Thursday, July 02, 2009

Opportunity to Social Climb

Okay, enough slumming. Here's the other end of the market.

Craigslist is where you'd sell your $1.7m home right? What could go wrong? Read the description:

We are in Lake Sherwood and have this amazing home for sale. We are building in Malibu, and will be moving soon. We know its hard to find financing these days so we are offering a A.I T D. It is a wrap around financing, and will allow you to take title of our home, and you can refinance with in 5 years. We will leave the 1st, and 2nd Trust Deed in our name, and you make all the payments. You are on title, so you own the property!!

To get into a home like this you need full employment documentation, Bank verif's for down payment, and at the Minimum, 30% down.

Here is what we are asking!!!

Example:
We owe $1,400,000
Home appraised in december 2007 $1,790,000 (but we will get an updated appraisal. Comps are at 1,600,000 right now)

You Assume the 1st TD at 1,200,000 (payment $5,900)
You Assume the 2nd TD at $200,000 (payment $700)
You pay the Balance to us $175,000. (we would accept a $100,000 payment now, and $50,000 in 4 months)

That's less then 10% down, and no qualifying!!!!!

For more details and to set up an appt to see it, just call.


Map here.

10 comments:

Jean ValJean said...

When the purchase gets that complicated, the FIRST thing you do is get up and walk away.

You can either afford it. Or you can't. Shenanigans just hide the fact that you'll be overpaying for something you can't afford anyway.

Lex said...

This isn't complicated. It's very simple -- the sellers want to put some runnin' money in their pockets before they take off.

Unfortunately for the sellers, the supply of idiots with $100K cash money has become rather limited.

Nigel said...

These seller's math skills are certainly lacking and that home definitely won't appraise for 1.6 million today.

Seems like a lot of wishful thinking to me.

wagga said...

A.I.T.D.

Alternate Idiot Trust Deed?

sm_landlord said...

My condolences to the bagholders.
For their sake, I hope they have another source of funds for their Malibu place, and something left to pay the bank if they ever close a sale on the Lake Sherwood place.

What do you guess it's worth - maybe $850K?

Pleather Murse said...

Ah, Malibu. One highway (PCH) leads in and out and gods help you when it gets shut down, which it does on occasion due to accidents, mud slides, etc.

con said...
This comment has been removed by the author.
Lou Minatti said...

End the mortgage subsidy. No more welfare for stupid people who pay too much for houses.

edgar said...

Malibu Barbie is moving to teh beach. They sound very wealthy.

w said...

50/50 the owner was a Countrywide executive.