[lendingbubblecontinues]

No offers this week? You might be “stuccoed” (screwed).

I saw a ton of traffic last weekend, too!

Maybe they were all like me….interested ONLY if they could get next year’s price today. I’ve gone through a few houses lately with a realtor, too. I think it’s time for me to break it to him that I am going to re-new my lease at the end of the school year yet again (for the same rent I have been paying since early 2003, mind you). I’ve held out this long—-no WAY am I going to be a greater fool, not when we see things dropping every single month.

Good luck to you…in general though, news on housing that “has not been good for sellers” is absolutely FANTASTIC for me! See you soon, suckers.

[lendingbubblecontinues]

Good observation. Here is some insight-

Poway agents are no longer putting up for sales signs at high visibility street corners (think intersection of Pomerado and Stone Canyon, for instance)as they supposedly violate some city ordinance. In fact they recently took a ton of signs down. Makes one think there are no more listings in Poway…how convenient that the agents have decided to police themselves now that the market is down the tubes;-)

Advertising for 4S resales seem to be restricted by the Master Developer until 4S is fully built out…any “Open House” signs you see over there appear to be placed by the “renegades” skirting the rules.

Obviously, a large part of 4Closure Ranch is 4sale.

[lendingbubblecontinues]

DesperateBuyer:

Born on third base, yet believes he hit a triple.

[lendingbubblecontinues]

waiting hawk-

Dude, what happened to your website? It was awesome!! Did you just get too busy to maintain it?

LBC

[lendingbubblecontinues]

Down here in San Diego we’ve got Michael Turko…

Once this thing develops a head of steam (and your attorney says it’s okay to do so) you ought to call your own local TV news channel’s investigative reporter to embarrass the crap out of these people.

Sounds like they are gonna put you through hell the next few months, though. Good luck to you!

[lendingbubblecontinues]

Sorry for being crass.

[lendingbubblecontinues]

Thanks guys for sharing the viewpoints of idiots with all of us dumbasses.

I’ll wager my backside will be much less black and blue than yours in a couple years…have a fun ride, though.

LBC

[lendingbubblecontinues]

Thanks FSD.

[lendingbubblecontinues]

Thanks for all the feedback. Guess I wasn’t clear on what I meant by “independent third-party appraiser”.

I meant the lender’s appraiser, whoever THEY choose.

Also, hopefully this is an eye-opener to everyone who has done this (shame on you…don’t drop the soap) or is thinking about it (the gig is up).

Adios,
LBC

[lendingbubblecontinues]

Thanks sdr.

LBC

[lendingbubblecontinues]

N_S_R

Possibly.

Sorry, my brain is short-circuiting here as I haven’t been forced to even consider thinking about buying for some time.

I don’t like the idea one bit either, except that I’d like a more comfortable home that doesn’t leak so much heat in the winter.

[lendingbubblecontinues]

I hadn’t thought about taking it through escrow..makes sense to me. Practically speaking, has anyone ever heard of something like this happening?

Hypothetical:

Seller…bought house for 200K, current comps suggest 800K value, but the market has frozen up and I am the only bidder at 600K…they are happy to just get out of the deal with 400K profit, but they don’t want to blow the comps for their neighbors.

Independent third-party (lender’s) appraiser comes in and appraises house at 800K.

Bank lends me 800K, I transfer it to seller, seller rebates me 200K at escrow table. I live in the house for 10+ years and make my mortgage payments on time. All on the up and up, right?

These are all just questions I have…trust me–I don’t want to buy a house anytime soon…the wife is bitching at me though and I am trying to find a method to justify buying…not likely in my mind 😉

[lendingbubblecontinues]

Thanks PerryChase.

Now, let’s go back to my original assumption that “I have strong doubts the seller would agree” and the question remains is it legal to get cash back from a seller (upside down or not, facing foreclosure or not) outside of closing…so long as the appraisal is done fairly and ethically and at arms length from the cash at closing (appraiser in the dark, even)?

Also, this would be for a home that I would plan to live in for 10+ years.

Thanks.

[lendingbubblecontinues]

I digress…obviously this may appear to you as a “scheme”. I am just sincerely interested if there is any place for “cash back at closing” deals, or are they all “schemes”?

[lendingbubblecontinues]

Without “stated income” and/or “no income, no asset” (nina) loans…the playing field can be level.

For Harry Howmuchamonth it didn’t matter what the price was…only the payment. With ridiculously low starter rates of 1% APR, Harry Howmuchamonth was perfectly happy to engage his cousins (the millions of other Howmuchamonths out there) in bidding wars for properties that appeared they could only go UP in value.

In recent years, since 90% of stated income loan applicants overstated their income AND 60% of stated income loan applicants overstated their income by 50% or more you should be able to connect the dots here to see what we are talking about. (Somebody help me out with the name of the study that supports these numbers. I believe it was for 2005 applicants…2006 was likely more fraudulent.)

Definition- Overstate your income so that you can buy a house more expensive than the one you actually qualify for=fraud.

Now…these people are going to get completely fried and they deserve to. Did I really need to explain that to anyone?

[Author]

Posts