[bearishgurl]

[quote=pri_dk]Yeah, Temecula can’t make a decent wine:

http://www.temeculawines.org/media/award…
[/quote]

Wow, pri_dk, I didn’t realize there were so many wineries in or near Temecula! It looks like the Van Roekel and Callaway vineyards grow (or bottle) my kind of grape! I’ll have to put a day trip up there on my schedule for this fall!

[bearishgurl]

[quote=pri_dk]Yeah, Temecula can’t make a decent wine:

http://www.temeculawines.org/media/award…
[/quote]

Wow, pri_dk, I didn’t realize there were so many wineries in or near Temecula! It looks like the Van Roekel and Callaway vineyards grow (or bottle) my kind of grape! I’ll have to put a day trip up there on my schedule for this fall!

[bearishgurl]

[quote=pri_dk]Yeah, Temecula can’t make a decent wine:

http://www.temeculawines.org/media/award…
[/quote]

Wow, pri_dk, I didn’t realize there were so many wineries in or near Temecula! It looks like the Van Roekel and Callaway vineyards grow (or bottle) my kind of grape! I’ll have to put a day trip up there on my schedule for this fall!

[bearishgurl]

[quote=ocrenter][quote=familyguy]Maybe I am just hoping it isn’t true (from an owners standpoint) but I just can’t imagine the bank would accept 895k for that house.[/quote]

I’m of the opinion that banks should get aggressive, take the loss now, get folks into houses at prices they can actually afford. This type of cleansing is actually much better for a neighborhood.[/quote]

I agree, ocrenter. The few properties around me that sold for lower prices as REOs in the last few years are now owned by people that have improved them substantially. This quick “churning” (foreclosure/new qualified buyer) lifts ALL boats in the neighborhood. I’m not concerned at all about lower sold comps (which reflected distress and condition upon sale). Those sold comps “disappear” after six months.

[bearishgurl]

[quote=ocrenter][quote=familyguy]Maybe I am just hoping it isn’t true (from an owners standpoint) but I just can’t imagine the bank would accept 895k for that house.[/quote]

I’m of the opinion that banks should get aggressive, take the loss now, get folks into houses at prices they can actually afford. This type of cleansing is actually much better for a neighborhood.[/quote]

I agree, ocrenter. The few properties around me that sold for lower prices as REOs in the last few years are now owned by people that have improved them substantially. This quick “churning” (foreclosure/new qualified buyer) lifts ALL boats in the neighborhood. I’m not concerned at all about lower sold comps (which reflected distress and condition upon sale). Those sold comps “disappear” after six months.

[bearishgurl]

[quote=ocrenter][quote=familyguy]Maybe I am just hoping it isn’t true (from an owners standpoint) but I just can’t imagine the bank would accept 895k for that house.[/quote]

I’m of the opinion that banks should get aggressive, take the loss now, get folks into houses at prices they can actually afford. This type of cleansing is actually much better for a neighborhood.[/quote]

I agree, ocrenter. The few properties around me that sold for lower prices as REOs in the last few years are now owned by people that have improved them substantially. This quick “churning” (foreclosure/new qualified buyer) lifts ALL boats in the neighborhood. I’m not concerned at all about lower sold comps (which reflected distress and condition upon sale). Those sold comps “disappear” after six months.

[bearishgurl]

[quote=ocrenter][quote=familyguy]Maybe I am just hoping it isn’t true (from an owners standpoint) but I just can’t imagine the bank would accept 895k for that house.[/quote]

I’m of the opinion that banks should get aggressive, take the loss now, get folks into houses at prices they can actually afford. This type of cleansing is actually much better for a neighborhood.[/quote]

I agree, ocrenter. The few properties around me that sold for lower prices as REOs in the last few years are now owned by people that have improved them substantially. This quick “churning” (foreclosure/new qualified buyer) lifts ALL boats in the neighborhood. I’m not concerned at all about lower sold comps (which reflected distress and condition upon sale). Those sold comps “disappear” after six months.

[bearishgurl]

[quote=ocrenter][quote=familyguy]Maybe I am just hoping it isn’t true (from an owners standpoint) but I just can’t imagine the bank would accept 895k for that house.[/quote]

I’m of the opinion that banks should get aggressive, take the loss now, get folks into houses at prices they can actually afford. This type of cleansing is actually much better for a neighborhood.[/quote]

I agree, ocrenter. The few properties around me that sold for lower prices as REOs in the last few years are now owned by people that have improved them substantially. This quick “churning” (foreclosure/new qualified buyer) lifts ALL boats in the neighborhood. I’m not concerned at all about lower sold comps (which reflected distress and condition upon sale). Those sold comps “disappear” after six months.

[bearishgurl]

[quote=flu]oh my fvcking @#$@#$@#$@#$…I can’t believe self-entitled people still exist in 2011…….

What happened to all the humbling that should have happened with an economic collapse…Oh, that’s right…Our government has given people to feel like everyone is a “victim”…WTF??????????

This country is so screwed….Unbelievable selfish, self-entitled people who think everyone else owes them something…

anyone still wonder why this country is going to hell?[/quote]

Take heed, flu. All is not as rosy as it sounds with Crown56. Read between the lines. His/her credit is obviously shot. He/she is purchasing their next home on a “land contract,” lol. This likely is with an all-inclusive trust deed with an underwater “seller” who just needs Crown’s $25K to “catch up” on house payments (IF they choose to, lol). Crown will pay the seller every month in hopes that the seller will use the money (along with part of his/her downpayment) to make their payments, taxes and other recurring expenses.

Crown56 will be on title as an “owner” but will not be liable for the underlying note(s) on the property. Unless a proper “change of ownership” is filed with the tax assessor, Crown will not receive any tax bills. If he does, the seller will have no guarantee that Crown will pay them and the seller’s lender can hold the seller liable.

Only a desperate seller (or seller who could get a higher “sales price” from a sucker such as Crown) would enter into such a deal.

I am unclear if such a trust deed can be foreclosed upon. In this case, the “seller” may very well have to take a deed-in-lieu or quitclaim deed from Crown if he/she can no longer make the payments.

It’s a lose/lose situation. Karma can be a bitch.

[bearishgurl]

[quote=flu]oh my fvcking @#$@#$@#$@#$…I can’t believe self-entitled people still exist in 2011…….

What happened to all the humbling that should have happened with an economic collapse…Oh, that’s right…Our government has given people to feel like everyone is a “victim”…WTF??????????

This country is so screwed….Unbelievable selfish, self-entitled people who think everyone else owes them something…

anyone still wonder why this country is going to hell?[/quote]

Take heed, flu. All is not as rosy as it sounds with Crown56. Read between the lines. His/her credit is obviously shot. He/she is purchasing their next home on a “land contract,” lol. This likely is with an all-inclusive trust deed with an underwater “seller” who just needs Crown’s $25K to “catch up” on house payments (IF they choose to, lol). Crown will pay the seller every month in hopes that the seller will use the money (along with part of his/her downpayment) to make their payments, taxes and other recurring expenses.

Crown56 will be on title as an “owner” but will not be liable for the underlying note(s) on the property. Unless a proper “change of ownership” is filed with the tax assessor, Crown will not receive any tax bills. If he does, the seller will have no guarantee that Crown will pay them and the seller’s lender can hold the seller liable.

Only a desperate seller (or seller who could get a higher “sales price” from a sucker such as Crown) would enter into such a deal.

I am unclear if such a trust deed can be foreclosed upon. In this case, the “seller” may very well have to take a deed-in-lieu or quitclaim deed from Crown if he/she can no longer make the payments.

It’s a lose/lose situation. Karma can be a bitch.

[bearishgurl]

[quote=flu]oh my fvcking @#$@#$@#$@#$…I can’t believe self-entitled people still exist in 2011…….

What happened to all the humbling that should have happened with an economic collapse…Oh, that’s right…Our government has given people to feel like everyone is a “victim”…WTF??????????

This country is so screwed….Unbelievable selfish, self-entitled people who think everyone else owes them something…

anyone still wonder why this country is going to hell?[/quote]

Take heed, flu. All is not as rosy as it sounds with Crown56. Read between the lines. His/her credit is obviously shot. He/she is purchasing their next home on a “land contract,” lol. This likely is with an all-inclusive trust deed with an underwater “seller” who just needs Crown’s $25K to “catch up” on house payments (IF they choose to, lol). Crown will pay the seller every month in hopes that the seller will use the money (along with part of his/her downpayment) to make their payments, taxes and other recurring expenses.

Crown56 will be on title as an “owner” but will not be liable for the underlying note(s) on the property. Unless a proper “change of ownership” is filed with the tax assessor, Crown will not receive any tax bills. If he does, the seller will have no guarantee that Crown will pay them and the seller’s lender can hold the seller liable.

Only a desperate seller (or seller who could get a higher “sales price” from a sucker such as Crown) would enter into such a deal.

I am unclear if such a trust deed can be foreclosed upon. In this case, the “seller” may very well have to take a deed-in-lieu or quitclaim deed from Crown if he/she can no longer make the payments.

It’s a lose/lose situation. Karma can be a bitch.

[bearishgurl]

[quote=flu]oh my fvcking @#$@#$@#$@#$…I can’t believe self-entitled people still exist in 2011…….

What happened to all the humbling that should have happened with an economic collapse…Oh, that’s right…Our government has given people to feel like everyone is a “victim”…WTF??????????

This country is so screwed….Unbelievable selfish, self-entitled people who think everyone else owes them something…

anyone still wonder why this country is going to hell?[/quote]

Take heed, flu. All is not as rosy as it sounds with Crown56. Read between the lines. His/her credit is obviously shot. He/she is purchasing their next home on a “land contract,” lol. This likely is with an all-inclusive trust deed with an underwater “seller” who just needs Crown’s $25K to “catch up” on house payments (IF they choose to, lol). Crown will pay the seller every month in hopes that the seller will use the money (along with part of his/her downpayment) to make their payments, taxes and other recurring expenses.

Crown56 will be on title as an “owner” but will not be liable for the underlying note(s) on the property. Unless a proper “change of ownership” is filed with the tax assessor, Crown will not receive any tax bills. If he does, the seller will have no guarantee that Crown will pay them and the seller’s lender can hold the seller liable.

Only a desperate seller (or seller who could get a higher “sales price” from a sucker such as Crown) would enter into such a deal.

I am unclear if such a trust deed can be foreclosed upon. In this case, the “seller” may very well have to take a deed-in-lieu or quitclaim deed from Crown if he/she can no longer make the payments.

It’s a lose/lose situation. Karma can be a bitch.

[bearishgurl]

[quote=flu]oh my fvcking @#$@#$@#$@#$…I can’t believe self-entitled people still exist in 2011…….

What happened to all the humbling that should have happened with an economic collapse…Oh, that’s right…Our government has given people to feel like everyone is a “victim”…WTF??????????

This country is so screwed….Unbelievable selfish, self-entitled people who think everyone else owes them something…

anyone still wonder why this country is going to hell?[/quote]

Take heed, flu. All is not as rosy as it sounds with Crown56. Read between the lines. His/her credit is obviously shot. He/she is purchasing their next home on a “land contract,” lol. This likely is with an all-inclusive trust deed with an underwater “seller” who just needs Crown’s $25K to “catch up” on house payments (IF they choose to, lol). Crown will pay the seller every month in hopes that the seller will use the money (along with part of his/her downpayment) to make their payments, taxes and other recurring expenses.

Crown56 will be on title as an “owner” but will not be liable for the underlying note(s) on the property. Unless a proper “change of ownership” is filed with the tax assessor, Crown will not receive any tax bills. If he does, the seller will have no guarantee that Crown will pay them and the seller’s lender can hold the seller liable.

Only a desperate seller (or seller who could get a higher “sales price” from a sucker such as Crown) would enter into such a deal.

I am unclear if such a trust deed can be foreclosed upon. In this case, the “seller” may very well have to take a deed-in-lieu or quitclaim deed from Crown if he/she can no longer make the payments.

It’s a lose/lose situation. Karma can be a bitch.

[bearishgurl]

[quote=temeculaguy]…Plus I just spent the last two hours picking colleges with one of my kids, when did dorms cost a grand a month to split 80 square feet, jesus![/quote]

TG, this is a good argument for picking up a rental in the college town of your kid’s choice … preferably one where housing is scarce. Have you considered the amount(s) you can collect monthly from OTHER parents (of your kid’s roommates) who are in desperate need of housing for their student?

Just a thought. It beats the sh!t out of an 80 sf dorm room with two substandard bunks!

[bearishgurl]

[quote=temeculaguy]…Plus I just spent the last two hours picking colleges with one of my kids, when did dorms cost a grand a month to split 80 square feet, jesus![/quote]

TG, this is a good argument for picking up a rental in the college town of your kid’s choice … preferably one where housing is scarce. Have you considered the amount(s) you can collect monthly from OTHER parents (of your kid’s roommates) who are in desperate need of housing for their student?

Just a thought. It beats the sh!t out of an 80 sf dorm room with two substandard bunks!

[Author]

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