Monday, February 26, 2007

Post Auction Observations Here


Okay, observations, speculations, ruminations, etc., etc. Just please, if it is an actual report mark it so and vice versa.

46 comments:

Tony Soprano said...

First Loosers

El Flippero said...

Damn You Tony!!!!!!!!!!!

Jade said...

I bet Casey and Galina go straight from the foreclosure back to the courthouse to pick up a brochure on divorce/annulment.

If Galina is smart she'll go for fraud-based annulment.

Legion said...

The only way Casey would agree to a divorce is if he could get cash back on the deal. This is the kind of dirtbag that goes out to eat with friends, collects money from everyone to pay the tab, pockets the tip, and pays the tab. Or he tells everyone to just pay him cash and he'll pay for it with a credit card.

sercasey said...

Hi guys! Just got back from the juicy Larchmont foreclosure sale. It was awesome, I learned a lot! I really hate to see the lenders loose millions on my sweet deals and I really hated to loose my nap equity, but it's all good! The banks and I have sure come a long way from back when I said "Let's do it!" and they said "Sign here." I really enjoyed turning all that sweet cashback into leverage, and I think it would have been a win-win for all of us, but circumstances beyond my control got in the way of our success. Anyway, me and Galina stopped on the way back and got some sweet juice at JJ and I wanted to give you haters a heads up. Hope you have a blessed day!



* Note: this is fake. I just wanted to use all of Casey's anti-spam words in a single post.

TK said...

Judging from his debts I'd say that's what he did with the $200,000 missing.

Well I hope he got his ass handed to him. Hopefully there wasn't too much interest and they are heading for the modesto gig, tail between legs.

Homey will update soon methinks.

Anonymous said...

My prediction:

Casey misses the event because he ran out of gas in the JJ(sweet) parking lot. He couldn't pass it up though cuz he got 2 wheat shots for the price of 1 (sweet)

R-Boy said...
This comment has been removed by the author.
Foreclosure Partay said...

Anybody want to play the anti-spam word game? 5 points per word for every one that you sneak into a retarded cheerleader post over at IAFF. First hater to 150 points wins a dream date with the babushka or amateur Russian breakdancer of your choice. Steel-toes optional.

Here are the words:
awesome
juice
juicy
sweet
loose
deals
millions
winwin
success
cashback
equity
sweet
itsallgood
letsdoit
signhere
leverage
sweet

Tony Soprano said...

CFC and NEW just getting murdered today. I'd say someone threw them off a bridge as well..

BadjerJim said...

@Foreclosure Partay

Word game: I'm in! heh. Prolly take 24hrs to percolate through snowflake's moderation process, but I'm in!

Rob Dawg said...

Tony, damn you, I was gonna throw up a CFC and BBY post later today. Alright, you get a percentage.

ratlab said...

@Tony Soprano
CFC is not doing too bad, 2.3% down. But NEW and NFI are getting smacked at 6.7% and 5.4% down respectively. Might be time to do a naked put play on some of these sub-prime players. Crap, is naked put correct? I haven't played options in a few years and now I've lost the knowledge.

Tony Soprano said...

I've been out of the options market for a while myself so my skills are a bit rusty. cboe.com has a good options tutorial.

I gotta think that the margin call pressure on these guys is pretty intense. This is gonna make the dotcom firestorm seem like peanuts.

Rob Dawg said...

ratlab, exactly. There are a few stocks that aren't part of the herd. CFC and BBY both seem to be immune to their markets.

ratlab said...

@Rob & Tony
I haven't looked at the charts yet, but some more short plays involving the home improvement stores (LOW, HD) and other affiliated stocks (Stanley, window manufacturers, etc) are probably good for this year.

Anonymous said...

Larchmont just went back to the bank at 10:39am. Opening bid of $216,000 with no takers. Casey made it to the sale, with Galina. Looked like he even had a few fans go up and chat with him. Can hardly wait to see his post on the trustee sale.

R-Boy said...

By fans, do you mean fans, or haters?

So what does this mean that the bank didn't get their bid? Do they now have to lower it further?

ratlab said...

@Anon 10:55
Thanks for the update. I'm sure there will be more than a few pics of the blessed event. I'm sure we'll hear all about the cheerleaders he's met today, which will undoubtedly give a boost of confidence to do more stupid things in the near future.

Legion said...

@anon 10:55

Happened so fast Casey didn't even have time to get his camera out. He probably was out there trying to sell autographs. So then, why did Galina go? She probably thought there would be a news or media team there(I'm sure Casey has called up a lot of places to try and get on TV). Galina is as big a piece of shit as Casey, and she deserves to go down hard as well.
This guy reminds mo of Joey Buttafuco of child rapist fame. In his mind he actually believes he is a celebrity. I remember reading once where he tried to crash a hollywood party, he said "I'm Joey buttafuco!" the bouncer merely looked at him and said "Sorry, no child molesters are allowed in here"

Stephanie J. said...

This is insane. I wish I were there to see the boy wonder and his little brainless wifey. I'd have pretended to be a fan, asked if I could take a picture, and then stand behind them pretending to stick my tongue in Galina's ear; while holding an "L for Loser" sign over Casey's head.

What a pity.

Legion said...

@R-boy

Couldn't have been haters, if they were, there would be a wet stain on the ground that smelled like shit.

Anonymous said...

Guess he'll have to adjust his spreadseet down to say......$195k?

Anonymous said...

So if there are no takers, does the bank take possession and list the property?

Legion said...

If the auction gets no bids then yes they have to take back the property and try to sell it themselves. Thanks for all the hard work Casey you lowlife, may you rot in the bowels of Nigel, may you be trapped in some middle eastern country with the knowledge that seal wannabe Brian is coming to save you.

Legion said...

Bank Owned Properties or Real Estate Owned REO
Bank owned properties commonly called REO or real estate owned is one of the most common foreclosure investment practices today. These are homes that have gone through the foreclosure auction and now because there were no bids, become a bank owned property or bank foreclosure.

Eth Real said...

So does the bank put a price tag on it? Do they look at all offers or set another date for all offers to come in?

Perhaps we could all chip in $100 each and buy it for homeless dude who actually knows how to take care of a property.

Jade said...

what time is the second auction?

LOL said...

Muncy goes at 12:30 PST

Rob Dawg said...

With no bids the 1st takes the cheese. The 2nd would have been the only serious bidder in this case and even they saw nothing but pain. The spreadsheet of doom says he was carrying the Larchmont on his books at $220,000

http://spreadsheets.google.com/pub?key=pPacQAmy3C4AuHrqHYLazIQ

If no bids at $216,000 it is safe to assume something south of $190k. Looking at the pics from Oct on Flickr I'd say $130k for an experienced flipper looking for work more than for a deal. $30k repairs, $20k carrying costs, $10k sales costs, $210k sales price only to make $20k which doesn't pencil out unless you need the work.

Anonymous said...

Casey has now entered the world of SCREWED.

BadjerJim said...

@Foreclosure Partay

Anti-Spam Word Game Entry

Okay - here's mine:

Casey –
I applaud your courage in showing up at the foreclosure auction. Awesome! From the deals you've done in the past year, and the millions you're facing, this is proof that you have what it takes to finally be a success.

Even in the cashback deals where equity was a question, you stayed the course and tried to do the right thing. Staying on top of realtors, and doing your best for short sales. Don't loose confidence: your winwin strategy will show success in the next years. Even when the haters make fun of jamba juice and sweet deals, I know that you'll find success and equity when you correctly leverage future deals.

Leverage is the key, as you've found by the new corporate and corporation connections, and you can leverage millions with credit to show a short-term equity stake

Lessons? Itsallgood now that you've spent a hard year learning. Cashback is not the key to floating future juicy deals and success, and you know that.

Have you considered an equity for management in rental properties? My cousin does that with some of his deals in Oklahoma, and it's worked out pretty sweet for him. He says it's a sweet, can't loose success way to get equity with no upfront costs, and an easy way to leverage that equity with even six months behind the deals.

I'm not a fan but I'm not a hater either. You're doing the right thing. I look forward to your new deals, and your success. It will take years and deals, but you'll be a success. Millions are on your way. Just stay the course. Courage, man. Its worked for me, and it will work for you!


If he posts it, that's 34 anti-spam words, for 170 points.

Er, where do I pick up my prize?

Legion said...

@eth real

they will usually go with their real estate agent of the month and try to sell it that way at market value.
The cheapest time to buy according to my Carlton sheets manual is to have approached Casey offering him the chance to short sale, and then get 50K back as a promissary note from Casey. You know the guy is good for it. I mean hell if Countrywide trusts him, why shouldn't I? that reminds me, I gotta go short those guys.

LOL said...

Judgement number two, coming up. It will take some times for the banks and the hard money to have a final number on what buttmunch owes them then the real pain will start.

LOL said...

@BadjerJim
nice post, Casey will probably touch himself while reading it.

Sprezzatura said...

@BadjerJim - nice work

Foreclosure Partay said...

Ha ha, BadjerJim that's awesome! If you act quickly, you can pick up your prize at the Modesto courthouse. Be sure to leverage your steel-toed sweet deals into Casey's nut equity.

My favorite line is "He says it's a sweet, can't loose success way to get equity". I can't really follow that, but it sure sounds positive. Idea man will have an orgasm.

ratlab said...

New rule. Total points divided by 1/10th number of words in the post. Any comment that is long enough can sneak those words in.

Adjusted Points = Points / (# of words in post/10)

Foreclosure Partay said...

Guess I'm a little late to my own game. I only used 22, so I loose.


"Hello Casey. I too amlike you and am the newly immigrant to this country. I have read your websight and am enjoying the informations that you provide on your sweet deals. I ca see that you are on fast track to success and you are the person who can use the leverage and the cashback to add juice to your sweet deals. Also, I am really liking the word "sweet" that you have shown to me! Sometimes I say it to my friends and then I also say "Its all good!" They laugh at me because i am the newly immigrant but it is all in the good fun.

I am listening to what you have to say because I want to make the sweet deals like you. I learn your mastakes and think that the only reason you loose the money is because you use too of much cashback leverage and not enough the equity, and this as why I will be differant. I can not wait to make my own win win "sweet" deals using the things I learn from your sight and also Robert Kiyosake sight. I have use your lessons and mastakes to make a very good business idea. Soon I will say to bank manager "let's do it!" and he will say "sign here." Then I will be rich and maybe i will start my own websight.

But I am not so much enjoying the comentery. The angry haters types are jealos of your deals, and they know that you someday will be thew success with millions dollar. This is why they can never be made happy. Maybe when some day we are both the rich, we will buy them the Jamba Juice to make them feel better? ha ha! Maybe when I make my first millions I will advertize on your sight, Casey.

By the way, I tryed my first Jamba Juice today. It was very good."

Anonymous said...

Stephanie, I thought about approaching Casey and Galina at the sale. I would've like to have put a boot in his ass. But the more I thought about it, the more I wanted to keep it organic. This was a moment for him and G to enjoy and savor together. I also didn't want to give him any more attention as his ego is big enough. Neither really had any reaction after the property didn't sale.

Both G and Casey took pictures. Before the sale, Casey was looking for some sort of dramatic shot of the courthouse in downtown Sac. There is none. Some of you may not know but Sacramento is architecturally challenged. The sale ran a little behind schedule as it was posted for 9:30 and didn't actually happen for another hour. I was scared that maybe he would have had another posponement.

Another property about 1/2 mile of this Larchmont property was also up for sale. It didn't get bought either. Very similar to Casey's and the starting bid was $238K.

Jade said...

Did Galina seem upset? Did Casey? How were they acting toward each other?

Anonymous said...

Casey was standing next to me at one point. It would have been really easy to suckerpunch him. Did I miss a golden opportunity?

Casey and Galina were smiling and holding hands as they left the courthouse.

Ogg The Caveman said...

Sounds like Galina still thinks her credit won't be impacted.

Al Lewis said...

- - - - - - - - -
Casey and Galina were smiling and holding hands as they left the courthouse
- - - - - - - - -

That's because the complex plan, far beyond the haters' comprehension, is working. Future holds a knighthood for Casey, A casino, presidency of the American Union and adventures in outer space real estate.

Foreclosure Partay said...

I wonder if they went to Modesto afterwards. I also wonder if perhaps Casey has a life insurance policy that he doesn't know about.

ratlab said...

@Tony and Rob
Back to the options discussion, I really meant sell NAKED CALLS. I sold a bunch of NAKED PUTS when I knew a few dotcoms were going to get bought out.

The thought here is that by selling CALLS, you pocket the sale price. With the assumption that the stock price goes down, the holder of the CALL is not going to exercise the option and it lapses worthless. The only risk is if the stock price rises above the strike price and the option holder exercises the options on stock I don't own.

Am I right here? I really should read the cboe site mentioned. ;)