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Bob G
ParticipantI don’t know what criteria for stealth flipper is. Certainly someone who buys more home than they want, or that they could afford in the long run. Maybe anyone who bought with the intent of turning a profit in the short term (less than 3 years).
The first criteria cannot be determined by analysis.
The second criteria could be, by looking at the buyers income versus loan payment, after the loan resets.
The last criteria is self evident, it someone puts their house up for sale a couple of years after purchasing it, they may be a stealth flipper, provided they don’t have a reason for selling, like job move, etc.Signed,
Ignorant Dipsh_tParticipantCould be considered a “stealth” flipper. This is someone who trades way up with the intent of selling later to make an easy profit. Most folks who buy a house as their residence aren’t looking to sell it a couple of years later. A friend of mine in the early 90s was a stealth flipper. He sold a smallhome, and bouth a huge one with a down payment. The market went down, and he then lost all. Then he was assesed by the IRS to pay income tax from the forgiven loan.
Signed,
Ignorant Dipsh_tParticipantIt’s not about a “sense of entitlement”, its about bussiness, which is about risk management. It makes no sense at all for the buyer of the house to assume no risk ( 0 percent down ), and enjoy the full appreciation of the property. The lender assumes huge risk and default, but “only” gets the interest payments.
If you could assume risk that was comensurate with the loan, such as staking your life on repayment, or your first born male child, then a 0 percent down loan may be prudent.
Bob G.
BTY It has been asserted by other poster that I’m ignorant, and a dipsh_t. I checked and both assertions are true.
ParticipantHate to bust your baloon, buy Zillow estimate as follows:
3935 Del Mar Gln, San Diego, CA 92130 4 beds, 3.0 baths, 2,649 sq ft
ZESTIMATE™: $978,876
Value Range: $890,777 – $1,145,285
30-day change: -$7,185 Last updated: 02/24/2007
ParticipantI agree, not everyone is doomed if all you need is 240 k annual income. Have family incomes in San Diego Quadroupled since 2000?
Location Pop. Median Family
Income (2000)
San Diego 1,223,400 $53,060
Chula Vista 173,556 $50,136
Coronado 24,100 $82,959
Imperial Beach 26,992 $37,352
La Mesa 54,749 $50,398
Lemon Grove 24,918 $45,844
National City 54,260 $31,497ParticipantWhy are you all so harsh on David Lereah? He’s gets paid to promote a view favorable to the NAR. He probably gets paid a lot more than me. If I could get his job I’d take it in a second and whore myself out to the NAR.
ParticipantOops, I’ve been spending so much time looking at the NODs come in and there are SO MANY, that I forgot it was only those properties that are in default.
ParticipantRealty trac gives owner info. You can get a free trial.
ParticipantA reverse mortgage is based on equity. If there was equity, then the banks wouldn’t have exposure.
If you are proposing that the banks own the proerties, and the former owners are legaly required to rent from them and pay them as much as they can, then you are advocating a system similar to middle ages serfsom to the banks.
How about we stick with are current system. If you can’t make your payments you default. If the bank made injudicious loans that fail, they take losses.
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