can afford a home and are choosing to walk away.

The biggest problem as we both agree was incompetence in the underwriting process, lending guidelines, fraudulent ratings of the securitized instruments, on and on we go right? To pick out speculation and flipping as a component of the equation, that if removed, would have prevented this situation, is just not an opinion I share. However it is only an opinion and I don’t have raw data to sift through to see what fraction are speculation or not. Off the top of my head I would be willing to bet ya a dime that there were just as many dodo homeowners that ATMd there home as there were speculators. No statistics but just a guess.

Anyways I see lots and lots of people at trustee sales making money… I believe it is only a temporary thing but it is happening. Also I see alot of investment clubs and syndicates taking investors and pooling money, buying homes and making money. What about someone like Ramsey Su? He is an investor.

I guess I do not view the flippers as any more of a scourge then all of the other suspects.

[SD Realtor]

Well I guess we just agree to disagree. However there are flippers out there, alot of them. They are purchasing homes at trustee sale and reselling them. Personally I see nothing wrong with what they are doing. As for what has happened in the past, I guess I do not distinguish from flippers, speculators, people who could not afford a home but were qualified for them, or even the people who can afford a home and are choosing to walk away.

The biggest problem as we both agree was incompetence in the underwriting process, lending guidelines, fraudulent ratings of the securitized instruments, on and on we go right? To pick out speculation and flipping as a component of the equation, that if removed, would have prevented this situation, is just not an opinion I share. However it is only an opinion and I don’t have raw data to sift through to see what fraction are speculation or not. Off the top of my head I would be willing to bet ya a dime that there were just as many dodo homeowners that ATMd there home as there were speculators. No statistics but just a guess.

Anyways I see lots and lots of people at trustee sales making money… I believe it is only a temporary thing but it is happening. Also I see alot of investment clubs and syndicates taking investors and pooling money, buying homes and making money. What about someone like Ramsey Su? He is an investor.

I guess I do not view the flippers as any more of a scourge then all of the other suspects.

[SD Realtor]

Well I guess we just agree to disagree. However there are flippers out there, alot of them. They are purchasing homes at trustee sale and reselling them. Personally I see nothing wrong with what they are doing. As for what has happened in the past, I guess I do not distinguish from flippers, speculators, people who could not afford a home but were qualified for them, or even the people who can afford a home and are choosing to walk away.

The biggest problem as we both agree was incompetence in the underwriting process, lending guidelines, fraudulent ratings of the securitized instruments, on and on we go right? To pick out speculation and flipping as a component of the equation, that if removed, would have prevented this situation, is just not an opinion I share. However it is only an opinion and I don’t have raw data to sift through to see what fraction are speculation or not. Off the top of my head I would be willing to bet ya a dime that there were just as many dodo homeowners that ATMd there home as there were speculators. No statistics but just a guess.

Anyways I see lots and lots of people at trustee sales making money… I believe it is only a temporary thing but it is happening. Also I see alot of investment clubs and syndicates taking investors and pooling money, buying homes and making money. What about someone like Ramsey Su? He is an investor.

I guess I do not view the flippers as any more of a scourge then all of the other suspects.

[NotCranky]

CAR, Didn’t you sell your house because you speculated that it would benefit you in the long run? You bought it for less than you sold it for and got rid of it for financial gain (protection against reversal in your equity position) …or in other words, flipped it?

[NotCranky]

CAR, Didn’t you sell your house because you speculated that it would benefit you in the long run? You bought it for less than you sold it for and got rid of it for financial gain (protection against reversal in your equity position) …or in other words, flipped it?

[NotCranky]

CAR, Didn’t you sell your house because you speculated that it would benefit you in the long run? You bought it for less than you sold it for and got rid of it for financial gain (protection against reversal in your equity position) …or in other words, flipped it?

[NotCranky]

CAR, Didn’t you sell your house because you speculated that it would benefit you in the long run? You bought it for less than you sold it for and got rid of it for financial gain (protection against reversal in your equity position) …or in other words, flipped it?

[Author]

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