Just a quick post to let you know that Guy and I are out of the office for the next few days attending the Inman Connect Real Estate Conference in San Francisco. We are generally available via voice mail and email, but please understand, it may take a little while to return calls. In the meantime, here’s an interesting little diggerdog dis on some local investors gone wild. read
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Reno Ignoramus
Gee, I wonder if GreenNV/Jaded happens to know Diggerdog. That’s some fine work. Kind of amazing how badly some realtors timed their purchases. But then, they are the experts, right? And houses in Reno always go up. Right? Right?
GreenNV
RI, I don’t know what you mean!
Thought this was going to be my shot at beating Guy’s 40 comment record, but it was deemed too “nuclear” for a Jaded post.
A couple of updates since I put this together:
– REMAX has lowered Stetson to $269,500, and listed Caballo at $274,800. Both will sell at a loss, if they sell.
– The family with 7 properties now has 4 NODs. They got their daughter in the game, and she now has a NOD. Turns out they are “related” to one of the sinners from the posting.
– I found an outside speculator with 13 or 14 properties, and they are starting to liquidate. Mostly 2004 buys in Sun Valley where the market has really taken a hit – it doesn’t look good. They took 2005 off, then started buying again in 2006 – go figure.
– I found Dr. Death! A Dr. from SLT who has lost 5 properties to trustee’s deeds. I smell fraud, or the dumbest person of all time. You and BB will love it. I’ll post it on REdiggerdog if it doesn’t make the grade here on the elite site.
I love the smell of real estate in the morning!
Reno Ignoramus
Hey GreenNV again great work. Don’t be a bit surprised if you discover fraud. Yes, even here in Reno. I am aware of one case where two family members were selling back and forth to each other just to pump up the comps. Then, they go out and get a “hit the number” appraiser and sell one of the houses to the housekeeper of one of the family members. The houskeeper goes to a look the other way loan broker and gets a stated liar loan for 103% of the pumped up price. Then family member cashes back about $75,000 to housekeeper, who never makes a single payment. Perfect! So the comps get fraudently run up in the neighborhood, the lender gets ripped off for over $150,000, and the property is now a REO. All it took was the willing participation of a fraudulent buyer, a “for sale” appraiser, a greedy loan broker, and a “I know nothing” realtor. But no doubt the commissions were nice. It will take years to flush out all of the fraud and crap that occured in the market. Yes, even here, in Reno.
P.S. I came by this info in a professional capacity and am bound by the obligations of confidentiality. Thus, I cannot disclose parcel numbers or anything else that could identify the participants.
Reno Ignoramus
Oh man. Wells Fargo has gone to 8% on its 30 year Jumbo. What’s up with that?
AND, they are requiring people to actually fill out a loan application, AND furnish verification of income. Can you believe that crap, man?
I want that 2.1% teaser back, and I want it NOW. How can I buy a Toll Castle if I have to pay 8%? Do you realize the difference in payments between 2.1% and 8%?
It’s like, major, dude.
Does anybody know a Voodoo witchdoctor who can still get me a 2.1 tease, 2/28, with a backend option? And stated, no doc, of course. I’m just not into this filling out a loan application crap, you know.
Pat Kitano
Hi Diane… so nice to meet you at the best Japanese restaurant in the City… yoroshiku!
Pat Kitano
and Guy (aka John… inside joke having to do with identifying bloggers by their 75×75 jpegs) too!
Pat Kitano
one more thing, best T-shirt of the conference… thanks so much!