QH Renter_IHB
New member
His district is shaped like Italy
New words from Gary Watts
- Thread starter xsocal land merchant_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Damn that was quick. There was definitely a sense of urgency coming from the OCR crew. I wonder if they will have a more detailed article for Friday.
I love Gary's half-assed answers of it being a business decision, and how he can make the payments. Right... I wonder how long it will be before we find out about another business decision of his?
How on earth do you get a short sale approved when you admit to the whole, wide world that you can make the payments but instead choose to ignore your contractual obligations?
Judicial foreclosure, please. Go after the bastard and whatever he's got.
I'm glad to see you posting here, so welcome. I love your haiku's over at CR. Any chance you could serve one up on Gary "not really an economist" Watts?
This is correct. Short sales can, and frequently do, happen to non-owner-operated properties all the time. Well, at least such are listed-whether or not the bank accepts them is another story. A short sale is a standard write down. It's no different than a credit card company accepting half of what they are owed on an old account, or bond holders accepting the company to pay them 50 cents on the dollar from a failing company.
Even though banks have taken TARP funds, this is a business decision not directly related to taking said funds. Now, another thing that investment properties don't qualify for are all of those government programs that intend to keep people in their houses by lowering interest rates and principal and stuff. But most of those programs don't really have any teeth in them anyway. It's also to foreclosure on a non-owner occupied property (although evicting the tenants is just as hard).
Now, frequently there is PMI involved, so, the bank actually makes more money if they foreclosure and sell it themselves, because they can collect on the insurance. This is why short sales attempts rarely result in actual sales.
He received the NOD in February, so either he has caught up some to stave off the NTS, or Countrywide is too backed up to file it in a timely matter. Of course, I will be keeping an eye out for it, when it does finally occur. I just have to snicker that the escrow fell out from before. I really want to know if it was the bad press that made them change their mind, or the lender didn't accept the offer. BTW, he is upside down on all his properties in OC. If he owns 20 properties, he doesn't own 20 in OC. He wouldn't lie about that, would he?
graphrix_IHB
New member
caliguy2699 said:
Damn that was quick. There was definitely a sense of urgency coming from the OCR crew. I wonder if they will have a more detailed article for Friday.
I love Gary's half-assed answers of it being a business decision, and how he can make the payments. Right... I wonder how long it will be before we find out about another business decision of his?
Major Schadenfreude_IHB
New member
I admire a man who puts his money where his mouth is and I'm glad Gary Watts is still "maintaining all his other properties". That makes me real happy! 
tmare_IHB
New member
Am I the only one who would like to see credit where credit is due for this story? Graph and Awgee deserve an acknowledgment, as well as the IHB in general. Some of the comments over there are praising Matt Padilla and Jon Lasner for this one when all that Matt did was read an e-mail and recognize that this was big. Congrats to both of you even if I'm the only one who says it.
BTW, the story seems to have gone from front page online to non-existent sometime between last night and today, I wonder what's up with that? Is Gary threatening someone? Or are they investigating the short sale aspect?
BTW, the story seems to have gone from front page online to non-existent sometime between last night and today, I wonder what's up with that? Is Gary threatening someone? Or are they investigating the short sale aspect?
caycifish_IHB
New member
graphrix said:
How on earth do you get a short sale approved when you admit to the whole, wide world that you can make the payments but instead choose to ignore your contractual obligations?
Judicial foreclosure, please. Go after the bastard and whatever he's got.
stepping_up_IHB
New member
As many of you already have seen, the article is on the front page of the Business section in the print edition today. I don't see how he can justify this as "a business decision." It would be a business decision to cut your losses, but the bank should get every dime that they are owed. The bank should foreclose and go after him.
No_Such_Reality_IHB
New member
Is the tenant whose furnishings are not included still in or out?
irvine_home_owner_IHB
New member
Wow... this is so ridiculous. There are people who actually live in their houses, can't pay the mortgage and can't get help from the lender... yet this guy can short sale a rental that he can afford?
Good job Graph and awgee!
Good job Graph and awgee!
irvine_home_owner_IHB
New member
Someone pointed out in the comments there are no regulations for short sales. But I do remember something about not being able to use TARP money for non-owner occupied properties (I haven't read the TARP). Of course, BofA can claim that the debt isn't being forgiven with taxpayer dollars (since there is zero accountability) but this just bothers me.
Also, the fact that he stopped paying his mortgage but still collected rent makes this whole thing worse (unless the tenants moved out prior).
Also, the fact that he stopped paying his mortgage but still collected rent makes this whole thing worse (unless the tenants moved out prior).
Soylent Green Is People_IHB
New member
Here's the issue I have with GW.
Why is GW even considered a source? If you read any of his papers on the market he gets some things right, but most things terribly wrong. Most Agents would forward his white papers on the OC market to sellers as proof academia thought values, like trees, grow to the sky. Information that isn't counter balanced is dangerous. Ask anyone who bought their home in 2005 or 2006 based on advice like GW was shilling.
The Orange County Board of Realtors has GW as their annual keynote speaker at their June 26th meeting. Thats got to be money well spent.
Why is GW even considered a source? If you read any of his papers on the market he gets some things right, but most things terribly wrong. Most Agents would forward his white papers on the OC market to sellers as proof academia thought values, like trees, grow to the sky. Information that isn't counter balanced is dangerous. Ask anyone who bought their home in 2005 or 2006 based on advice like GW was shilling.
The Orange County Board of Realtors has GW as their annual keynote speaker at their June 26th meeting. Thats got to be money well spent.
graphrix_IHB
New member
Soylent Green Is People said:
I'm glad to see you posting here, so welcome. I love your haiku's over at CR. Any chance you could serve one up on Gary "not really an economist" Watts?
Soylent Green Is People_IHB
New member
Let's see.....
Brighter lights are known,
Not many "watts" with G.W.
Kool-Aid swilling tool.
Brighter lights are known,
Not many "watts" with G.W.
Kool-Aid swilling tool.
graphrix_IHB
New member
Geotpf_IHB
New member
irvine_home_owner said:
This is correct. Short sales can, and frequently do, happen to non-owner-operated properties all the time. Well, at least such are listed-whether or not the bank accepts them is another story. A short sale is a standard write down. It's no different than a credit card company accepting half of what they are owed on an old account, or bond holders accepting the company to pay them 50 cents on the dollar from a failing company.
Even though banks have taken TARP funds, this is a business decision not directly related to taking said funds. Now, another thing that investment properties don't qualify for are all of those government programs that intend to keep people in their houses by lowering interest rates and principal and stuff. But most of those programs don't really have any teeth in them anyway. It's also to foreclosure on a non-owner occupied property (although evicting the tenants is just as hard).
Now, frequently there is PMI involved, so, the bank actually makes more money if they foreclosure and sell it themselves, because they can collect on the insurance. This is why short sales attempts rarely result in actual sales.
graphrix_IHB
New member
tmare said:
He received the NOD in February, so either he has caught up some to stave off the NTS, or Countrywide is too backed up to file it in a timely matter. Of course, I will be keeping an eye out for it, when it does finally occur. I just have to snicker that the escrow fell out from before. I really want to know if it was the bad press that made them change their mind, or the lender didn't accept the offer. BTW, he is upside down on all his properties in OC. If he owns 20 properties, he doesn't own 20 in OC. He wouldn't lie about that, would he?