Six Months Later: Open House Picks 7/6/07
Comment: Interesting to see the Crown Heights house go almost $100,000 over asking. Far as we can tell, the Park Slope listing was pulled, but let us know if that’s not the case. Open House Picks 7/06/07 [Brownstoner]
Comment: Interesting to see the Crown Heights house go almost $100,000 over asking. Far as we can tell, the Park Slope listing was pulled, but let us know if that’s not the case.
Open House Picks 7/06/07 [Brownstoner]
A smart financial institution, especially in a stable to slow market, will base the loan on the MLS asking price. So the CH house was listed for $700,000, “sold” for $793,000, and was probably appraised for $800,000 (appraisers can work magic).
If the buyer qualifies for 90% financing, the value of the house would be reduced to $700,000, thus limiting the financing to $630,000. Meaning NO FRAUD.
Unfortunately, there are a lot of dumbass financial institutions out there.
Yo, The Twhat: You say “After the closing when the money clears the seller goes to the bank and give the buyer the kickback. It’s happen ALL THE FUCKING TIME…”
It does? And you know this because, what–YOU do it all the time, in your riveting world of high-stakes arbitrage? And the seller gives the buyer that kickback in what? Gold bars? Suitcases of cash? Postage stamps?
Twhat, you better go easy on the Mission Impossible fantasies, or the orderlies might reduce your dayroom privileges.
WAA is a crack whore
WAA WAA WAA WAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAAWAA WAA WAA
Hey 11:44 Do you like the market today!!! 2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!2008 the fuck you year!!!
You know Who
Someday this war is gonna end…
“Oh, puh-lease. I’m sure CH house was simply priced right (for a couple of buyers) and had a little war–and bear in mind, 100K is only a little over 10% on this deal.
On these alleged cash-back deals, do you simply make a handshake deal (for $100K?), or do you have your lawyer draw up an (illegal) side contract or rider guaranteeing payment, thus making your lawyer–an officer of the court–a party to the conspiracy and a candidate for disbarment? And afterwards, do you pay the buyer with a wheelbarrow full of cash? Because otherwise, he’s going to need to deposit that check in a bank, which keeps records, which are problematic when attempting tax fraud. And this behavior is common?”
No you dumb mother fucker!! After the closing when the money clears the seller goes to the bank and give the buyer the kickback.
It’s happen ALL THE FUCKING TIME YOU STUPID MOTHER FUCKER. Please rehab go away.
The What
Someday this war is gonna end…
“Wall Street is set to implode and take the American economy down with it.”
Wow, I read these blogs every day and the WAA (sounds like a baby crying, stands for What An Asshole) never ceases to amaze with his in-your-face use of propaganda headlines and manipulation of statistics.
I happen to be privy to the CH transaction specifics, and this was neither mortgage fraud nor a kickback. It was simply a case of a well-priced house on a very nice block.
Oh, and by the way, WAA, conduct some actual research before you scream that the sky is falling for the upteenth time. Yes, it is true that i-banks are writing down billions on their CDO portfolios, and I’m sure you will go running to factiva to grab ten more links to throw in my face in your disgruntled retort. But here are a few facts you cant argue:
1) Last year, the five major brokerages (i.e., Goldman, Lehman, Morgan, Bear & Merrill) earned between 4-11% of their total net revenues from MBS including prime, subprime, and Alt-A. Since I know you cant do simple math because you cannot even write a sentence with proper grammar, let me explain that this leaves ~89-96% of their net revenues largely in tact
2) Bonus checks (which are the single largest driver of the NY real estate market) havent gone off a cliff. The FT reported yesterday that “…average bonuses at the top Wall Street banks look set to match 2006 levels, as management seeks to retain top talent despite the huge subprime write-offs.”
3) Corcoran reported this week that overall, the high-ticket areas stretching from Park Slope to Brooklyn Heights saw average prices shoot up 8 percent in the final quarter of last year – from $613,000 to $661,000 – compared to the same stretch in 2006
So you can continue spitting your bile conspiracy theories, but it will probably be another 12-18 months before sellers begin to price in line with buyer expectations and the bubble begins to gradually deflate.
The What is a crack whore.
Oh, puh-lease. I’m sure CH house was simply priced right (for a couple of buyers) and had a little war–and bear in mind, 100K is only a little over 10% on this deal.
On these alleged cash-back deals, do you simply make a handshake deal (for $100K?), or do you have your lawyer draw up an (illegal) side contract or rider guaranteeing payment, thus making your lawyer–an officer of the court–a party to the conspiracy and a candidate for disbarment? And afterwards, do you pay the buyer with a wheelbarrow full of cash? Because otherwise, he’s going to need to deposit that check in a bank, which keeps records, which are problematic when attempting tax fraud. And this behavior is common?
Silly scenario, even for The Twhat.
Medication time! Drink your juice, Shelby!