Home › Forums › Closed Forums › Properties or Areas › Something Ain’t Right in San Marcos
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August 23, 2007 at 7:07 PM #80260August 23, 2007 at 7:11 PM #80113
SD Realtor
Participantbsr – I am not sure what these guys are doing either. It sure does look like some sort of fraud to me. I do not think the lender is in on this. The broker? yes. The lender no I doubt it.
SD Realtor
August 23, 2007 at 7:11 PM #80242Participantbsr – I am not sure what these guys are doing either. It sure does look like some sort of fraud to me. I do not think the lender is in on this. The broker? yes. The lender no I doubt it.
SD Realtor
August 23, 2007 at 7:11 PM #80266Participantbsr – I am not sure what these guys are doing either. It sure does look like some sort of fraud to me. I do not think the lender is in on this. The broker? yes. The lender no I doubt it.
SD Realtor
August 24, 2007 at 11:14 AM #80457PadreBrian
Participantop, yeah, this looks like a cash back scenario. They are basically finding the highest appraisal possible, paying the owner off and keeping the rest as cash. Then never make a payment. These loans are the dead last of them. You would have to be in closing in the last few weeks to get one of these today. As of two weeks ago, no more zero down.
August 24, 2007 at 11:14 AM #80587Participantop, yeah, this looks like a cash back scenario. They are basically finding the highest appraisal possible, paying the owner off and keeping the rest as cash. Then never make a payment. These loans are the dead last of them. You would have to be in closing in the last few weeks to get one of these today. As of two weeks ago, no more zero down.
August 24, 2007 at 11:14 AM #80610Participantop, yeah, this looks like a cash back scenario. They are basically finding the highest appraisal possible, paying the owner off and keeping the rest as cash. Then never make a payment. These loans are the dead last of them. You would have to be in closing in the last few weeks to get one of these today. As of two weeks ago, no more zero down.
August 24, 2007 at 2:00 PM #80556ParticipantPadreBrian, Are you saying with 100% confidence that in 2 weeks nobody will ever be able to get a 100% financed home? Are you in the lending industry or this just an opinion? You did see I closed a sale a few days ago in Mira Mesa where the buyer financed with 100% financing. I did not represent the buyer, nor do I ever do loans. I just like try to state when I make speculative statements verses hard facts.
SD Realtor
August 24, 2007 at 2:00 PM #80686ParticipantPadreBrian, Are you saying with 100% confidence that in 2 weeks nobody will ever be able to get a 100% financed home? Are you in the lending industry or this just an opinion? You did see I closed a sale a few days ago in Mira Mesa where the buyer financed with 100% financing. I did not represent the buyer, nor do I ever do loans. I just like try to state when I make speculative statements verses hard facts.
SD Realtor
August 24, 2007 at 2:00 PM #80708ParticipantPadreBrian, Are you saying with 100% confidence that in 2 weeks nobody will ever be able to get a 100% financed home? Are you in the lending industry or this just an opinion? You did see I closed a sale a few days ago in Mira Mesa where the buyer financed with 100% financing. I did not represent the buyer, nor do I ever do loans. I just like try to state when I make speculative statements verses hard facts.
SD Realtor
August 24, 2007 at 3:06 PM #80594sdappraiser
Participant100% financing will never disappear.. it will just be MUCH harder to obtain and rates (risk premiums) will increase. There will ALWAYS be someone out there willing to take the risk, and there will ALWAYS be someone out there willing to pay for it.
What you probably won’t see is a huge secondary market for these things. More likely private lenders who keep the portfolio and service the loans themselves. It’s very lucrative.
Good times or bad times, people always need money.
August 24, 2007 at 3:06 PM #80725Participant100% financing will never disappear.. it will just be MUCH harder to obtain and rates (risk premiums) will increase. There will ALWAYS be someone out there willing to take the risk, and there will ALWAYS be someone out there willing to pay for it.
What you probably won’t see is a huge secondary market for these things. More likely private lenders who keep the portfolio and service the loans themselves. It’s very lucrative.
Good times or bad times, people always need money.
August 24, 2007 at 3:06 PM #80747Participant100% financing will never disappear.. it will just be MUCH harder to obtain and rates (risk premiums) will increase. There will ALWAYS be someone out there willing to take the risk, and there will ALWAYS be someone out there willing to pay for it.
What you probably won’t see is a huge secondary market for these things. More likely private lenders who keep the portfolio and service the loans themselves. It’s very lucrative.
Good times or bad times, people always need money.
August 24, 2007 at 3:15 PM #80600bsrsharma
Participant100% financing will never disappear
There will always be Las Vegas!
August 24, 2007 at 3:15 PM #80731Participant100% financing will never disappear
There will always be Las Vegas!
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