as for short sales, your story is real. Unfortunately, once you get in trouble,
people longer around that want to buy, but if they can hold out, then they do.
It's all the loopholes that your lawyers legally use to wipe out your loss with
little or no obligaiton - either tax wise (as a gain). the lawyers pocket a
nice chunk.
Yea, people bought "high", many of whom thought it "can only go higher, cause
real estate always goes up..."
Not only did people buy high, but people bought into the "shit, look at that
equity I now have after making only 2 payments....the bank wants to give me
$100,000 equity loan..." So people do what they do. They take the "extra"
$100k, buy some jewlery, a range rover and buy a couple drinks.
So now they go from a $400,000 mortgage to $500,000 mortgage and a property
that was "appraised" at $550 when things "were good".
So now it's worth $300,000 and you pissed away $100k just because.
What about the ones who had a home value of $1.3 "in the day", didn't chase the
equity loan and whose home is only worth half that today.
What's in it for them? How can they jump in? Shouldn't they also get to share
in the relief? Shouldn't banks automatically cut their rate in half?? why
should they, someone has to pay.
To read the rest of this rant about short sales (my sister is trying to buy one
her first home - perfect credit, single, no debt, works her ass off etc... two
months into it so far...)...
let's blame the appraisers ):
let's blame the real estate agents...
let's blame the banks for making the loans...
Our first house way back when was 12.5% interest. We ate alot of pancakes for
dinner and any place that food at happy hour.
Our refi's that we were happy to hell with were 10%, 8%, 6 . and back and
forth. Paid them all.
we took our lunches to work. we commuted together in a beatup old vw that my
-f-in law kept running. cut my own lawns and more or less have worked for my
tenants, making sure they were always happy so most of them can do all those
things I didn't.
The full story will be the basis for my newsletter on RentLaw.com - or
SmallLandlord.com a site we're working on.
Best of luck with your sale
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