[SDEngineer]

[quote=UCGal]It is one thing to make a cold, calculated gamble that the credit hit is worth the credit hit and underwater-ness.

It is another thing to intentionally trash a house.

At that point – it’s not “their” house anymore – it’s the banks. They’ve stopped paying. Yet they are going to “trash” it. That is vandalism.

I’m with TG on this. What they are doing may be legal. But it isn’t ethical.[/quote]

Depends on what they mean by “trash the kitchen” as to whether it’s legal or not as well.

Leaving a mess – legal
Selling the fridge/microwave – legal
Removing countertops, cabinets, sink, oven, and other built-ins – NOT legal.

Built-in’s are considered to be part of the value of the house, and thus part of the collateral that the bank has an interest in.

Of course, banks have enough to deal with right now, and I suspect petty vandalism on the part of previous owners ranks pretty low on what they will go after people for, but they could do so (and have done so, even recently), and the law is on their side on this one.

[SDEngineer]

It used to, but no longer.

Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:

1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.

2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.

[SDEngineer]

It used to, but no longer.

Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:

1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.

2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.

[SDEngineer]

It used to, but no longer.

Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:

1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.

2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.

[SDEngineer]

It used to, but no longer.

Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:

1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.

2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.

[SDEngineer]

It used to, but no longer.

Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:

1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.

2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.

[SDEngineer]

Don’t think this would be a large hurdle to get past anyway.

I suspect there’s not a lot of REO’s on the market that would not already have met the seasoning requirement even without the waiver. 90 days is a pretty fast time to market for a REO I think, and if the seasoning requirement is based on the close date, it’d be even less likely to be an issue, since FHA buyers would probably be ok looking at a house only 60 days seasoned.

There aren’t even very many flippers that would get hit with this requirement. Now if it required a year of seasoning, that would be a large hurdle to get past.

[SDEngineer]

Don’t think this would be a large hurdle to get past anyway.

I suspect there’s not a lot of REO’s on the market that would not already have met the seasoning requirement even without the waiver. 90 days is a pretty fast time to market for a REO I think, and if the seasoning requirement is based on the close date, it’d be even less likely to be an issue, since FHA buyers would probably be ok looking at a house only 60 days seasoned.

There aren’t even very many flippers that would get hit with this requirement. Now if it required a year of seasoning, that would be a large hurdle to get past.

[SDEngineer]

Don’t think this would be a large hurdle to get past anyway.

I suspect there’s not a lot of REO’s on the market that would not already have met the seasoning requirement even without the waiver. 90 days is a pretty fast time to market for a REO I think, and if the seasoning requirement is based on the close date, it’d be even less likely to be an issue, since FHA buyers would probably be ok looking at a house only 60 days seasoned.

There aren’t even very many flippers that would get hit with this requirement. Now if it required a year of seasoning, that would be a large hurdle to get past.

[SDEngineer]

Don’t think this would be a large hurdle to get past anyway.

I suspect there’s not a lot of REO’s on the market that would not already have met the seasoning requirement even without the waiver. 90 days is a pretty fast time to market for a REO I think, and if the seasoning requirement is based on the close date, it’d be even less likely to be an issue, since FHA buyers would probably be ok looking at a house only 60 days seasoned.

There aren’t even very many flippers that would get hit with this requirement. Now if it required a year of seasoning, that would be a large hurdle to get past.

[SDEngineer]

Don’t think this would be a large hurdle to get past anyway.

I suspect there’s not a lot of REO’s on the market that would not already have met the seasoning requirement even without the waiver. 90 days is a pretty fast time to market for a REO I think, and if the seasoning requirement is based on the close date, it’d be even less likely to be an issue, since FHA buyers would probably be ok looking at a house only 60 days seasoned.

There aren’t even very many flippers that would get hit with this requirement. Now if it required a year of seasoning, that would be a large hurdle to get past.

[SDEngineer]

Zero. Company-wide freeze on all raises this year aside from promotions to a new pay grade.

However, they kept the bonus plan – since the bonus plan paid close to 10% of base salary for my pay grade this year, I’m happy, since if they had done the reverse (dumped the bonus plan and kept the raises) my take home probably would’ve been significantly less.

[SDEngineer]

Zero. Company-wide freeze on all raises this year aside from promotions to a new pay grade.

However, they kept the bonus plan – since the bonus plan paid close to 10% of base salary for my pay grade this year, I’m happy, since if they had done the reverse (dumped the bonus plan and kept the raises) my take home probably would’ve been significantly less.

[SDEngineer]

Zero. Company-wide freeze on all raises this year aside from promotions to a new pay grade.

However, they kept the bonus plan – since the bonus plan paid close to 10% of base salary for my pay grade this year, I’m happy, since if they had done the reverse (dumped the bonus plan and kept the raises) my take home probably would’ve been significantly less.

[SDEngineer]

Zero. Company-wide freeze on all raises this year aside from promotions to a new pay grade.

However, they kept the bonus plan – since the bonus plan paid close to 10% of base salary for my pay grade this year, I’m happy, since if they had done the reverse (dumped the bonus plan and kept the raises) my take home probably would’ve been significantly less.

[Author]

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