Fellow realtors, mortgage brokers, gang memebers; thank you all for joining me today for our seminar entitled "Getting the Most Out of Your Client." First a recap of our past successes. ARMs, I/Os, balloons, 40yr, piggybacks. Unfortunately as you all know those so called deceptive and predatory practices are on our "marks' radar" so we need a whole new slew of ideas. Let me introduce our first speaker Mr. "GainMaxPretender." Understand not his real name. You'll understand once he opens his mouth. Anyway GMaxPre is an expert at the opposite of settling bad loans. His job is to set up the worst terms and conditions for we lenders tp generate the bad loans that result in the most profit. Best of all, the more we divert into bad lending the less there is and more we can charge for good loans. Listen to his pitch and then guard against his pitch.javascript:void(0)
Friday, June 08, 2007
RE Scams for 2008
Fellow realtors, mortgage brokers, gang memebers; thank you all for joining me today for our seminar entitled "Getting the Most Out of Your Client." First a recap of our past successes. ARMs, I/Os, balloons, 40yr, piggybacks. Unfortunately as you all know those so called deceptive and predatory practices are on our "marks' radar" so we need a whole new slew of ideas. Let me introduce our first speaker Mr. "GainMaxPretender." Understand not his real name. You'll understand once he opens his mouth. Anyway GMaxPre is an expert at the opposite of settling bad loans. His job is to set up the worst terms and conditions for we lenders tp generate the bad loans that result in the most profit. Best of all, the more we divert into bad lending the less there is and more we can charge for good loans. Listen to his pitch and then guard against his pitch.javascript:void(0)
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22 comments:
anon first?
FIRST MURST AND MOIST>
PS rob check your email
Please Rob, let me ask of your readers, What can I do to get you into that home today?
@Sac RE Agent :
I don't care what the purchase price is as long as you can give me the monthly payments that I can afford. ;-)
Interesting story on local RE scamz (tm) in the LA Times the other day. Not sure if you covered it here.
Signs of fraud: the house sits on the market for a long time. Then suddenly, miraculously, it sells for above the asking price. Then nobody moves in, and it goes to foreclosure. Where's the fraud? The seller kicks back a bunch of cash to the buyer, who never intended to move in, and everybody walks away happy. . . Investigators call this particular breed of scam the "Crash and Inflate," and they believe they have found 400 of them in the San Diego area. They believe they have found one "buyer" who pulled this scam 17 times. That's a lot of cash back at closing. Mortgage Fraud investigator Todd Lackner: "I'm trying to nail (them)... Some of these people made well over a million dollars in a couple months time." More: "The term refers to a scam in which a buyer - with the help of dishonest real estate agents and appraisers - purchases a home for more than market price, receives cash at the closing of escrow and then lets the property fall into foreclosure."
@Sac RE Agent
Cash back loan? Sweet deal.
"Please Rob, let me ask of your readers, What can I do to get you into that home today?"
Sac RE:
To answer the question, we're going to jump in when we can get a nice, 1800-2000 square foot home in a nice are of Elk Grove for $150/sqft. In other words, a home that's listed for ~$350k (and $400k at the summer 2005 peak) going for under $300k.
So we're waiting for the market to come down at least another 15% (on top of the 10% we've already at). If the general economy goes into recession, then something more like a 25-50% (depending on the severity of the recession). Rate increases will also drive prices down. But at a minimum we're looking to spend no more than $150/sqft. I expect that we're 12-18 months from that point.
Until the market corrects, we're saving 25% of our take home pay for a downpayment. So the only way that we would buy today is if we could get a home in very good condition for $50k under a realistic listing price. And that's unlikely to happen.
In the meantime, I'll be starting on some CC courses next week in order to obtain my brokers license in order to collect on the commission when we do ultimately go to buy.
New post from Casey:
98. Casey Serin
June 9th, 2007 at 12:05 am
My publisher was reading through the comments on this blog and decided to write a guest post for me addressing some of these points. I’m glad because the next post should fill in some of the gaps and I won’t have to worry about violating the NDA.
this chart shows where we are in the subprime fallout. In baseball terms, we are still in the bottom of the 1st.
http://bp1.blogger.com/_nSTO-vZpSgc/Rme8yHvw2iI/AAAAAAAAAz0/911CnD77NNU/s1600-h/mortgage-resets.png
remember, 60+ subprime lenders have already gone kaput, and there is still over $800 billion sub-prime debt left to go bad.
@mejustme...Funny how, everytime CS burns a cheerleader, he's got a new one waiting in the wings?
Curious, that.
Also, since I've been absent for a couple of weeks, wondering who's taken up an old blog post title of mine as a user name. Kind of lame.
# 92. Wrigleys King
June 8th, 2007 at 4:11 pm
Hey FlyingMonkeyWarrior do you own a jeep?
__________________
From IAFF, and I shall answer here.
Dear W King,
Steph J is jeep girl, not me.
I saw a great Broker scam the other day...
Get so excited when a non-aspiring web journalist contacts you, tell your true feelings about Real Estate...
Then in an effort to drum up web traffic to hit your spyware popup laden site, deny it on your SLC real estate site.
Genius.
@ Aspeth,
What is your old blogger name that is being used by someone else?
LMP had a sock puppet troll yesterday at IAFF before all of the posts with his handle were deleted. Pretty amusing, since it wasn't me.
Although when I was Infidel Woman my identity was hi-jacked by an evil porn sock puppet troll, posting as me! I had to abandon the handle.
Any way, it is not I.
I am now just FMW or, well you know.
(:
said Gross, chief investment officer for Pacific Investment Management Co. and manager of the world's largest bond fund. “This will decimate the housing market if it wasn’t already decimated before, and certainly put the Fed on hold, and maybe allow the Fed to reduce rates…six to nine months from now.”
His announcement jarred U.S. markets.
http://www.cnbc.com/id/19108336
A more complete article on his outlook over at Pimco site.
http://tinyurl.com/yws5yf
@Aspeth
It will be a long time before the world runs out of fools. All of those opportunities that Casey talks about. They are chearleaders that think they can make money off Casey.
I'm bored....
Any chance somebody can get Snowflake to eat a bug?
Is he doing Fraudcast Fridays again? Maybe we can all call in and push him to eat one.
Casey has dropped the "world's most hated blogger" from his tagline. It's also been tweaked a bit - kinda reads like something you'd see on the back of a book now. (Not that I buy the publisher angle - just as likely he's inflated or manufactured a crisis to manipulate G into letting the blog come back.)
Duane - are you still here?
If so, are we going to hear the remainder of your story?
Dawg, please invite the following to the RE Scam Seminar as well. Don't want to leave anyone out.
Shady Real Estate Lawyers
Shady Title & Escrow Companies
Appraisers
Strawbuyers
Shady insurance agents
It's not always relitters and mortgage brokers doing this, there's far more involved. Please dont pin this all on 2 groups.
walt, you should check out the upcoming auction of homes in the Sacramento area. these are REO properties that the banks are trying to get off their books. there could be some good buys there. but i wholeheartily agree with you regarding getting some more value. sactown still has some downwards movement in prices.
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