My lord, I forgot how incredibly thick you are.

Like in any profession, there are the good and the bad. Like in every business, there are people committing fraud and crime. Only a fool wouldn't know that. Of course there were/are crooked realtors, appraisers, mortgage lenders, etc. Name me a profession that doesn't? Go ahead, I'm waiting. Cops....there are crooked ones. Judges....yep, crooked ones. Religious leaders....check. Politicians....yep. You fail to recognize how the media works. They want to sell papers or advertising. They have to write/broadcast stories that get attention. The housing market is the hot news item these days so they write stories about it. The number of stories written about a subject really have no reflection on how widespread that problems is....rather just how interesting the subject is to the masses.


We've been through this a million times at least. Cash back at closing is illegal. Of course, you seem to have difficulty distinguishing cash back and credits and like to argue as if they are one and the same. You don't need to post 15 articles and quotes about it. I don't know the extent of it and NEITHER DO YOU. You just choose to assume it was widespread and rampant based on a few news stories. YOU haven't personally seen anything. Where do you get your numbers of "hundreds of billions if not trillions"? You are out of your mind.

As for the Bella, it is amazing that you continue to argue this as if you have actually witnessed one of these transactions take place. You don't know that the deal is available with $425k condos.... all it says is condos start at $425k. You don't know how the agreement will be written. You don't know how the HUD-1 will appear. You don't know if anyone will qualify for this offer. You don't know how many people will want to collect the $30k credit and be denied by their lender. Like I said, just because they offer it (with few details I might add) doesn't mean people can actually take it. Remember, in the offer it says UP TO $30k in credits.

And yes, I know it is not a lease, I'm the one that pointed it out. I merely added that a number of "free car" offers I have seen advertised in papers specified it was a lease. You might want to take a course in reading comprehension along with some basic real estate courses so that you might actually know what the hell you are talking about...

I need to go back to my practice of ignoring your nonsense.

Good call.

But don't you know, they are having trouble flipping property in the Hamptons and California!
Aren't you listening?

__________________
Peace Out, Philly!

I don't know of any crooked cops, teachers, or judges and certainly don't know of any institutionalized fraud committed within these professions. Realtors participated in a scam where it is estimated that 80% of all appraisals during the run-up were inflated.

The US government has committed a few hundred billion US Treasuries to purchase (lend Treasuries indefinitely) bad mortgaged backed securities and collateralized debt obligations. I don't have to be "out of my mind" to state the above, just capable of stating a fact.

I'm still waiting for you to admit that a $35k car at closing on a $450k condo purchase fully mortgaged where the automobile giveaway is not disclosed to the lender is illegal.

You'll never admit it because you know that the terms of the Bella deal might include the above and you are deathly afraid of indicating that something that your realtor brethren are doing on an ongoing basis is quite illegal. I'm not trying to pick on you, but it's pretty obvious that there are some very serious ethical problems within your profession. You may be one of the more ethical realtors (?) but you simply refuse to say that the above, as described, is an illegal transaction. It's foolish for you to do this and it's one of the reasons that alternative methods of purchasing houses will do so well in the future. Speaking truthfully is always the best way to go - I'm sure you aren't looking for advice and undoubtedly with sales so far down this is a difficult time for all realtors, but perhaps after thinking about it you'll realize that it's always best to be maximally truthful to clients (and prospects).

P.S.

From today's Inquirer:

"In March, existing-home sales in the eight-county metropolitan area fell 32.8 percent from the March 2007 level, according to Prudential Fox & Roach's HomExpert Market Report, which is based on data from Trend multiple-listing service."

Condoguru - congratulations on your profits! With cc rents continuing to climb, investors are doing well by either flipping or renting their unit out.

This is another variation of what realtors did during the runup - i.e. creating fictional "bidding wars" and promoting unsustainable inflation via fraudulent appraisals and cash back scams.

This ponzi scheme as constructed by realtors, their minions (appraisers) and that industry is causing massive damage to the US economy and the middle class.

Thanks! I kept the upstairs unit for that very reason...the rent I'm getting is too high to let it go for what I paid since it is a much larger unit than the one I sold below it. I'm going to keep if for at least another 3 years and see what happens. I was the second resale on the block after it was rehabbed and the first guy got his price in 16 days. Mine went faster because it's a better layout, nicer finishes and priced not that much higher than his. But out of respect for his real need to actually move (he was an occupant), I waited to list mine. Which in hindsight was better, because we weren't competing with one another.

Now I know you are off your rocker!

Oh my god....are you still not getting it??? We don't know the details of the deal. First of all, as I have said now at least twice....the deal does not specify that a $425k condo qualifies for the offer. It only says that prices start are $425k and that only 20 offers will be made. Aside from that....do you know what "a credit of UP TO $30,000" means. It might only be an $8,000 credit due to restrictions by the lender.

I am not going to accuse them of doing something illegal until it is proven to me that what they have done is in violation of the law. As I have said before, simply OFFERING a credit up to $30,000 is meaningless. They could get to the day before settlement and the lender reviews the HUD-1 and says WHOA. You can't take this credit. At that point, nothing illegal has happened.

How about this scenario....suppose someone pays cash. $425k for the condo and the car. Is that illegal? Not as far as I know (but I'm not a real estate attorney). Afterall, homes are sold including personal property all the time. Ever see a fully furnished home for sale? Is that illegal too? People can buy and sell property for ANY amount they like.

So, again, simply OFFERING a $30,000 credit at closing is not automatically illegal. Sorry to burst your bubble.

If you hope to win an argument someday, perhaps you should try arguing with someone less informed than you....or arguing on a subject that you actually understand.

Once again, you have now earned a place on my ignored persons list. Congratulations.

You don't seem to be doing a good job of ignoring me.

Maybe that has something to do with the fact that I've asked you to respond (in several different ways) to the sentence below (from the prior post):

"I'm still waiting for you to admit that a $35k car at closing on a $450k condo purchase fully mortgaged where the automobile giveaway is not disclosed to the lender is illegal."

Obviously it is not illegal for someone to pay cash of their own money and get a condo and a car. And it is obviously illegal for someone to pay $450k on a fully mortgaged property while receiving a car, where the receipt of the car is not disclosed to the lender. I have asked you several times to indicate that this scenario is illegal but you refuse to do so.

Here's why:

If you admit it's illegal then you throw your cronies under the bus who participated and continue to participate in such scams, and you aren't going to do that. If you don't admit it's illegal (or do the whole "I'm going to ignore you because you are stupid/can't read/are a baddie") then you are what you are - a realtor.

No disrespect intended, it's just that you are a realtor and you are unwilling to say that the above is illegal. But we are dealing with facts here - the scenario described above is illegal.

housing... yeah.