Real Estate Crash thread

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Originally Posted by Conundrum

Remember when Americans weren't fat and depressed, healthcare wasn't that expensive, claims were not that frequent nor as predictable as today, and health insurance was somewhat cheap? Was about 25 years ago when things started to turn.

There's an analogy and some realism here. Insurance companies like turning a profit and nerds are pretty good at running numbers.

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spot on

on another note

got a client whose family is founder and majority shareholder of a regional bank they seem to be doing pretty well like a million bucks is nothing
one of my ex's family sold their reginal bank off about ten years ago to a bigger bank that seemed to work out pretty well she's got about two million in stock for that deal they are also one of the largest landowners in the united states

people don't really have a grasp of how much wealth some people have amassed

the this guy is the best his family makes the trumps look like the trailer trash that they are

https://www.youtube.com/watch?v=umJjV5BHUsc

Apparently, that guy has over 20 kids.

Question for real estate tycoons.

With rates through the roof, and people having 30 yr mortgages like I do at 3%. Isn’t this a good time to seller finance? Or can you actually transfer mortgage somehow?

I get these postcards, and I assume thats their angle.

I think that would be more like Rent to Own like a sofa or big screen TV. Think about the title work and the lien positions. What's gonna happen to the buyer when you decide to go hookers and blow for life and quit paying the mortgage?

I’m not aware of a way to transfer or reassign a conventional mortgage. Inclined to say you can’t but I’m not sure.

You can seller finance with a mortgage in place, but all depends on the type of mortgage, clauses written into existing mortgage, etc. Call your current lender and ask them if you are eligible and if it's possible you would want to loop at RE attorney in as well and have the new contract written up to protect you as the seller.

I know you are a dirt pimp but this is ridiculous advice, at a minimum for any buyer willing to entertain it, and really for the "seller" involved as well.

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Originally Posted by Self Jupiter

I’m not aware of a way to transfer or reassign a conventional mortgage. Inclined to say you can’t but I’m not sure.

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I mean - why would a bank ever want to allow this? Their loan is based on a *specific* piece of collateral. And the only time anyone would entertain this from a borrower's perspective is when market rates are higher than the current mortgage. Which again, begs the question - why would a bank ever consider this?

So are "land contracts" still a thing? My parents bought their farm back in the mid/late 70's on a land contract, and I presume it was because interest rates were ridonkulus at the time.

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Originally Posted by skaredshtles

So are "land contracts" still a thing? My parents bought their farm back in the mid/late 70's on a land contract, and I presume it was because interest rates were ridonkulus at the time.

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A friend asked if I would consider seller financing to sell our house to her. I laughed it off, seems like an unmitigated shit show.

NYTimea article about assumable mortgages (https://archive.ph/gwhfo):

Attachment 493639

Yeah. No.
Almost all Rez mortgages are bundled and sold off. Unpossible to assign.
Even if it was a local bank portfolio loan, rates have gone up. They would rather finance the new rates.

Interesting blurb that 23% are assumable. That’s shocking.

However. Say it’s assumable. Are you released?

PS. Seller finance? Fuck no. Hard no. Maybe ten k or some short term gravy. But if you have to foreclose the legal fees and lost payments will crush you.
The only thing I would consider is a deed in lieu of foreclosure held in trust. But even that can be litigated and stuck court.

Assumable mortgages are a thing in that those words in that order describe something that theoretically exists, but it’s not really a thing. If you find one, cool, but don’t waste your time looking for one.

It’s not because they’re bundled and sold, it’s because most investors explicitly don’t allow it for pretty good reasons and even if they did, your lender has zero motivation to make it happen for you.

And unless it’s your great uncle or an old family friend or some such who owns some property free and clear and has some reason to help you out, land contracts aren’t much of a thing either.

https://bozeman.craigslist.org/reo/d...746521294.html

well shit is officially still bananas here

would you like a rare opportunity to own a single wide in a floodplain w a 40 min commute to glitzy Bozeman Mt? act now, and hay, the seller says no insurance needed and seller financing may be an option. but make sure to have your ducks in a row, a thorough review of your shit will be happening

jfc

Lol

Any comments WRG? Who the fuck represents this type of sale? They should've at least talked about waterfowl opportunities and proximity to premier music venues and of course titty bars..

Sent from my SM-S236DL using Tapatalk

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Originally Posted by AdironRider

I know you are a dirt pimp but this is ridiculous advice, at a minimum for any buyer willing to entertain it, and really for the "seller" involved as well.

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Not sure how it's ridiculous to advise someone to consult their lender and an attorney on something that is theoretically possible. It's largely out of the scope of my knowledge.

Seller financing on a property owned outright? Yes, it is happening, but rarely.

Or you could just put down the realtor crack pipe and admit it is a terrible idea to even explore.

This is a perfect example of why your career is going away. Every realtor's focus is just on getting a deal done and basically zero focus on looking out for your client's best interest.

I thought this podcast was interesting- "The Possible Collapse of the US Home Insurance Industry"

I expected a profile of a community in coastal Florida or a wildfire prone community in California, but allegedly a small town in Iowa is ground zero for insurance non-renewals.

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Originally Posted by Mustonen

Assumable mortgages are a thing in that those words in that order describe something that theoretically exists, but it’s not really a thing. If you find one, cool, but don’t waste your time looking for one.

It’s not because they’re bundled and sold, it’s because most investors explicitly don’t allow it for pretty good reasons and even if they did, your lender has zero motivation to make it happen for you.

And unless it’s your great uncle or an old family friend or some such who owns some property free and clear and has some reason to help you out, land contracts aren’t much of a thing either.

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If it is an existing FHA or VA loan it can be assumed by qualified buyer but that's it no conventional loans are assumable

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Originally Posted by Kevo

I thought this podcast was interesting- "The Possible Collapse of the US Home Insurance Industry"

I expected a profile of a community in coastal Florida or a wildfire prone community in California, but allegedly a small town in Iowa is ground zero for insurance non-renewals.

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I suspect that derecho that went through Iowa a few years back really opened up some peoples' eyes as to what can be expected in the Midwest going forward.

Sure is a good thing that global warming isn't a thing!

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Originally Posted by Danno

Sure is a good thing that global warming isn't a thing!

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tHaNkS AlOt, JoE BiDeN.

Thank you for the responses.

Was told it goes up you’re credit too.

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Originally Posted by liv2ski

If it is an existing FHA or VA loan it can be assumed by qualified buyer but that's it no conventional loans are assumable

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Right. I shouldn’t say it’s impossible. But it narrows an already tough market to what I’d say is an untenable level, and even then you’d have to assume the market hasn’t priced it in. If the stars align, sure.