Re: Bummed. - Posted by WAREIA
Posted by WAREIA on September 23, 2010 at 10:24:40:
The link you provided is not the article I was referring to but thanks anyway.
A Man For All Seasons… - Posted by FunkyMunky
Posted by FunkyMunky on September 23, 2010 at 01:15:40:
Hmmmm… Thumbs up for that link. Speaking of Thumbs, is your branch of the family any relation to Jean Du Pala Sam Mtn Wizard, the Chameleon Man of 1,000 Names, and resident Troll? Or is this Deja Vu all over again?
Re: Bummed. - Posted by WAREIA
Posted by WAREIA on September 23, 2010 at 10:40:22:
Why are you busting my balls over this? I simply stated some number I believe I read in an article and replied to the notice of your post in my email. I assumed that it was placing my reply on this thread. I have no problem stating what I read and agree I can’t support it fully at this time, so what!
The point is… any form of Seller Assisted or Carry Financing, including and especially Lease Options are dangerous and are many more times likely to result in foreclosure or failure.
In fact, every LO course that I’ve ever seen even teaches that failure by the Tenant/Buyer is another opportunity for more non-refundable profit from a new and unsuspecting victim. Don’t you think that is at least unethical?
you’re right - Posted by michaela-CA
Posted by michaela-CA on September 23, 2010 at 08:58:16:
A couple of weeks ago I thought he was someone else, down in Florida. But lately I did suspect that it might be Gary - and voila - he even linked to his own website.
Re: Bummed. - Posted by Kristine-CA
Posted by Kristine-CA on September 23, 2010 at 11:12:17:
The wide open opportunity to comment on busting your balls
is…well…it’s low hanging fruit, even for me. So, I’ll pass.
Any form of Seller Assisted or Carry Financing is dangerous? So much
hyperbole man. Like I asked, where are the stats that say they are
“many more times likely” to result in foreclosure than your average
subprime loan? Your average FHA loan?
Lease options are an entirely different animal, and they involve an
option and a rental agreement and tend to pray on buyers lease likely
to perform. But “seller carrybacks” are and have been a customary and
normal transaction for two hundred years. Your posts lump them all
together and then you state that they are all dangerous. I’d like to see
something from NARS or any other RE group that shows 1st position
seller carrybacks as more dangerous.
Re: Bummed. - Posted by Tom Thumb
Posted by Tom Thumb on September 23, 2010 at 11:40:14:
According to www.househangout.com, the department of Housing and
Urban Development (HUD) found that loans with seller assisted down
payment assistance have much higher default rates, three times higher
than traditional loans.
Seller assist dp is not same as seller financing - Posted by Kristine-CA
Posted by Kristine-CA on September 23, 2010 at 12:15:48:
HUD knows very well that seller assist down payments will default
more…as they already know that low/no dps (seller assist and FHA 3%
down) usually means loans to those without any savings and loans on
property with no equity. Their own stats on FHA loans, which are
virtually subprime, support this.
That doesn’t say anything about seller carrybacks.
Re: Seller assist not same as seller financing - Posted by Tom Thumb
Posted by Tom Thumb on September 23, 2010 at 19:01:54:
I fail to see the real difference. Both seller assisted- and seller
financing or carry-backs accomplish the same thing – they reduce the
amount of money the buyer must produce to get into the house.
Different procedures and terminology but the same result.
All Thumbs… - Posted by Loan Ranger
Posted by Loan Ranger on September 23, 2010 at 22:14:24:
Of course you fail to see the difference. That you would bring up the irrational comparison in the first place was a good enough indication of that fact. In that respect, your “Thumb” reincarnation appears to be the most intelligent of your nomme de querres. And you’ve said something believable for a change.
Looks like you also fail to see that under your analogy here, a mortgage would, or should be verboten as well - as it does exactly the same thing. Dr. Thumb reverting to Mr. Sam?
So… will we soon be seeing another one of your “land trusts solves all issues for doing real estate transactions, nothing else will, and you and your cohort WAREIA have done a gazillion transactions to prove it” posts next?
Re: All Thumbs… - Posted by WAREIA
Posted by WAREIA on September 24, 2010 at 14:57:59:
Maybe not a gazillion but most certainly a few hundred. And yes, I absolutely know that the use of a properly constructed Land Trust combined with a Net Lease and 1st Right to Purchase Agreement, totally and legally eliminates any concerns regarding the S.A.F.E. Act.
Re: All Thumbs… - Posted by Tom Thumb
Posted by Tom Thumb on September 24, 2010 at 07:22:30:
Stick to the facts, Lone Ranger in drag. You offer nothing but personal
attacks and they are a bit wimpy. Get a life.
Re: Thumb & Thumber - Posted by Thumbelina
Posted by Thumbelina on September 24, 2010 at 12:25:59:
Speaking of wimpy, what the heck is “Tom Thumb” all about? Or Jean Dupree, Paladin, Yosemite Sam, etc, for that matter. Let’s make a deal. We’ll get a life, and you find a name you can live with. Keep on trollin’ thumbster, and don’t wait for the biggest billy goat gruff.