DEED TRADE MY HOUSE NOWReply to: hous-393348572@craigslist.org
Date: 2007-08-09, 6:38PM PDT
TERMS WOULD BE:
If you have real estate that appraises today for $90,000 to $105,000. You give me your real estate straight out withOUT me owing you or anyone any cash at anytime. Your Deed would be an even exchange for my Deed.
IN TRADE My house:
The current assumable loan on my home is $298,000 and it is a neg am. loan @ 7%. It's appraised value today according to the county tax assessor is $280,000. This house appraised at $383,000.00 when I bought it brand new 2 years ago this month. Plus, There is a 2nd on this house for $36,000. not assumable. Or you could negoiate a short sale with my lender. This house will easliy be a million dollar home in 20 years! In 7 years it should come back at $450 $500 when they complete building the stores gas stations and freeway access! I lost my job a year into it and can't make the payments ...... TRADE NOW! See pics of home below.
992 LAKEPORT WAY at Hyway 70 google map yahoo map
Location: 992 lakeport way 95961 plumas lake ca
it's NOT ok to contact this poster with services or other commercial interests
PostingID: 393348572
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Insane. To think this idjit spent the time to make the add. He'll trade his $280k house for $105k if you assume his $298k loan and pay off his $36k loan. That's $141,000 upfront and $298,000 in debt, $439,000 for something worth maybe $220,000 and eventually $160,000.
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Thanks to Prop Flop for the story.
50 comments:
first and who wants to do this crazy deal?
yeah rob, these properties in plumas lake are upside down too. about 30 to 40 minutes north of sac. once sac prices started being pricey, people went up to plumas lake.
So close...
Does he really think anyone will fall for that "million dollar home in 20 years" BS? It's such an obviously bad deal even on the face of it.
First and murst!
Well, someone is looking for a Casey to take over his debts.
BTW, did you read this in Bloomberg... http://www.bloomberg.com/apps/news?pid=20601087&sid=a_3R6Bs9RKxQ&refer=home
I understand what happened in the States with the NINJA/liar loans. Do you guys know whether it was the same in Ozz? What about in other hot RE markets in Asia?
Sorry, it took me too lonnng to type and post my murst...
sounds like a deal Casey would take in a heartbeat. it's win-win!
maybe someone should forward it to him and ask for a bird dog fee.
Before anybody jumps at this guy's offer, I can beat it! I've got a used gym bag, assessed for $4.25, that someone can have free and clear, withOUT them owing me or anyone anything on any ridiculous neg-am I/O loan on an underwater property.
Just transfer to me your property valued at $100,000, and the gym bag is yours! It could be worth as much as $4.75, if properly dry-cleaned, and could go as high as $5.50 if you repaired the zipper! TRADE NOW!
costa,
Yeah, regular reader wagga has been keeping me posted on the Aussie situation. It's gonna be bad for their housingand finance but the economy may do okay due to their exports.
P.S. Any guesses on what company might have that loan on its books? Let's see, California, non-conforming, neg-am, absurdly low rate, probably I/O . . . who could possibly have originated that loan?
:P
Yes, I'll be watching my in-box, but I'm not holding my breath. This guy is a magnet for in-box nuggets.
Yeah, just had to laugh at that one. Sacto real estate has been taking it in the shorts lately... and with good reason. This place is quite a bit out of Sac as well, just South of Olivehurst. Let's just say this is NOT a prime location (the tooth to tattoo ratio in Olivehurst is not good).
and a 7% neg am? Who in their right mind would pay 7% on a neg am? Ah, the joys of watching fools and their money being parted.
Should one desire this "choice" property, I'm thinking you could pick it up sub $250k from the lender in about two months... but why wait when you can have it for so much more?
Notice he "decides" to sell exactly two years after purchase. Can you say I/O ARM reset?
You can just see the wheels turning back in Aug 2005. 20%/yr own for exactly 2 years. I'll guess he paid $330,000 and made the min I/O of what? $700-$800? Call it $1200/mo carying costs. $330k times 45% appreciation is $480k. $30k to carry. $340k to pay off. $110k pure tax free profit!
Didn't turn out that way eh?
Also notice from the pictures that it's sitting empty. I just love to watch the greedy get slaughtered.
Piss poor pictures by the way - doesn't tell you much about the house at all... or perhaps that's the idea.
Looks like she actually put 10% down:
Sale Date: 8/17/2005
Recorded Date: 8/19/2005
Sale Price: $ 354,000 (Full Amount Computed From Transfer Tax)
*************************** MORTGAGE INFORMATION ***************************
Lender: WASHINGTON MUTUAL BANK FA
Type of Mortgage: EQUITY
Loan Amount: $ 35,384
Mortgage Type: NON-PURCHASE MONEY
Lender: WASHINGTON MUTUAL BANK FA
Lender Type: BANK
Loan Amount: $ 283,069
Loan Type: UNDETERMINED
Type of Financing: ADJUSTABLE RATE
Interest Rate: 5.53 %
From The Onion: How are we paying off our subprime mortgages?
re: stock market...That's some Plunge Protection Team. Never underestimate the power of the (printing) press! And Jenna's getting married.
Its not the plunge protection team, it is a option traders covering their ass. Aug options close tomorrow
But where is the cash back at close? KC has taught us that even sucker deals are good if there is cash back.
Just think, pay some straw buyer to take it off his/her hands.
Ummm, wouldn't it STILL easily be a million dollar home if we watch you get foreclosed on then buy it from the lender (just the first one) REAL REAL cheap like when they realize they have another 10,000 foreclosed home to sell?
The only benefit I can see from buying it from you is that you get to say "sucker" and you aren't homeless anymore.
By the way, I have a 100K house to trade free and clear, it's a cardboard box under a bridge in California.
I have a bridge here in New York to sell you. It connects Brooklyn to Manhattan and the structural engineers tell me it just needs "a little rehab". I'll buy your house from the bank, and you can sleep under the bridge.
Jesus just google mapped it. Talk about middle of nowhere. How is this gonna be a million dollar home?
"wunce thay git that thar eeelectricity and latrine dug, it'll be wurth a millyun fer sure!"
I got a RESPONSE!
"Done deal already!!!!"
Um, wow the world is full of suckers. I'll keep their email private but believe it or not this person is a fucking LIFE COACH.
Geez, a Life Coach, wonder what the requirements to being a life coach are....being alive?
"Saaay, I think you can live your life a little better, and I'm going to root for ya from afar to help you get there sport! Pls send me 100 dollars for this weeks life coaching"
TK,
you sure someone isn't pulling our chain? I mean the timing seems perfect. housing collapsing, loans being scrutinized big time.
Honest to God people. Life. Coach. Apparently yes, being alive is enough. And this person...I mean a person with their life so out of whack already...ah hell. It's google time. Back in a bit.
Damn. Nuthin'. Well anyway. I don't think this person is putting us on. Shall I ask?
Freeway access and local stores coming soon. LMAO! Does that deal come with a reach around?
OK OK, They did leave me a little "golden nugget" as it were. Should I expose this person? Their web site is kind of inadvertently hilarious.
Do it TK!!!!
You know this crowd will react with sympathy, politeness and restraint ...
lol
HERE
Gad I had a hell of a time posting that link. Mad skillz.
Dig the irony of the name of their site, what with all their debt and all...
what the hell was that site? In da black?
That's life-coach done deal's site.
Should be in da red.
should be
In the cheesy...
Ok fellas
I just ordered, well preordered, Halo 3 Legenday edition, Quake wars, and bioshock, so my question is..who thinks they are man enough to kick MY ass? :-)
Article
Here some gold nuggets from the article:
"I believe the subprime problem will not significantly hurt the real estate market. It may delay the rebound, but it will not cause a downturn," he said.
"Remember, most who took a sub-prime mortgage before 2005 enjoyed strong appreciation and many have income to support a higher mortgage payment."
I wonder how long it will take for the bank to repossess his X5....
Looks like the Market's gonna rally like stink this AM. Unfortunately, it's gonna come apart again soon. It's gonna get SOOOOO overbought right at the open.
Could be a risky move, but buying SDS with tight stops right after the open could be a good move. This exuberance is how do you say...irrational.
fed cuts rates 1/2 %
http://biz.yahoo.com/ap/070817/fed_interest_rates.html?.v=20
tells you how serious it's getting in some folks minds.
sorry. it's only cutting the rate charged to banks. not the fed rate.
Seems like a move guaranteed to make noone happy.
The IBanks want a cut in the Fed Funds rate, and I want the economy to return to fundamentals.
Fed cuts bank discount rate, future make a sharp reversal to the upside. Now *that*, folks, is the Plunge Protection Team hard at work. :P
I'm not buying, though. Crazy volatility, I'm out of this market until sanity returns, whenever that is. I'll see if gold makes a bounce this session (hope hope), if so I may cash out my gold position and go straight cash until I figure out what's next. If gold keeps dropping I'll rent "Goldfinger" and start putting together a plan to increase the value of my portfolio by . . . other methods.
wow. CFC hit 15 yesterday and now is trading at 22+
good call to cash out your short when you did legion. those that shorted yesterday are going to get creamed today.
Just a couple of thoughts.
How can such an idiot be a life coach?
That is like Snowflake giving advice on how to make money in real estate.
eg Watch me and do the exact opposite.
This sounds so wrong. It will be interesting to check back in a couple months and see if the owner changes.
Why does it seem like all these nut jobs are in the Sac area? Something in the water? I have had 2 associates buy houses in Roseville in the past month. I keep asking them why???
Any bets this bozo goes to Jamba Juice?
I figure KC & the Serin clan is probably crossing their fingers and hoping the Dawg Pound jumps onto this trail and leaves them alone...
H.
Looks like the short squeeze is on--NASDAQ is up 2.5% on the open, that's quite the gap up. The question, however, is if the indices will be able to hold the early gains throughout the trading session.
Dow opened up 60 pts, has shot up almost 300 pts in the first few minutes--too much too fast, I have doubts about this rally.
It's in perfect "move-in condition!"
Just pull a "homeless guy and Casey" routine.
Move in, do some minimal mantenance.
Then when the police show up just tell them you have an oral agreement for free rent in exchange for housesitting until the owner finds a buyer.
I bet you could drag that out, at least in CA, for a good 6 months.
>Also notice from the pictures that it's sitting empty
Look at the groms trying to "save me from foreclosure pleeeaaaze." It's bad when you have to grovel on craigslist!
http://sandiego.craigslist.org/fur/399447112.html
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