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Native

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Reply with quote  #1 

I purchased a home in south Tucson (Vail) through Chris Szabo and closed on it 1 month ago.  The market is flat and there is now competition and plenty of homes for sale in my neighborhood.  I had planned to flip this right away but I have had NO offers and very FEW lookers. I'm feeling seriously burned and need out!

 

Here are the numbers:

Payments (all inclusive): $2500/mo first payment due 7/1

Loans (100% financing): $299k

Lowest competitor on mkt priced at $298k and not sold.

 

If I COULD sell it at $299 I would lose the RE commissions and closing costs estimated to be about $14K.  Of course, the longer I hold it that $2500/mo starts to really add up.  I want to prevent getting even deeper into this.  

 

I need to either dump this asap and take a sickening loss or...? Should I contact the lender and tell them I can't make payments?  What would foreclosure/ short payoff/ deed in lieu do to my credit? Given the way the market is going(looks flat) is it worth it to try and lease option?  Can you think of any other options?

 

I acknowledge I have made a huge mistake so please no flames.  I know there are great minds on this board so any help would be greatly appreciated.

 

jc2004

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Reply with quote  #2 

Avoid foreclosure at all cost.

What was your original exit strategy if flipping wasn't an option?

 

Are you willing/able to rent it out at a big monthly loss? So instead of losing 2500 a month, it would be maybe 1500, which is still a good amount.

 

If you really don't want to hold onto it any longer, maybe reduce the price a bit to undercut the $299k home on the market. Yes, one way to look at it, losing 20k today is better than 40k in 6 months.

mike

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Reply with quote  #3 
Quote:
Originally Posted by Native

I purchased a home in south Tucson (Vail) through Chris Szabo and closed on it 1 month ago.  The market is flat and there is now competition and plenty of homes for sale in my neighborhood.  I had planned to flip this right away but I have had NO offers and very FEW lookers. I'm feeling seriously burned and need out!

 

Here are the numbers:

Payments (all inclusive): $2500/mo first payment due 7/1

Loans (100% financing): $299k

Lowest competitor on mkt priced at $298k and not sold.

 

If I COULD sell it at $299 I would lose the RE commissions and closing costs estimated to be about $14K.  Of course, the longer I hold it that $2500/mo starts to really add up.  I want to prevent getting even deeper into this.  

 

I need to either dump this asap and take a sickening loss or...? Should I contact the lender and tell them I can't make payments?  What would foreclosure/ short payoff/ deed in lieu do to my credit? Given the way the market is going(looks flat) is it worth it to try and lease option?  Can you think of any other options?

 

I acknowledge I have made a huge mistake so please no flames.  I know there are great minds on this board so any help would be greatly appreciated.

 

One option is answer one of the "we buy houses" adds and see what they can do. A guy like Samson (i assume you run similar adds to find deals) could probably work a deal to buy the house from you subject-to and could work out a deal with the lender to accept a short sale to create a win-win. You don't have any equity to work with, but i am not an expert at this like others on this board appear to be.

 

It is interesting that in this cycle it appears to me that it is not the average joe homeowner, but the average joe turned speculator who will be the truely motivated seller.

Mike

 

 

Native

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Reply with quote  #4 

JC2004-  No exit strategy.  Bought on speculation and made big mistake.  Will never do this again!  $1500/mo will kill me over a period of a few years.  Reduction in price seems to be a reasonable strategy. Hope it works!

 

 

Mike - I contacted a couple of 'we buy houses people' and no response yet.  One lady said she was flat out not interested. If you are reading this and you are someone who buys houses please contact me.

 

Speculating is no longer on my list of possibilities for future deals.  It is unfortunate that I do not have a good exit strategy.  All newbies watch and learn...  Future deals will be long term holds only.  I should have stuck to what I know.

 

Michaelr- I'm sorry that you got involved with Chris too.  If he would actually return phone calls maybe he could turn our properties over to other investors.  I chose to close because my deposit was $27k.  Stupid, stupid, stupid.  A pre-con deposit should never be more than $5k. How much negative are you eating and what is your outlook for the market?

 

 

Is contacting the lender a bad idea?

 

 

mike

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Reply with quote  #5 

Native,

Do not beat yourself up over this. This is a good learning experience. I encourage you to keep pressing on. Do not get discouraged and avoid RE in the future. Since you are a truely "motivated seller" i would read up on the guru's who teach how to find and make deals with sellers like you. I know there is a list with the favorites from Samson and others on the board somewhere.

A couple of things

1) RE agents won't help you very much, look what this one got you into

2) look to sell cheap by undercuting all the actives for houses like yours.

3) contact the lender about a short sale. You will get a nasty tax bill, but it can get it sold. refer to guru books about this sort of thing, but in the end you need to justify the sale price as being the market price and the best you can get. Here in the end i would highlight you might let it go into foreclosure if they don't accept.

4)  Advertise the house for sale on MLS but also independantly in newspapers and bandit signs and highlight the seller financing you will offer. You have to offer something the  RE agents cant. (who often have never been involved with a seller finance deal). Offer a decent 3% plus CBB to other agents.

5) do open houses yourself and whatever else you need to do to make your house stand out.

 

In my neighborhood we have had many houses forsale for >90 days and the only one that sold was because the seller cut his/her price. So i believe you can sell, but you must be willing to negotiate.

Mike

 

 

 

Quote:
Originally Posted by Native

JC2004-  No exit strategy.  Bought on speculation and made big mistake.  Will never do this again!  $1500/mo will kill me over a period of a few years.  Reduction in price seems to be a reasonable strategy. Hope it works!

 

 

Mike - I contacted a couple of 'we buy houses people' and no response yet.  One lady said she was flat out not interested. If you are reading this and you are someone who buys houses please contact me.

 

Speculating is no longer on my list of possibilities for future deals.  It is unfortunate that I do not have a good exit strategy.  All newbies watch and learn...  Future deals will be long term holds only.  I should have stuck to what I know.

 

Michaelr- I'm sorry that you got involved with Chris too.  If he would actually return phone calls maybe he could turn our properties over to other investors.  I chose to close because my deposit was $27k.  Stupid, stupid, stupid.  A pre-con deposit should never be more than $5k. How much negative are you eating and what is your outlook for the market?

 

 

Is contacting the lender a bad idea?

 

 

taddyangle

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Reply with quote  #6 

Yikes.

 

Sell for $299k and you may find that it will take 3-4 months.  Expences are 3% commision ($9k) and $5k for closing.  After paying off loan your and including the 4 months of payments your out $24k.

 

If you rent you could probably be down $1500 a month.  If you keep for a year and sell you are down$18k in rents alone.  I can't imagine prices will increase so lets assume they stay the same.  If that is the case, if you sold after 1 year.  You are down about $35k ($18k for rent, $14k for closing/commisions, and $3k misc.).    If prices decline, I don't follow Tuscon, but if they delcine say 8% your are down an additional $32k.  Potential $67k if you hold for a year and prices decline 8%.

 

If you hold for 5 years and prices increase 10% after 5 years.  $90k to cover rents for the 5 years.  The new sale price would be $330k, so you would be down $74k (90k in rents, plus $15k in closing/commisions, plus loan of $299k- sale price of $330k).  If it increases 20%, your down $44k. 

 

You can do the same for 10 years, etc. 

 

I would be inclinded to cut my losses now. 

 

 

I actually emailed Chris Szabo to ask him about investing, he responded to me a few times, and I am waiting for his response becasue when I asked him how investing in Tuscon made sense given the current market after I pointed out to him that nothing cash flowed he stated "It obviously doesn't work for you and your strategy.........That doen't mean that it doesn't work for other investors."  I repsponded back asking how I could make his strategy work.  I recieved an autoreply stating he will return June 26th.  If he reponds I will post the entire email. 


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RobertCampbell

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Reply with quote  #7 

 

Native,

 

I'm sorry to hear about the predictament you got yourself into. 

 

I'm kinda surprised you didn't consider the option of walking away from the $27K deposit vis-a-vis the exit strategy you now face.  But that's water under the bridge, and maybe I've been through a lot more real estate cycles than you. 

 

Three questions ...

 

1.  What is Fair Market Rent for your house?

2.  Tell me about the underlying loans?  Fixed, ARM, Neg-Am, etc.  Also give me the payments for each.

3.  What is your current PITI payment?

 

Robert Campbell

RonaldStarr

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Reply with quote  #8 

Native—CA--------------

 

It seems to me that the strategies break down into two categories, depending upon whether you are personally responsible to pay the loan.  Here in CA, if you sell a house with a purchase-mortgage loan on it, you are not responsible for the loan after the sale.

 

However, this is not true in most of the other states.  However, if you ARE NOT personally responsible for the loan, I’d suggest the following approach.  Deed the property over to somebody who does not care about their credit report.  Perhaps a minor, a derelict, a very elderly person who never buys on credit, somebody else who does not care.  Make sure that you “sales agreement” makes you responsible for the ownership expenses so you will be able to deduct them from your taxes.  Then rent out the property for as much rent as you can.  After a few months, stop paying the mortgage and let the property go to foreclosure.  Later you have “credible deniability” for the loan.  That is, you can explain to credit granters that you were not responsible for the new owner’s having defaulted on the loan.

 

If you are personally resposible for the loan, I don’t have much to add to what others have said.  The only thing is, nobody has mentioned the tax benefits of owning rental properties.  If you rent out the property and can take advantage of the tax benefits of owning a rental, you might find that the monthly payment is not quite as bad as you have been thinking. 

 

I’m sorry you are taking a painful seminar in real estate investing.  I hope you can minimize the damage. 

 

Good Figuring Things Out*********Ron Starr************

EForrester

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Reply with quote  #9 

If your underlying loan is good, sell it by carrying the financing.  Hit the areas where self-employed people congregrate - chamber of commerces, etc.  See if the lender will provide you an AITD waiver..  If you are amortizing/fixed rate and find a decent buyer, you might be able to salvage something to make it break even.

 

If you go short sale route, most lenders wont start to budge until you are behind on payments.  Which means taking a credit hit in order to grease the short sale wheel.  I wouldnt worry as much about tax consequences.  Lender will 1099 you for the discount but you will also show selling property at a loss.

 

In a buyers market, you gotta look at alternative means of selling (rent to own, owner carry, etc) to make yourself stand out.  Word of caution, you may be tempted to grab the first buyer with $10K down that can cover the payment, but always do your due diligence.  It is going to better to eat a payment or two to find that truly qualified buyer who is not going to cause you ulcers down the road.

 

Best of luck.

ISamson

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Reply with quote  #10 

Maybe my memory is frazzled here but the usually excellent Ron Starr just suggested to commit pre-meditated lender fraud,  a felony.

 

Somebody tell me I'm wrong please !

 

 

 

Kang

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Reply with quote  #11 

Wow. I thought I had it bad. You should have been checking back in on this message board and you would have found out most all of the szabo clients are in the same boat. I closed in Sept. 05 and put it up for sale in Feb. 06. It's still for sale after three price changes. It's now at what I paid for it. Zero calls, zero lookers. I ended up selling my condo in San Diego and now have moved into the house. It's still listed for sale, but so are about 20+ other homes. (rent/for sale) I was going to look into getting a property manager and try to rent it out, but like I just noted, there are about ten or more other properties for rent within a four street area around my house. Sooo, my last choice was to move into it. Here I am. I may try to sell again in 07 who knows. I am also learning a costly lesson but at least my payments are about half of yours, still nothing to get excited about. I wish you luck. szabo is a slick operator and I didn't do enough due dilegence about the rental market. Rents don't come close to covering mortgage payments. Live and learn. I am not giving up investing in real estate, but I certainly won't be doing another pre-con.

samzell

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Reply with quote  #12 

Maybe refinancing is an option.

 

Do you have any pre-payment penalties on your current loan?  How is your credit?   If no PPP and good credit, you could pay off 10% of the loan and then refi the other 90% of the $299k with a neg am option ARM:

-a new 80% 1st $240,000 with a 1% rate Option ARM with a 40 yr amortization

-10% 2nd heloc $30,000

Total mortgage pymt:$856/mo

 

Then rent it and you will have subtantially less negative then with your current mortgage. 

 

It will probably take 3 yrs for the neg am on the back end to build up to the point where your loan recasts.  Then you then can deal with it at that point.  If there is no appreciation over that 3 yrs it will be tough to refi again with another option ARM.  But if there is some appreciation, you can refi after it recasts to another option ARM, or sell it if the market improves.  But your also taking a chance the market further deteriorates over the next 3 yrs.

 

Anyway, just trying to throw some ideas out there for you.

 

 

 

RobertCampbell

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Reply with quote  #13 

EForrester,

 

If you go short sale route, most lenders wont start to budge until you are behind on payments.  Which means taking a credit hit in order to grease the short sale wheel.  I wouldnt worry as much about tax consequences.  Lender will 1099 you for the discount but you will also show selling property at a loss.

 

Your last comment caught my interest. 

 

Are you saying that the loss you incur from selling the property for less than you paid for it will be completely offset by the amount of the debt forgiveness (which you would receive a 1099 for and is thus a taxable gain) that the property owner incurs?

 

As I see it, this works with investment property (N/O/O) but not with your O/O residence because a capital loss would not be deductible, correct?

 

Robert Campbell

 

 

rlc

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Reply with quote  #14 

The last thing you want to do is screw with your credit. Late mortgage payments are (guess what) really bad in mortgages lenders eyes. Your FICO will go through the basement for a long long time. Losing $25k to $30k now is nothing compared to what you lose in the future with less than "A" paper loans. Don't screw with you credit.

 

Choices in addition to what's been said: (1) move into the house. Your profession appears to be rather mobile. (2) IF you have R/E where you live, refi it ( I would recommend World Savings - they keep their own loans. neg arms, fixed rates) give a buyer a BIG credit through escrow or if the existing 1st has a PPP , credit over time with a lien on some other property.

 

Based upon what the future opinions are, any loss now would be small compared to what's ahead in the next 5 years.

 

Good Luck.

Bob

rlc

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Reply with quote  #15 

From my prior CPA experience, O/O loss is personal non-deductible. 1099 debt relief income is = ordinary income. N/O/O is capital loss .

RonaldStarr

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Reply with quote  #16 

Sam Zell---------------

 

Gee, that sounds like a good analysis to me.  You, it seems to me, make a good contribution to this discussion.

 

Good Investing and Good Posting*********Ron Starr***********

dansimo

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Reply with quote  #17 
I agree that samzell's idea is viable ( I wish I would have done an o/a loan to start with mine there in Star Valley). After realizing the condition of the market at coe and flipping it wasn't feasible, I looked into refi'ing after some seasoning but the added refi costs and the thought that I'd be merely prolonging the inevitable with ever decreasing equity led me to plan B: rent it out to cut my negative and try again another day. In the meantime I'm working on the tenant couple to lease option at a "bargain price"!

No plan C...yet... Any suggestions?


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algorri

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Reply with quote  #18 

rlc

 

"if the existing 1st has a PPP , credit over time with a lien on some other property."

 

Ive never heard of this. Will a lender let you move the pre pay penalty from a property that Im selling to another property. How does that work? Is this something that you've done before. It would surely be something i'd like to look into.

 

Dee

CA_renter

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Reply with quote  #19 

Native,

 

I normally don't post here, but felt sorry for your situation.  Have you checked out the long-term I/O FRM yet?  I'm not sure what kind of financing you currently have, but would definitely go that route if I were in your shoes.

 

Personally, I'd look into a 40 or 50 year FIXED (for the **entire** term), with an I/O option of 10 or 15 years.  Try to get an assumable loan, IMO.  Perhaps then your rental income could come closer to the carrying costs, although it still could be negative for some time.  Keep that in mind as you consider your options. 

 

Otherwise, I'd slash that price to sell today.  The longer you hold, the more cash you bleed.

 

Good luck!

lasvegasforeclosuresale

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Reply with quote  #20 

3) "contact the lender about a short sale. You will get a nasty tax bill, but it can get it sold. refer to guru books about this sort of thing, but in the end you need to justify the sale price as being the market price and the best you can get. Here in the end i would highlight you might let it go into foreclosure if they don't accept."

 

Lenders in Las Vegas are going thru the entire foreclosure process and relisitng the property with agents at market value.  In other words, forget the short sale.  It looks like the banks are willing to hold on to vacant homes at market prices and see if there are any fish out there.  I guess they believe this is going to be a soft landing.  Not me. 

 

Best advice a wall street banker with 30 years experience gave me "The Trend is Your Friend".  In other words, if there is bad news now, it is going to get worse.  Take a 20% hit, $60,000, and get out now.  If you think that is too big a reduction, see how many people show up with offers.  If the price is good, there will be competition to bring the price up.  There are always ways to back out of offers, it's just not getting any offers that is frieghtening

samzell

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Reply with quote  #21 

Native,

 

I also wanted to say I aploud you for putting this deal on the board.  Often people only mention the great deals and never mention the not so great deals.  I think we can all learn a lot from stuff like this.

 

Thanks also to Jeff, Kevin K. and others for mentioning both the good and bad. 

Figaro195

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Reply with quote  #22 
Quote:
Originally Posted by ISamson

Maybe my memory is frazzled here but the usually excellent Ron Starr just suggested to commit pre-meditated lender fraud,  a felony.

 

Somebody tell me I'm wrong please !

 

 

 

You are right and he ought to be ashamed of himself.

ogden

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Reply with quote  #23 

Native, please read every one of my points carefully and act with purpose

 

1)Negative cashflow will eat you alive, small amounts of it can be viewed as "buying bonds" in appreciating markets.  I had a condo in San Diego I had to rent after much effort well below my mortage/taxes.  I made over 6 figures in a year and half that I owned it.  But that $1500/month loss hurt and I would hate to have that loss in a flat market.

 

2)This topic of buying in Tucson was covered and re-covered over the past 6-9 months.  Mr. Chris Szabo's name and reputation isn't considered to be valued on this board (with the exception of a poster who wanted to nominate him for realtor of the year in Arizona) and pre-con's in Tucson have hurt alot of posters on this board.  Do your homework and ask questions before you buy and not after.  Try to figure out how to make deals work, and not how to figure out how to get out of them. 

 

3)Long-term exit stratedgies are great, but I would consider getting out of this deal/home ASAP.  Kang moved into his home, but I'm not sure you can relocate.  I would try to find somebody who normally couldn't afford this home (young couples, professionals with large loans, immigrant families) and assist them in buying your home.  I'm sure your home is beautiful and a family use to a bad home in a bad neigborhood will probably be impressed.

 

4) What is worst foreclosure or losing 40-60K to you?  In my financial position foreclosure or a stain on my credit history would be worst than 40-60K.  But if I didn't have a dime to my name, losing 40-60K would be worst than my credit history. There are ways to get back into real estate with bad credit, the gurus can teach you in any $15 dollar book.  But nobody is going to give you back 40-60K.

 

5)Realize you are in a cycle and regardless of your best efforts you are swimming against the stream.  Right now there are alot of investors who are done buying and waiting for the foreclosure market to hit with full steam.  These investors aren't bad guys, they just know that the good times have ended and they know that there will always be people who continue to buy and get foreclosed on. 

 

6)Don't stop being an investor, just become an educated investor.  I lost a ton of money in the dot.com bust back in 2000.  Looking back now I thought I did my homework, but in reality I needed a reality check.  After my losses it took me about two years to really change directions in investing.  But you have to act boldly and with purpose.  I would strongly be against trying to rent it, because a year from now you will likely be in a bigger hole with less money and a less desirable home.

samzell

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Reply with quote  #24 

"4) What is worst foreclosure or losing 40-60K to you?  In my financial position foreclosure or a stain on my credit history would be worst than 40-60K.  But if I didn't have a dime to my name, losing 40-60K would be worst than my credit history. There are ways to get back into real estate with bad credit, the gurus can teach you in any $15 dollar book.  But nobody is going to give you back 40-60K."

 

 

-------->One thing to note, if you have other properties that you want to refinance, refinance them before you get a foreclosure on your credit.  A foreclosure on your credit will put you into AT BEST the subprime catagory for any mortgage loans for a long time.  AT WORST, only hard money lenders will lend to you.

 

 

 

 

txchick57

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Reply with quote  #25 
My advice to you would be next time, consider the possible downside to your greed before you do something stupid like that again. Houses are places for people to live, not a commodity for clowns like to you flip like the burgers you will all be flipping shortly. Sorry I didn't know about you when I was looking for a place to rent in Tucson last month. I might have paid you as much as $900 a month.

With that said, my participation in this ridiculous circle jerk is done forever.

Hope you all enjoy your debt slavery.
Kang

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Reply with quote  #26 
Quote:
Originally Posted by txchick57
My advice to you would be next time, consider the possible downside to your greed before you do something stupid like that again. Houses are places for people to live, not a commodity for clowns like to you flip like the burgers you will all be flipping shortly. Sorry I didn't know about you when I was looking for a place to rent in Tucson last month. I might have paid you as much as $900 a month.

With that said, my participation in this ridiculous circle jerk is done forever.

Hope you all enjoy your debt slavery.
 Thank you for your positive contribution and hope to see you back again.  ( What a way to make a first impression)
dansimo

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Reply with quote  #27 
ya...what the F- was that all about?!

nice contribution...first time, long time A-hole!

what's the point...why did you even post your rotten thoughts without even elaborating on them. You remind me of the pussy that flips off somebody while running away...
Good riddance!

By the way, "flipping" properties and new development deals (eg. land deals, new dev. housing) has its merits and many investors make a lot of money doing them.
So, it really sounds like you don't have any experience in any type of investing.
Or, going back to my first notion, maybe you're just the A-hole you plainly present yourself as...
Either way, put up or shut up!


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livinineurope

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Reply with quote  #28 

michael,

True she posts on Ben Jones blog, but there are certainly folks on both boards have that are highly intelligent and bring merit to both sides of the argument.  I'm not condoning the vitriolic nature of her post, because that aspect was just that..

 

 But I'd be careful to group Ben Jones blog as groupies.  The are undoubtedly people who have put off buying because of his blog, and for folks on the edge it's probably good advice in many locations that have had rapid appreciation.

 

the orignal poster will leanr a lot from this and rebound becuas he wasn't afraid to learn from his mistakes.

 

Good luck to all

azaz

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Reply with quote  #29 

Native -

This is not investment advice.

 

However, one option that has been overlooked thus far is rent-to-own.

 

You could offer to rent the house for XX years for the amount the mortgage amount, with an options contract that allows the renter to buy the house at the end of the term if they wish (for the amount of remaining principle on the note).

 

This way, the renter (buyer) is protected from any downside risk that they perceive to exist in the current market. They know that they could always walk in XX years if home prices decline.

 

The benefits to you are:

1) the mortgage payments are covered for XX years

2) the renter (buyer) may develop a vested interest in the home (an emotional tie) and wish to purchase it at the end of the contract period

3) A better renter (will treat home as if it is their own because it could be some day)

 

The benefits to the renter (buyer) are:

1) Protected from downside risk

2) Realize the benefits of homeownership (paint it, plant grass and flowers, call it your own because it can be if you want it to be)

3) Does not need to have a good credit rating (you could offer them a rent based on a much lower interest rate than a bank would typically offer a sub-prime borrower)

 

Remember, you are still subject to further downside risk in the renter choses to walk at the end of the contract term.

 

-azaz

Native

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Reply with quote  #30 

Mike – It is very difficult to not beat myself up over this but I will try. Your post was helpful and I have lowered the price to just below my purchase price.   If sold at the current price, my losses will be limited to closing costs and commissions.  An open house was held this weekend and we got some lookers and MAY get an offer for a lease/purchase. I have nothing in hand yet.  I will ride this out for a couple of weeks as I do not want to blemish my good credit.  As others have stated, that will destroy me for years to come.

 

Taddyangle – Thanks for your analysis.  I cut the price and plan to get out now!  I have nothing nice to say about Szabo.  While the risk lies squarely on my shoulders, I am not pleased with his lack of communication.

 

RCampbell – I didn’t consider walking from the $27k because I still believed I could break even on the property or take a much smaller loss with prices where they were a couple of months ago.  Yes, you HAVE been through a lot more real estate cycles than me.  I’ve read your book and thank you for your input.  Fair market rent is around $1000/mo.  Loans are $239,628 @ 7.5% fixed for 5 years(pmt= $1497) and $59,907 @ 13.5%(pmt=$673)  Total PITI = $2464  No prepay penalty for either loan.

 

RonStarr – I don’t know anyone who doesn’t care about their creditJ  While you are very creative for suggesting the strategy, I cannot see myself actually making it happen.   I am personally responsible for the loan.  I do have other rentals and like the tax benefits of owning them but this is way overboard for me to carry a negative in a declining market.  The only way I could do it is with a neg am loan.  Yes, this is very painful.  I am selling another property so I will be able to offset the loss but it is the biggest loss of my life and very disappointing!

 

FForester – thanks for the input.  I’ve got the property advertised as lease-option considered as well. 

 

Kang – Jeez!  I can’t believe you had to move into your property.  I wish you luck in selling.  I cannot move to Tucson because of my job so I’ll have to take the hit directly to my pocketbook.  OWWW!

 

Samzell – Refi is something I will consider after a few more weeks. If I go this route I will shop for what you suggested.  I just fear hanging on if the market declines.

 

RLC – Your post stood out to me and I have been bouncing the comments around since I read them yesterday.  You are right about not ruining my credit.  It will destroy me for future deals and take me down financially and emotionally.  I would feel much better just taking the hit and keeping my integrity. Sound advise.

 

Dansimo – are you a Szabo client?

 

CA Renter – Both loans I have are I/O.  Of course I could refi them to longer terms and neg am. Etc.   Selling today is what I am trying for! Keep your fingers crossed for me.

 

LasVegasforeclosuresale  - Good to know about the banks not being interested in the short sales.  It is still in my back pocket as a last resort but is surely a gamble.  Thanks for the pricing strategy.  I’m letting it sit for a bit more to see if I get any interest after slashing the price $20k in the last week.

 

Samzell – Thanks for your pat on the back.  I have nothing to hide and I feel this board is the right place for discussions such as this.  This group is outstanding and my posting not only helps me sort through a most difficult time of my life but also can serve as a learning tool for others.

 

Ogden - I have committed your post to memory.  Nothing like a little pain to really open up the mind and memory.   I am living the “win some, lose” some phrase. Thank you.

 

Txchick – I have nothing to say to you except I will be dusting myself off shortly and moving onward and upward....

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