is the new Smart Move to BUY a home for strategic default?

[Coronita]

[quote=briansd1][quote=flu]I think you folks are better off trying to prostitute yourself with someone at a bank handling REO’s and short sale…[/quote]

That’s a great idea.

But you have to be attractive and find a way to put yourself in contact with the right people.

Sex and manipulation is a great way to get rich. You have to use it as a business tool and not get emotional.[/quote]

Brian, like I said, I think you have a greater change prostitute yourself with someone working at the bank handling REO/short sales than to gain financially this way….

[Arraya]

your credit will be back up well over 700 within 12 months after default if you are following other good practices. Increase number and size of revolving credit lines, maintain above 10% and below 30% balance on as many as possible. It bounces back very quickly.

[Arraya]

your credit will be back up well over 700 within 12 months after default if you are following other good practices. Increase number and size of revolving credit lines, maintain above 10% and below 30% balance on as many as possible. It bounces back very quickly.

[Arraya]

your credit will be back up well over 700 within 12 months after default if you are following other good practices. Increase number and size of revolving credit lines, maintain above 10% and below 30% balance on as many as possible. It bounces back very quickly.

[Arraya]

your credit will be back up well over 700 within 12 months after default if you are following other good practices. Increase number and size of revolving credit lines, maintain above 10% and below 30% balance on as many as possible. It bounces back very quickly.

[Arraya]

your credit will be back up well over 700 within 12 months after default if you are following other good practices. Increase number and size of revolving credit lines, maintain above 10% and below 30% balance on as many as possible. It bounces back very quickly.

[briansd1]

Do you have a link on good credit practices, Arraya?

I’m sure that some would like to know.

[briansd1]

Do you have a link on good credit practices, Arraya?

I’m sure that some would like to know.

[briansd1]

Do you have a link on good credit practices, Arraya?

I’m sure that some would like to know.

[briansd1]

Do you have a link on good credit practices, Arraya?

I’m sure that some would like to know.

[briansd1]

Do you have a link on good credit practices, Arraya?

I’m sure that some would like to know.

[CA renter]

[quote=flu][quote=andymajumder]I was thinking exactly along similar lines after reading Flu’s proposal 🙂

Think about it, this was quite easily doable during the bubble years when appraisal process was completely messed up….buy your friend’s house at a over inflated price, get a kickback and than default on the non-recourse loan.[/quote]

I really hope you folks don’t think I was serious…

AINT GONNA WORK….

It’s called “strict appraisals”… Though housing in bay area is still crazy, it’s not as crazy at those levels…

And no, I don’t want to be the guinea pig seller. Thanks, but no thanks. I’m pretty happen with the tenant right now…[/quote]

I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
—————

BTW, you absolutely CAN get zero-down financing right now. I’m helping a friend deal with a foreclosure/short sale situation right now, and they’ve had multiple offers on their SS. One of the offers was for well above asking price, 3.5% down, courtesy of taxpayers/FHA and “seller concessions” (don’t even get me started on this!) of 6%. We’re right back to people **being paid to buy a house with no skin in the game!!!** (can you sense my frustration?)

Quite frankly, with the way the govt has screwed over responsible buyers and savers, I think the idea of buying with the intent of strategically defaulting is brilliant and it’s giving the govt EXACTLY what it’s asking for.

More bailouts/stimulus = more fraud. Once the govt gets this, we might be able to find our way out of this mess.

[CA renter]

[quote=flu][quote=andymajumder]I was thinking exactly along similar lines after reading Flu’s proposal 🙂

Think about it, this was quite easily doable during the bubble years when appraisal process was completely messed up….buy your friend’s house at a over inflated price, get a kickback and than default on the non-recourse loan.[/quote]

I really hope you folks don’t think I was serious…

AINT GONNA WORK….

It’s called “strict appraisals”… Though housing in bay area is still crazy, it’s not as crazy at those levels…

And no, I don’t want to be the guinea pig seller. Thanks, but no thanks. I’m pretty happen with the tenant right now…[/quote]

I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
—————

BTW, you absolutely CAN get zero-down financing right now. I’m helping a friend deal with a foreclosure/short sale situation right now, and they’ve had multiple offers on their SS. One of the offers was for well above asking price, 3.5% down, courtesy of taxpayers/FHA and “seller concessions” (don’t even get me started on this!) of 6%. We’re right back to people **being paid to buy a house with no skin in the game!!!** (can you sense my frustration?)

Quite frankly, with the way the govt has screwed over responsible buyers and savers, I think the idea of buying with the intent of strategically defaulting is brilliant and it’s giving the govt EXACTLY what it’s asking for.

More bailouts/stimulus = more fraud. Once the govt gets this, we might be able to find our way out of this mess.

[CA renter]

[quote=flu][quote=andymajumder]I was thinking exactly along similar lines after reading Flu’s proposal 🙂

Think about it, this was quite easily doable during the bubble years when appraisal process was completely messed up….buy your friend’s house at a over inflated price, get a kickback and than default on the non-recourse loan.[/quote]

I really hope you folks don’t think I was serious…

AINT GONNA WORK….

It’s called “strict appraisals”… Though housing in bay area is still crazy, it’s not as crazy at those levels…

And no, I don’t want to be the guinea pig seller. Thanks, but no thanks. I’m pretty happen with the tenant right now…[/quote]

I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
—————

BTW, you absolutely CAN get zero-down financing right now. I’m helping a friend deal with a foreclosure/short sale situation right now, and they’ve had multiple offers on their SS. One of the offers was for well above asking price, 3.5% down, courtesy of taxpayers/FHA and “seller concessions” (don’t even get me started on this!) of 6%. We’re right back to people **being paid to buy a house with no skin in the game!!!** (can you sense my frustration?)

Quite frankly, with the way the govt has screwed over responsible buyers and savers, I think the idea of buying with the intent of strategically defaulting is brilliant and it’s giving the govt EXACTLY what it’s asking for.

More bailouts/stimulus = more fraud. Once the govt gets this, we might be able to find our way out of this mess.

[CA renter]

[quote=flu][quote=andymajumder]I was thinking exactly along similar lines after reading Flu’s proposal 🙂

Think about it, this was quite easily doable during the bubble years when appraisal process was completely messed up….buy your friend’s house at a over inflated price, get a kickback and than default on the non-recourse loan.[/quote]

I really hope you folks don’t think I was serious…

AINT GONNA WORK….

It’s called “strict appraisals”… Though housing in bay area is still crazy, it’s not as crazy at those levels…

And no, I don’t want to be the guinea pig seller. Thanks, but no thanks. I’m pretty happen with the tenant right now…[/quote]

I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
—————

BTW, you absolutely CAN get zero-down financing right now. I’m helping a friend deal with a foreclosure/short sale situation right now, and they’ve had multiple offers on their SS. One of the offers was for well above asking price, 3.5% down, courtesy of taxpayers/FHA and “seller concessions” (don’t even get me started on this!) of 6%. We’re right back to people **being paid to buy a house with no skin in the game!!!** (can you sense my frustration?)

Quite frankly, with the way the govt has screwed over responsible buyers and savers, I think the idea of buying with the intent of strategically defaulting is brilliant and it’s giving the govt EXACTLY what it’s asking for.

More bailouts/stimulus = more fraud. Once the govt gets this, we might be able to find our way out of this mess.

[Author]

Posts