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SanDiegoDave
ParticipantTrojan4Life, how about actually getting a life?
I missed the part in your profile where you listed your full name, address, and social security number. After all, by your standards, anyone who offers an opinion on something on the Internet without disclosing their full identity is up to no good.
Great theory you’ve got there: OCR exposes fraud and educates people to avoid catching the falling knives. But alas! The criminal mastermind that OCR is, he was just playing us and the whole San Diego real estate industry all along so he could buy a cheap house! The grand scheme – the ruse – crafted and perfected for years is finally a success! And now when OCR stands at the front window of his modest suburban home, wearing a dark hooded robe & sporting a on wooden staff with a skull at the top, he and his flying monkeys laugh aloud an evil heckle across the landscape of San Diego. “Mmmmwuaaahahahaaaaaa!!!”
Get a grip dude. You probably think we never landed on the moon either.
ParticipantTrojan4Life, how about actually getting a life?
I missed the part in your profile where you listed your full name, address, and social security number. After all, by your standards, anyone who offers an opinion on something on the Internet without disclosing their full identity is up to no good.
Great theory you’ve got there: OCR exposes fraud and educates people to avoid catching the falling knives. But alas! The criminal mastermind that OCR is, he was just playing us and the whole San Diego real estate industry all along so he could buy a cheap house! The grand scheme – the ruse – crafted and perfected for years is finally a success! And now when OCR stands at the front window of his modest suburban home, wearing a dark hooded robe & sporting a on wooden staff with a skull at the top, he and his flying monkeys laugh aloud an evil heckle across the landscape of San Diego. “Mmmmwuaaahahahaaaaaa!!!”
Get a grip dude. You probably think we never landed on the moon either.
ParticipantTrojan4Life, how about actually getting a life?
I missed the part in your profile where you listed your full name, address, and social security number. After all, by your standards, anyone who offers an opinion on something on the Internet without disclosing their full identity is up to no good.
Great theory you’ve got there: OCR exposes fraud and educates people to avoid catching the falling knives. But alas! The criminal mastermind that OCR is, he was just playing us and the whole San Diego real estate industry all along so he could buy a cheap house! The grand scheme – the ruse – crafted and perfected for years is finally a success! And now when OCR stands at the front window of his modest suburban home, wearing a dark hooded robe & sporting a on wooden staff with a skull at the top, he and his flying monkeys laugh aloud an evil heckle across the landscape of San Diego. “Mmmmwuaaahahahaaaaaa!!!”
Get a grip dude. You probably think we never landed on the moon either.
ParticipantTrojan4Life, how about actually getting a life?
I missed the part in your profile where you listed your full name, address, and social security number. After all, by your standards, anyone who offers an opinion on something on the Internet without disclosing their full identity is up to no good.
Great theory you’ve got there: OCR exposes fraud and educates people to avoid catching the falling knives. But alas! The criminal mastermind that OCR is, he was just playing us and the whole San Diego real estate industry all along so he could buy a cheap house! The grand scheme – the ruse – crafted and perfected for years is finally a success! And now when OCR stands at the front window of his modest suburban home, wearing a dark hooded robe & sporting a on wooden staff with a skull at the top, he and his flying monkeys laugh aloud an evil heckle across the landscape of San Diego. “Mmmmwuaaahahahaaaaaa!!!”
Get a grip dude. You probably think we never landed on the moon either.
ParticipantTotally understandable ocrenter. If you choose to keep it closed I support you. But the option of moving the posts to an archive somewhere would be great. The articles remain a spectacular reference.
ParticipantTotally understandable ocrenter. If you choose to keep it closed I support you. But the option of moving the posts to an archive somewhere would be great. The articles remain a spectacular reference.
ParticipantTotally understandable ocrenter. If you choose to keep it closed I support you. But the option of moving the posts to an archive somewhere would be great. The articles remain a spectacular reference.
ParticipantTotally understandable ocrenter. If you choose to keep it closed I support you. But the option of moving the posts to an archive somewhere would be great. The articles remain a spectacular reference.
ParticipantTotally understandable ocrenter. If you choose to keep it closed I support you. But the option of moving the posts to an archive somewhere would be great. The articles remain a spectacular reference.
January 29, 2008 at 11:21 AM in reply to: Carmel Valley Pardee DH,Saratoga,CarriageRun Holding Value #144553Participantzk wrote: So what was the benefit to the buyer to participate in this scheme? He’s going to pay higher property tax because of the higher purchase price, so there must be some benefit to him. What is it?
Because now he can just turn around and list it at the exact same price and sell it to someone who is getting financing. He’ll call it a “deal”. “Look, I won’t even raise the price. I just decided I didn’t want the house after all.”
The new buyer, surely completely unaware of the cash back scheme, pays “fair value” for the house, while this new seller makes a quick $70k.
And the scheming seller is probably also a RE Agent who is looking to sell other properties in the same area needs the higher comps. This was how the whole bubble happened in the first place. But in the past they would use the leverage of false equity to drive up prices. This way is a little harder since you need to do an all-cash deal to get the ball rolling. But it’s essentially the same BS as the bubble.
It’s more reason why NAR should change their “ethics” code so that Agents must disclose ALL properties in which they have had an ownership interest in the last five years to all of their clients.
But I’m not holding my breath on that…
January 29, 2008 at 11:21 AM in reply to: Carmel Valley Pardee DH,Saratoga,CarriageRun Holding Value #144795Participantzk wrote: So what was the benefit to the buyer to participate in this scheme? He’s going to pay higher property tax because of the higher purchase price, so there must be some benefit to him. What is it?
Because now he can just turn around and list it at the exact same price and sell it to someone who is getting financing. He’ll call it a “deal”. “Look, I won’t even raise the price. I just decided I didn’t want the house after all.”
The new buyer, surely completely unaware of the cash back scheme, pays “fair value” for the house, while this new seller makes a quick $70k.
And the scheming seller is probably also a RE Agent who is looking to sell other properties in the same area needs the higher comps. This was how the whole bubble happened in the first place. But in the past they would use the leverage of false equity to drive up prices. This way is a little harder since you need to do an all-cash deal to get the ball rolling. But it’s essentially the same BS as the bubble.
It’s more reason why NAR should change their “ethics” code so that Agents must disclose ALL properties in which they have had an ownership interest in the last five years to all of their clients.
But I’m not holding my breath on that…
January 29, 2008 at 11:21 AM in reply to: Carmel Valley Pardee DH,Saratoga,CarriageRun Holding Value #144797Participantzk wrote: So what was the benefit to the buyer to participate in this scheme? He’s going to pay higher property tax because of the higher purchase price, so there must be some benefit to him. What is it?
Because now he can just turn around and list it at the exact same price and sell it to someone who is getting financing. He’ll call it a “deal”. “Look, I won’t even raise the price. I just decided I didn’t want the house after all.”
The new buyer, surely completely unaware of the cash back scheme, pays “fair value” for the house, while this new seller makes a quick $70k.
And the scheming seller is probably also a RE Agent who is looking to sell other properties in the same area needs the higher comps. This was how the whole bubble happened in the first place. But in the past they would use the leverage of false equity to drive up prices. This way is a little harder since you need to do an all-cash deal to get the ball rolling. But it’s essentially the same BS as the bubble.
It’s more reason why NAR should change their “ethics” code so that Agents must disclose ALL properties in which they have had an ownership interest in the last five years to all of their clients.
But I’m not holding my breath on that…
January 29, 2008 at 11:21 AM in reply to: Carmel Valley Pardee DH,Saratoga,CarriageRun Holding Value #144823Participantzk wrote: So what was the benefit to the buyer to participate in this scheme? He’s going to pay higher property tax because of the higher purchase price, so there must be some benefit to him. What is it?
Because now he can just turn around and list it at the exact same price and sell it to someone who is getting financing. He’ll call it a “deal”. “Look, I won’t even raise the price. I just decided I didn’t want the house after all.”
The new buyer, surely completely unaware of the cash back scheme, pays “fair value” for the house, while this new seller makes a quick $70k.
And the scheming seller is probably also a RE Agent who is looking to sell other properties in the same area needs the higher comps. This was how the whole bubble happened in the first place. But in the past they would use the leverage of false equity to drive up prices. This way is a little harder since you need to do an all-cash deal to get the ball rolling. But it’s essentially the same BS as the bubble.
It’s more reason why NAR should change their “ethics” code so that Agents must disclose ALL properties in which they have had an ownership interest in the last five years to all of their clients.
But I’m not holding my breath on that…
January 29, 2008 at 11:21 AM in reply to: Carmel Valley Pardee DH,Saratoga,CarriageRun Holding Value #144894Participantzk wrote: So what was the benefit to the buyer to participate in this scheme? He’s going to pay higher property tax because of the higher purchase price, so there must be some benefit to him. What is it?
Because now he can just turn around and list it at the exact same price and sell it to someone who is getting financing. He’ll call it a “deal”. “Look, I won’t even raise the price. I just decided I didn’t want the house after all.”
The new buyer, surely completely unaware of the cash back scheme, pays “fair value” for the house, while this new seller makes a quick $70k.
And the scheming seller is probably also a RE Agent who is looking to sell other properties in the same area needs the higher comps. This was how the whole bubble happened in the first place. But in the past they would use the leverage of false equity to drive up prices. This way is a little harder since you need to do an all-cash deal to get the ball rolling. But it’s essentially the same BS as the bubble.
It’s more reason why NAR should change their “ethics” code so that Agents must disclose ALL properties in which they have had an ownership interest in the last five years to all of their clients.
But I’m not holding my breath on that…
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