[Daniel]

Thanks, sdr, for clearing this up. It’s quite amazing that lenders don’t push harder. Maybe they figure the sellers won’t pay even if they can afford to, and would walk away rather than participate in the loss (which is probably true).

An interesting fact: among the major economies, only the USA has no recourse mortgage loans. It also has an expensive and slow legal system, which makes it not worth it going after a borrower (even if the lender were allowed to).

To be honest, I can’t see who in their right mind would invest in mortgages under these circumstances. Ummm… oh yeah, I know: you and me and the rest of the taxpayers…

[Daniel]

Thanks, sdr, for clearing this up. It’s quite amazing that lenders don’t push harder. Maybe they figure the sellers won’t pay even if they can afford to, and would walk away rather than participate in the loss (which is probably true).

An interesting fact: among the major economies, only the USA has no recourse mortgage loans. It also has an expensive and slow legal system, which makes it not worth it going after a borrower (even if the lender were allowed to).

To be honest, I can’t see who in their right mind would invest in mortgages under these circumstances. Ummm… oh yeah, I know: you and me and the rest of the taxpayers…

[Daniel]

Thanks, sdr, for clearing this up. It’s quite amazing that lenders don’t push harder. Maybe they figure the sellers won’t pay even if they can afford to, and would walk away rather than participate in the loss (which is probably true).

An interesting fact: among the major economies, only the USA has no recourse mortgage loans. It also has an expensive and slow legal system, which makes it not worth it going after a borrower (even if the lender were allowed to).

To be honest, I can’t see who in their right mind would invest in mortgages under these circumstances. Ummm… oh yeah, I know: you and me and the rest of the taxpayers…

[Daniel]

Thanks, sdr, for clearing this up. It’s quite amazing that lenders don’t push harder. Maybe they figure the sellers won’t pay even if they can afford to, and would walk away rather than participate in the loss (which is probably true).

An interesting fact: among the major economies, only the USA has no recourse mortgage loans. It also has an expensive and slow legal system, which makes it not worth it going after a borrower (even if the lender were allowed to).

To be honest, I can’t see who in their right mind would invest in mortgages under these circumstances. Ummm… oh yeah, I know: you and me and the rest of the taxpayers…

[Daniel]

sdr,

You’re saying:

“For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course”

I mean, how close to the fraud line are we here? (no offense to you). The lender may be incompetent, but isn’t there some part in the applicaton where the seller signs under the statement “these are all my assets, to the best of my knowledge”?

I mean, I never keep more than a few thousands in my checking account. And yet, like many people nowadays, I have substantial assets elsewhere. I would feel extremely uncomfortable providing a couple of statements and claiming that’s all the money I have. I’m no lawyer, but this sounds like fraud to me.

[Daniel]

sdr,

You’re saying:

“For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course”

I mean, how close to the fraud line are we here? (no offense to you). The lender may be incompetent, but isn’t there some part in the applicaton where the seller signs under the statement “these are all my assets, to the best of my knowledge”?

I mean, I never keep more than a few thousands in my checking account. And yet, like many people nowadays, I have substantial assets elsewhere. I would feel extremely uncomfortable providing a couple of statements and claiming that’s all the money I have. I’m no lawyer, but this sounds like fraud to me.

[Daniel]

sdr,

You’re saying:

“For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course”

I mean, how close to the fraud line are we here? (no offense to you). The lender may be incompetent, but isn’t there some part in the applicaton where the seller signs under the statement “these are all my assets, to the best of my knowledge”?

I mean, I never keep more than a few thousands in my checking account. And yet, like many people nowadays, I have substantial assets elsewhere. I would feel extremely uncomfortable providing a couple of statements and claiming that’s all the money I have. I’m no lawyer, but this sounds like fraud to me.

[Daniel]

sdr,

You’re saying:

“For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course”

I mean, how close to the fraud line are we here? (no offense to you). The lender may be incompetent, but isn’t there some part in the applicaton where the seller signs under the statement “these are all my assets, to the best of my knowledge”?

I mean, I never keep more than a few thousands in my checking account. And yet, like many people nowadays, I have substantial assets elsewhere. I would feel extremely uncomfortable providing a couple of statements and claiming that’s all the money I have. I’m no lawyer, but this sounds like fraud to me.

[Daniel]

sdr,

You’re saying:

“For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course”

I mean, how close to the fraud line are we here? (no offense to you). The lender may be incompetent, but isn’t there some part in the applicaton where the seller signs under the statement “these are all my assets, to the best of my knowledge”?

I mean, I never keep more than a few thousands in my checking account. And yet, like many people nowadays, I have substantial assets elsewhere. I would feel extremely uncomfortable providing a couple of statements and claiming that’s all the money I have. I’m no lawyer, but this sounds like fraud to me.

[Daniel]

Just one more thing, SDR. But before that, apologies for hijacking your thread, and apologies to everyone else for keeping the boring CV in the spotlight…

So, how about 4815 Tarantella? Also sitting, also priced not too bad, what’s going on? Also short? I’m thinking yes, as they raised the price recently, which is rather unusual. Perhaps the lender didn’t feel like taking it in the shorts and asked the seller to try to do better?

[Daniel]

Just one more thing, SDR. But before that, apologies for hijacking your thread, and apologies to everyone else for keeping the boring CV in the spotlight…

So, how about 4815 Tarantella? Also sitting, also priced not too bad, what’s going on? Also short? I’m thinking yes, as they raised the price recently, which is rather unusual. Perhaps the lender didn’t feel like taking it in the shorts and asked the seller to try to do better?

[Daniel]

Just one more thing, SDR. But before that, apologies for hijacking your thread, and apologies to everyone else for keeping the boring CV in the spotlight…

So, how about 4815 Tarantella? Also sitting, also priced not too bad, what’s going on? Also short? I’m thinking yes, as they raised the price recently, which is rather unusual. Perhaps the lender didn’t feel like taking it in the shorts and asked the seller to try to do better?

[Daniel]

Just one more thing, SDR. But before that, apologies for hijacking your thread, and apologies to everyone else for keeping the boring CV in the spotlight…

So, how about 4815 Tarantella? Also sitting, also priced not too bad, what’s going on? Also short? I’m thinking yes, as they raised the price recently, which is rather unusual. Perhaps the lender didn’t feel like taking it in the shorts and asked the seller to try to do better?

[Daniel]

Just one more thing, SDR. But before that, apologies for hijacking your thread, and apologies to everyone else for keeping the boring CV in the spotlight…

So, how about 4815 Tarantella? Also sitting, also priced not too bad, what’s going on? Also short? I’m thinking yes, as they raised the price recently, which is rather unusual. Perhaps the lender didn’t feel like taking it in the shorts and asked the seller to try to do better?

[Daniel]

SDR and FLU, thanks for your thoughts.

SDR, the Candela place being a short sale certainly explains a lot of things (the repeated listings, the sitting, the foot dragging). I suspected it might be a short sale, but I wasn’t sure.

FLU, like you, I live in CV, and, also like you, I’ve become quite knowledgeable about the market, although I can hardly claim I’m an expert. I agree with your observations about both the Palacio and the Candela places, and though neither is quite what I’m looking for, they both seem to be attractive price-wise.

I’m not in the market right now (personal reasons, nothing to do with prices). I’m just educating myself and keeping an eye out so that I can make an informed decision when the time comes.

[Author]

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