We got approval from the bank to allow short sale of the Modesto house at about $300,000. I have the approval letter but my short sale real estate agent didn’t want me posting it quite yet.
Now that the 1st is willing to do the short sale, the agent is negotiating with the second to make sure they are willing to play along. I haven’t heard back yet. With this agent, no news is good news. I’m assuming things are progressing along.
Even if the second is will to play ball on the short sale, we’ll still have to hope the buyer actually closes. But hey, perhaps I will have one successful short sale under my belt after all. I can’t take all the credit though. Success is all about having great team players, like my awesome short sale agent in Modesto. I already referred a couple of people facing foreclosure to him.
That’s the kind of network I want to build. A team of short sale specializing real estate agents across the country who I can refer people too and help them avoid foreclosure on their record. Not many agents are willing to do short sales and the ones that do, few are good at it. I’ve been blessed with some good ones.
But even the good short sale agents can’t always stop foreclosure. The bank can say NO to a short sale for a number of different reasons. So I feel like even if we get 1 out of 4 short sales accepted, we’re doing pretty good.
114 Comments
April 6th, 2007 at 2:24 am
I hope that you are successful with this one. We admire your determination to avoid bankruptcy!
Good Luck!
April 6th, 2007 at 3:03 am
aaack!!
You interrupted my nap!
thpptt!
S_t_C
April 6th, 2007 at 3:11 am
did you buy the stock or did you not buy the stock?
April 6th, 2007 at 4:31 am
How can you tell that your short-sale agents are good when you haven’t had a successful short sale yet? What is the criteria here? Am I a good pastry chef if I try to bake a pie and end up burning it?
April 6th, 2007 at 5:03 am
“…But hey, perhaps I will have one successful short sale under my belt after all…”
Wow.
What a successful record of real estate “investing.”
You should reward yourself with some jamba juice.
“… I can’t take all the credit though…”
Oh, sure you can.
This royal f___-up is entirely of your doing.
Don’t be modest
Bask in the glory.
April 6th, 2007 at 5:13 am
ASW: success
“I can’t take all the credit though.”
Did you mean to say “all” or “any of”?
Of course, maybe I am being too harsh. If not for you overpaying for the property to begin with, this short sale could not have never happened!
April 6th, 2007 at 5:28 am
This week: Team of Short sale Specialists
Last Week: Redesign the website as a Foreclosure Assistance Website
Two Weeks ago: Something else-turning your google standing into some sort of website.
Your plans are changing faster then quicksilver. It’s nice to have these plans and to want to execute them. In the meantime what are you doing to hold off the wolves at the door.
You have a concrete goal that you need to be addressing immediately: Discharge your debt. What is your plan for discharging your debt?
You have managed to put off one of your creditors for 60 days. Big deal. Where is the remaining $2800 for this month? If your creditors take you to collections they will take legal action, get judgement against you and then take one of two actions: If you are working, your wages will be garnished. If you are not working, your assets will be seized. If a seizure team comes to your door (with the sheriff in tow) they will just start picking things up and putting them in the truck until they think they have enough to cover your debt (as per fair market value)-so your car, computer, clothes would all be gone. If the seizure team is none to picky they could start picking up things in the rest of the house to cover your debts-your inlaws kitchen, furniture, electronics. If they cannot prove right there and then that a given thing is their’s (and not yours), the seizure company will walk off with it.
Things could start to look pretty harsh after a couple of different seizure crews come through to start picking off the remains that the previous seizure crew didn’t pick up.
You need to find an immediate plan of action to start getting money so you can paying your creditors.
April 6th, 2007 at 5:40 am
Same old CS:
“But hey, perhaps I will have one successful short sale under my belt after all. I can’t take all the credit though.”
Can you tell me what is a “successful short sale”? I put it on a par with a “successful” amputation.
Also tell me what part you did and what part your “awesome” agent did? Will he still be “awesome” if the sale falls through? You are doing something typical of your usual approach “counting your chickens before they hatch”. I’m sure this guy is a professional but he hasn’t done the deal yet.
“So I feel like even if we get 1 out of 4 short sales accepted, we’re doing pretty good.”
Is it just me or are you saying that a 75% failure rate is OK? What are the reasons banks don’t accept short sales?
April 6th, 2007 at 6:04 am
Not many agents are willing to do short sales and the ones that do, few are good at it. I’ve been blessed with some good ones.
See that’s the difference, Casey, you are special and touched that’s why you are going to get out of this mess and why you are entitled to everything you have.
Those few good short sale agents taking all this risk and working hard are worth giving a plug, who are your awesome team members others can look to for short sales.
I feel the bank has the pull in the short sale, wouldn’t 1 in 10 short sales be a deal and 1 in 4 odd’s be great?!
April 6th, 2007 at 6:10 am
“That’s the kind of network I want to build. A team of short sale specializing real estate agents across the country”
I’ve got my own team. A team of Certified Fraud Examiners (CFE) and Certified Internal Auditors (CIA) just waiting to be hired by the authorities to come investigate you.
April 6th, 2007 at 6:12 am
“I’ve been blessed with some good ones.”
Yes, your “help” has been so good that you’re 0-3 in short sales. That’s some good representation right there. And all your “good help” never once told you you’re an idiot and helped you get out of debt.
Face it, your agents, your help, they’re all just trying to get a few pennies from you before you go under. They want to get their money just like everyone else you ripped off.
April 6th, 2007 at 6:15 am
I am a real estate agent in South Lyon, Michigan. Short sales were not a part of our vocabulary a couple of years ago. Now foreclosures have increased significantly in our area. Our market has been dependent on domestic automotive and related suppliers.
My experiences have been that seller’s need us more than ever these days. Most of the real estate agents are pretty upset about the market. I enjoy the challenge.
The toughest part of these short sales is when there are two lenders involved. The last one took the junior lender, Countrywide two months to get back on what would have saved the seller from foreclosure, given the first lein holder a good chunck of change, and probably saved Countrywide some money in the end.
But, in the waiting period, two buyers that wrote purchase agreements backed out, they see our market declining, and read the negative comments in the news. That is the toughest part for me. To work out the negotiations in a timely fasion and still maintain the buyers.
One agent said that she takes a fictious offer to the lenders on her short sales just to get the ball rolling, but I just could never do something like that.
Any answers out there on how to expedite these short sales?
April 6th, 2007 at 6:25 am
Will I Stop The Last Foreclosure via Short Sale?
Based on your track record, I’m going to guess, “No.” Hope you can prove me wrong, though.
April 6th, 2007 at 6:29 am
that’s great casey. maybe after the short sale (if it does happen), you could finally get down to finding a way to start to pay back some of the money that you owe. there’s really no need to ’short sale’ the friends that lent you money.
April 6th, 2007 at 6:33 am
Hey Casey - can you answer this question. Is it better for you if the house goes to short sale or if it goes to foreclosure. Can you let us know your research to arrive at this answer,
Loads O Money
April 6th, 2007 at 6:34 am
asw: blueballs
bwah.
I’m getting blueballs just waiting to find out. You know the outcome but it just hurts waitings.
April 6th, 2007 at 6:38 am
Given your past history…..
Here is how it will go.
Friday April 6th
12:00 PM-Oh God!!!! I was supposed to have that short sale packet to the bank by noon today. Wow, I bet “G” will be upset. I was not an eary riser today.
12:30 PM-I will be very busy today. I need to update my blog, get some air for my blue ball and check the mail. I think I will mediate and reflect on today’s tasks.
1:30 PM-That was a great nap, now on to better things. I am very thirsty and Jamba Juice will take care of that! ON TO THE JAMBA JUICE!!!!!
1:55 PM-WOW! That jamba juice was great, but now I am hungry. I will go to Big Kahuna Burger for a Modified Veggie Wrap. This is turning into a great day!
2:35 PM-This man-purse does not go with my socks. I am going to stop at Big Boys Bags and see what they have.
3:15 PM-My new $125.00 man-purse is hot. I look very professional and I bet it will help me win over some sweet deals. I feel like I am forgetting something, but hey, it’s all good!
3:30 PM-I wonder if Party City has some air for the blue ball?
3:51 PM-Hey, here is some enviromentally safe air in a reusable plastic can. I think I will do my part today for a greener Caifornia!
4:08 PM-I need to get “G” some flowers so she wont be mad at me for spending the rent money on all of today’s business expenses. Hey, there is a bald guy over there selling flowers. I will test my negotiation skills on him and turn a sweet deal.
4:20 PM- That guy was tough, but he gave in after I promised to visit their office next week. I wonder what Krishna International is? I bet they will want to offer me a consulting job!!!! I am on top of the world.
4:59 PM-”G” loved the flowers, but she was awful mad at me about the rent money. I promised her I would do better next time. I need to check my blog and go through the mail.
6:15 PM Blog complete,SWEET! There is not much mail and it can wait until tomorrow. I feel I am forgetting something, but hey, its all good.
6:18 PM- Blue ball filled! I am having one of those complete days! I wonder what is in that folder on my desk? I will check it later.
6:20 PM- I will take “G” out to dinner tonight to make up for the rent money.
6:22 PM- Hey “G”,that purse does not go with your jeans. Come on and lets go get one that matches.
7:40 PM-WOW! That new $200.00 purse goes great with your jeans!!!(I wonder if she will let me borrow it next week at that Krishna interview?)Its off to a MOD_VEG dinner!
8:50 PM-That Steak Tofu Really hit the spot. I think I will ask “G” if she wants to go to Jamba Juice for an after dinner Wheat Grass Shot. OOOPS, I forgot my cell phone at the apartment. I hope no one is looking for me. Oh well!
9:40 PM-That was a great drink! I wonder if I will get lucky tonight? I still feel like I am forgetting something, but I cant remember. This has turned into a great night!
10:45 PM-SCORED!!!
10:46 PM- I need to turn my cell phone on… WOW 10 messages. I am tired so I will go to bed and be an early riser tomorrow.SWEEEET!
SATURDAY APRIL 7TH
11:50 AM-OOOPS, I am not an early riser today.
11:55 AM-I am going to the Jamba Juice for a Breakfast Mix to go with my MOD_VEG biscuit.
12:45 PM- Now lets see, I need to check my cell phone messages
OH GOD!!!! I was supposed to take that short sell package to the bank. I wonder if it is too late. Boy “G” is going to be mad at me and I bet that bank lady is really pissed off. I need to find that bald guy and get some flowers for both of them.
1:45 PM-I called the bank lady and she said it was too late. What a bummer. I will not be buying her any flowers!
2:15 PM-I need to go home and reflect on this set back.
2:45 PM-My blue ball is not holding the air. I bet I got the wrong kind again.
3:15 PM-I need a nap
6:15 PM-Wow, I feel alot better now. I wonder if the bank lady will reconsider? I will call her and use my negotiation skills against her. I bet she will give in right away!
6:30 PM-I dont think she was very impressed with my skills and she seems to have something against me. I will give her some time to reconsider my offer. SWEEET!
7:45 PM-The blue ball situation is getting grave. I may have to consider taking it to Party City and have a technician look at it.
8:45 PM-That Party City guy was great! He used something called ductape and repaired the blue ball. He didn’t even charge me for the air. I feel a little bit concerned he didnt use the enviromentally safe air, but all is good. I will be doing business there again!
9:45 PM-”G” did not want to go out tonight. She said we were broke, but I think she is still mad about the short sale thingy. She was impressed with the flowers, though.
10:00 PM-Blog update time.
11:50 PM-I will finish the blog in the morning. After reflecting on the last couple of days, I believe I am on the right track. I feel I will need to tweek my negotiation skills and work on my priorities, but all in all it has been a good experience. I hop all this pays off next week at that Krishna place. What a sweet deal this is going to be…
April 6th, 2007 at 6:41 am
Er.. um.. I have a question!
You say that you want to turn IAFF into this foreclosing birddogging referral recommendation advise guru thingy. Presumably, as a way of monetizing IAFF. Right?
This network - didn’t you say, some time back, that you’d be getting sweet commish off these referrals?
Now you’re saying that you’ve already made a few of these referrals, a few hard lucks over to your short sale agent. But unless I’m missing something, you haven’t mentioned word one - not to us, not to CashCall - about any of this income, or even potential for income. It’s sure not listed in your spreadsheet doodad.
So are you hiding income, or haven’t any of those referrals panned out? And if the referrals haven’t panned, what evidence do you have of your plan’s feasibility?
What’s the story there?
Honestly wondering, man.
April 6th, 2007 at 6:43 am
That’s right Csey, keep rearranging the deck chais as the Titanic goes down…
April 6th, 2007 at 6:43 am
Hey,
I havn’t been on in a while. I have been too busy with Homework!! Finally, I graduated with a Master’s in Accounting. Now I have that wonderful debt to start paying back!
Anyways, Why not start a short sale agent network across the US. Now would be a great time start. Charge the buyer a minimal fee 10% going to you and 90% going to the agent who does the deal.
Just my thoughts,
Julie
April 6th, 2007 at 6:45 am
So I feel like even if we get 1 out of 4 short sales accepted, we’re doing pretty good.
No, that’s not “pretty good.”
Zero short sales approved out of zero short sales attempted would be the norm. “Pretty good” would be buying houses with enough equity so you barely even know what a short sale is.
By your standards, I can drive like a maniac four times, but if I only cause three accidents, I’d be doing “pretty good.”
April 6th, 2007 at 6:51 am
Maybe first?
April 6th, 2007 at 6:56 am
“Will I Stop The Last Foreclosure via Short Sale?”
no
April 6th, 2007 at 6:59 am
My bet is no you won’t. You’ll find a way to screw it up. You’ll sleep through some meeting, report here about it, then sum it up by saying “but it’s all good.”
April 6th, 2007 at 7:17 am
Boring. Your 15 minutes are up, at least in this incarnation. What’s next? Carnival barker?
April 6th, 2007 at 7:21 am
Ask again later.
April 6th, 2007 at 7:23 am
the time stamp on this post is 2:21 am. not sure how accurate that is, but if it is, why are you awake? you should be getting sleep to counteract the stress you’re under. are you feeling stressed?
April 6th, 2007 at 7:32 am
Hi Casey,
I think you and your readers will get a kick… and maybe an education… out of this. It presents inflation-adjusted housing prices since the late 1800s in a unique manner. Note that although there have been many ups and downs over the last 130 years or so, the overall housing price has stayed about the same… and every ‘up’ has been followed by a proportionate ‘down.’ Something to think about before making a big mistake by buying too soon.
http://video.google.com/videop.....9528285056
April 6th, 2007 at 7:34 am
Well, this doesn’t sound like a victory to me. It sounds like an intellectual exercise. Either way, it doesn’t really change your situation. Who cares about short sales anyway. If you are successful in the future, you won’t have to worry about them. Additionally, experience with how one bank (out of the hundreds of mortgage lenders out there) deals with short sales is just too little information to make you experienced enough to dispense advise, except maybe to people who have that particular lender.
Your best bet is to get all this property off your balance sheet one way or the other so that you have an opportunity to consider bankruptcy. When you no longer own the property, you won’t have mortgage banks showing up at the bankruptcy proceedings. Without those mortgage banks showing up, the past issues with cash back is going to be effectively moot. You will be able to show your utter lack of income and a mountain of unsecured debt and it will be a slam dunk. Casey, break the glass!
April 6th, 2007 at 7:36 am
I think it’s beyond hilarious that you use phrases like “play ball” to sound like a tough deal guy. The only thing in this post funnier than that is the idea that you think you can make money as a short sale broker. This is the funniest blog I’ve ever seen.
April 6th, 2007 at 7:58 am
I keep reading your posts.
I was not a hater, but I am turning into one. I can’t believe you believe the stuff you are writting!!!
As others have said. Do not pay CashCall.
Also, file bankruptcy after your last house forecloses.
Oh and do not get a job till after you file bankruptcy. Right now you can get all your debt discharged, if you make more than the state median income you no longer can and bankruptcy was a waste. New Bush rule, yeah it sucks.
April 6th, 2007 at 8:01 am
ASE: blueball
how come there aren’t any pics with guy who bought your autographed blue ball?
April 6th, 2007 at 8:06 am
What’s “successful” about a short sale. From my perspective, it looks like abject failure. But maybe you can get the second bagholder to “play along” after all. In that case, I presume it’s a minor success.
April 6th, 2007 at 8:12 am
I went through the short sell process myself a least a half dozen times over the past twenty years… i always made the bank pay me some money…. you’re agent is getting money.. the bank is saving money by not having a reo… DEMAND THAT YOU GET YOURS… you deserve at least 7.5% to 11.4% of the short sell proceeds… and tell the second to go jump in the lake… if it forecloses they get nothing so they shouldn’t hold up your short sell…. don’t be taking advantage off again casey. .. its the bank fault you are in trouble tell them to stick where the sun won’t shine unless you get money for your pocket……
April 6th, 2007 at 8:21 am
Casey,
A bit of topic on this post but one first lesson you need to learn is the rule of 72 with regard to compound interest.
Take the interest rate in percent and divide it into 72 and that is the time in years it takes to double your savings with compound interest assuming you get a compounded rate of return. Or in your case the time it takes to double the money you owe without you making any payments. Mind you, late charges add even more to this.
Take Cashcall, you took out $10k at nearly 36 percent, means if you don’t pay it doubles to $20K within 2 years plus penalties. Unfortunately you triggered a penalty with a 97% interest rate meaning your $10K is doubling EVERY 8 MONTHS! Mindboggling but true. You may have bought time with them and not pay for 4 months but your principal will be up to $14K or higher by July.
This is one of the basic things you need to grasp. If you are scoring a double digit plus interest rate it ain’t no sweet deal. It is sour through and through. And a triple digit interest rate- that is like an army of Bubbaz standing in line at your backside waiting to go to town. Not to be vulgar but you need to think of it in this way and not get into deals like this. Bad Casey!
If I ran a scaminar I would have drawn out this little lesson with other BS stories and charged you and all the other punks $3K for the day while giving you all coffee and jamba juice. But I’m a nice guy so I’m giving it to you free. Consider it a gift.
Sincerely,
-Big Cheese
ASW: letsdoit
April 6th, 2007 at 8:27 am
Casey, did you really write “I can’t take all the credit though.”???
Honestly, I almost lost my breakfast when I read that statement.
You can’t take ANY of the credit for a multitude of reasons:
- There is no “Credit” to devide up. Short sale is not a positive thing. That’s like saying I got charged with vehicular manslaughter instead of murder but I can’t take all the credit. What are you thinking?
- Your Agent has probably spent dozens of hours on phone calls, showings, inspections etc… trying to sell your piece of trash. Working with the buyers, the banks etc… If there was any credit, it would go to him. You have spent maybe 30 minutes thinking about what to do and 9 months not paying mortgage payments, not opening mail and not even knowing when your foreclosure auctions are happening.
April 6th, 2007 at 8:33 am
wait, how much of the credit can you take? I guess there wouldn’t be a house in need of short-selling if you hadn’t gotten yourself into this mess in the first place. Other than that, what have you done to make the short sale happen?
April 6th, 2007 at 8:35 am
Security word “WINWIN”. If this buyer closes he won’t win but will LOSE big time. That property will be worth less in 2008, and less again in 2010. He should cut the deal LOOSE, and procrastinate. Time is on his side. You should cut this deal LOOSE as well since you wont LOSE any more and try to find some SWEETER, JUICIER deals. Is this another Countrywide loan?
Countrywide, the Next Enron. Ticking time bomb. Sweet for the shorts. Win-Lose. Thats my kind of deal - I win, the other guy loses.
It’s all good, dude.
April 6th, 2007 at 8:38 am
So your hopes and dreams hinge on being able to pay people to sell your houses at a loss? Frankly I don’t even thing this will succeed. But anyway it amazes me how much self-worth you generate from the flimsiest “successes”.
Lost $2.2M in RE speculation, but begged and made $300in one night. Net result: SUCCESS. Taking out the trash: 75% success. Paying rent to family member: somewhat successful. I hope these are on your CV by the way.
April 6th, 2007 at 9:05 am
1 out of 4 Short Sales Accepted= Pretty Good????
I love your world Snowflake.
And let me guess 0 out of 4 Short Sales Accepted = It’s All Good. Or better yet. “At Least I Tried”
April 6th, 2007 at 9:30 am
Just trying to arrange my plans…
What time does the beg-a-thon start tonight?
April 6th, 2007 at 9:43 am
Trailer Park Boys - love the timeline!
ASW: fixnflip
April 6th, 2007 at 9:48 am
So you are saying it’s a “Success” because you are able to sell the house for much less than you paid for it?
Go ahead and take all the credit Casey.
The only successful actor in this play is the guy that bought the house for much less than you paid for it. Maybe you should take notes from him.
LOL
April 6th, 2007 at 9:55 am
Don’t count me until I hatch.
April 6th, 2007 at 10:01 am
Wow are you dense. It is NOT a success to have to force your lenders to lose all their investment (2nd mortgage) and take cents on the dollar (1st mortgage) to unload the house at less than you owe on it.
It IS a success, but very hard to do, if someone can convince a lender to accept his short sale OFFER to BUY a house from a chump (like you) at a price far below market. Problem is the banks are not amenable to giving very big discounts because they have the option to take the house and sell it themselves if there is any equity there.
April 6th, 2007 at 10:33 am
Sometimes it seems like you make posts just to purposely wind people up. Chances are though, you really are this dumb.
ASW - manbag. I’ve never gotten that before.
April 6th, 2007 at 10:36 am
Q: “will I be able to save this POS from foreclosure by short sale at 25% over the market value?”
A: NO.
April 6th, 2007 at 10:56 am
Casey,
Good news, if short sales are good news you are in luck. I’m 100% sure all those foreclosure’s you stuck the banks with will get sold for less then you owe on them. That should count as a short sale after all it is the same end result.
Casey, stop listening to those “Hater’s” about filing for Bankruptcy or BK. Stay the course man Bankruptcy is what bad investors do. Don’t let them take you out of the game now while you are just getting the feel for it. You need to ride this wave to shore and see where it takes you. Don’t bail out; no surrender no retreat, head in the wind and all that good stuff.
–Keep Living the Dream
Roger
April 6th, 2007 at 11:24 am
Seems like only an idiot would pay $300k for that house in this market so there is zero chance of this short sale working out. But you successfully baited the crowd with another post. Good work & keep on trollin…
April 6th, 2007 at 11:36 am
Casey:
We just found this BLOG and can’t believe how you and all the idiots here think it is funny that we are about to lose more than $70,000. We are going to get together with all the other 2nd TD holders that you screwed and see that you serve time foryour crimes.
April 6th, 2007 at 11:39 am
Casey:
Is Big Cheese correct about the Cash Call interest rate? How about posting your Cash Call statement. Have you thought about going to a Loan Shark (I bet they charge lower interest than Cash Call).
April 6th, 2007 at 11:54 am
Casey -
No one will partner with you.
No one wants to be associated with you unless they are hoping to ride your coat tail for some media exposure.
However, soon, your news and media stories will dry up - what little coverage you will get will be negative.
You have made poor decisions. Not just the last six months, but, it appears, the last six years. Your first bad decision was to not go to college, but chase a $30,000 year job. Sure, at 18 or 19 it may have seemed to be a lot of money, but with an education you would have gotten so much more - not to mention respect and perspective.
You do not deserve BK - it is too good for you. You lied on loan docs and juiced up your income to gain more credit.
I think the best thing for you is to be charged with a crime, plead guilty and get a short jail sentenced followed by 10,000 hours (about 5 years) of “community service” where you live in a halfway house and work by cleaning up public toilets, picking-up trash on the highways, feeding the homeless, and countless other tasks that will teach you respect. Respect of yourself, of others, and of a W-2 job and paycheck.
And, with that 10,000 hours of community service I would consider your debt of “every dirty penny” being paid.
April 6th, 2007 at 12:05 pm
Foreclosure or a short sale wont help your credit either way your credit is shot for a few years.Its time for cash only http://www.icantsellmyhouse.blogspot.com/
April 6th, 2007 at 12:22 pm
“But hey, perhaps I will have one successful short sale under my belt after all. ”
and you are proud of this?
April 6th, 2007 at 12:37 pm
“perhaps I will have one successful short sale under my belt after all”
successful means never having to short sale your houses
April 6th, 2007 at 1:14 pm
#3. Alexis
April 6th, 2007 at 3:11 am
did you buy the stock or did you not buy the stock?
HE DID NOT BUY THE STOCK AND STOP ASKING!
TIA.
April 6th, 2007 at 1:28 pm
sweet!
I see you have your new website up
http://iamfacingbankruptcy.com/
next
iamfacingthefeds.com
April 6th, 2007 at 1:30 pm
Thanks for the laughs! “I can’t take all the credit though.” I can’t say much more than what everyone else has already said, but again, thanks for a Great Moment in Blogging History. I also know that in a few years/months/days time you will indeed be taking most, if not all, of the credit for any small minute bit of goodness that comes out of this.
PS: I missed your thanking the “awesome” team over at CashCall.
April 6th, 2007 at 2:08 pm
@ Casey
“Success is all about having great team players, like my awesome short sale agent in Modesto.”
That’s SWEET
For YOU Casey, success is all about having someone else do ALL the work for you.
April 6th, 2007 at 3:17 pm
You are a multiply-foreclosed compulsive gambler. A short sale- of any kind- is emblematic of your complete failure. There is nothing in the process that can be remotely described as satisfying or successful. It should be a source of shame for you, but somehow you are- once again- impervious to reality.
Your “short sale agent” is, I am sure, a competent professional who is doing his job. That job, in a nutshell, is disposing of your property and mitigating the loss for all concerned. How is that “awesome”? And, why would this agent want to ever be publicly-associated with you. I wouldn’t, and I own a RE company that also arranges short sales on a regular basis.
We clean up people’s messes and move on. We don’t marry them.
April 6th, 2007 at 3:35 pm
Casey,
Your blog is apparently worth $86,939. Sell it off and take the cash!
http://www.business-opportunit.....losure.com
April 6th, 2007 at 4:14 pm
In honor of the incredible high-quality effort of:
44. Honestly Wondering
I will not be adding any additional comments.
Cheers, and well done, sir! You win.
April 6th, 2007 at 4:22 pm
@ 57 Girly Rizer
Wow. What planet did you live on during your high school years? Someone should kick you in the nuts. Really hard.
I think it would be a hell of alot easier to find 25 yr olds earning 1 figure incomes than 6. What percentage in the U.S. even actually finish? 15% or something? Let’s be realisitic here. Stop throwing up a college degree to the guy. It’s irrelevant at this point. It also proves absolutley nothing. I bet you could take the the top 25 non-grad entrepreneurs in this country, compare them with the top 25 college grads at age 25 and the grads would be the ones “depressed”.
April 6th, 2007 at 4:28 pm
http://tinyurl.com/37ojjc
This is a Hilarious piece of art. It is a plotting of a graph of Home Prices in the US adjusted for Inflation since 1890 interpreted as a visual roller coaster ride created in Atari’s Roller Coaster Tycoon.
Where are you on this roller coaster? Right around where it is flat at the end.
April 6th, 2007 at 5:15 pm
Casey, is iamfacingbankruptcy.com really your website?
April 6th, 2007 at 5:21 pm
ASW: semivegan
:)
April 6th, 2007 at 5:36 pm
Casey bought at GPSG at .0034
Last Trade: 0.0028
How do you spell Casey? L-O-S-E-R
April 6th, 2007 at 5:42 pm
Warning to all lovers–and haters–of this blog. My friend Walter Sobchek made up a new game–the Casey Serin drinking game! The premise sounded promising–read the entire blog, from beginning to end, and every time someone tells Casey to “get a job”, you do a shot. We found Walter the next morning in front of his laptop in a pool of his own vomit, surrounded by empty bottles, and he had only managed to get through less than 5% of Casey’s blog!!!
Now that he has been released from the hospital, Walter is determined more than every to complete the challenge! You see, he’s a good man–and thorough. Walter is also a good friend, and I don’t want him to die. Casey, can you please go out and get a job? If not to pull your own life out of the dumpster, at least do it so that my friend Walter can LIVE!!!!
ASW: juicy!!!
April 6th, 2007 at 5:58 pm
#60, Notorius
He said he bought the stock, and has yet to give us any explanation of where the $4,200-plus came from. He made this disclosure on the heels of the begathon when haterz gave him money. Now in the discussion with CashCall, he says he has no money. Something is wrong, and Alexis is right to demand an answer.
April 6th, 2007 at 6:05 pm
Casey,
I just found a property that is about $52,000 below market price built in 2003!
I wish you had called me earlier before you spent that money on real estate education. What I have to teach others is FREE!
Built in 2003
3/2/0
Houston, TX just outside Loop 610 on 288 (i.e. CLOSE to med center)
430% equity at 10% down
30% cash ROI
I’m thinking about keeping it for ourselves vs. assigning it. What do you think?
Check out this house and pictures!
April 6th, 2007 at 6:10 pm
You are really painting an untrue picture.. You cant blame any of this on anyone but yourself. No one held your arm behind your back. You ARE an adult, correct? Im not trying to be mean but it seems to me you are trying to blame this on the mortgage industry and/or real estate agents. I dont know if real estate agents lied to you about the values or future values—but you had to know what you were signing. If not, you should be embarrassed to admit that you didnt.
These problems are YOUR and you are trying to cash in by playing dumb. Thats my opinion based on what Ive seen from you. I heard you are going to be on TV about this? If true, unless its a public service to tell people how not to be stupid, Id pass. There is a higher power listening to you.
April 6th, 2007 at 6:32 pm
NotoriousPIA -
He’s never clearly said he did NOT buy the stock. In fact his post on it was so cryptic that about 50 people posted and asked the exact same thing I did.
If he didn’t buy the stock, then he should just say so.
April 6th, 2007 at 6:35 pm
Forget about the short sale. You’ve already messed up every other one. Why bother with this one?
Here’s a real question: Have you done your taxes yet? The deadline is April 17th. If you need an extension, fill out Form 4868 for an automatic extension by the April deadline. Remember, though, that the extension is only for the forms; you still have to pay by the 17th any tax you may owe. The IRS is one debt you don’t want to mess with.
ASW: gold
April 6th, 2007 at 6:57 pm
silly
April 6th, 2007 at 7:15 pm
Its a little bit after 8:00 p.m. on Friday… what beg-a-thon tricks are you doing for us tonight?
I spent all week thinking up stupid human tricks for you to do.
BTW: Where is the UTAH payment? Where is it?
I guess you didn’t want my ten dollars… which is what I was going to pay you if you had cleared up the UTAH payment mystery by midnight tonight.
ASW: vdubs
April 6th, 2007 at 7:30 pm
72. Meg said: “How do you spell Casey? L-O-S-E-R”
I think Casey spells it L-O-O-S-E-R…
April 6th, 2007 at 7:32 pm
Casey:
Good news it looks like:
http://www.iamfacingdivorce.com/
http://www.iamfacingprison.com/
are both available.
SWEET
April 6th, 2007 at 7:43 pm
short answer…………..nope
and it’s not gonna make a bit of difference
April 6th, 2007 at 8:33 pm
Hola Casey,
I cannot believe you are that dense. You should go join AmWay or Quixtar or whatever they call themselves these days. You would be prime fodder for diamond level.
You are excited over a short sale? You borrowed money unsecured from CashCall at an interest rate that even makes my on staff CPA cringe?
Sheeeesh. You really are that dumb. Do yourself a favor, get a JOB. Maybe a nylon wallet distributor needs help?
Aloha,
Roberto Culosaki
April 6th, 2007 at 8:49 pm
Hey Casey
What gives -
my asw = whatdebt
You need to do something - and do it BIG. Your traffic is slowing - everyone is bored.
Tomorrow you will be on Suzy Orman’s show - WOW CNBC national media - what exposure - you better get ready to start moderating big time…… ’cause there will be a lot of traffic. If you don’t get on the ball, Nigel and the guys at EN will get all the traffic and glory of telling their stories.
Better start reporting and trolling now or you’ll “loose” out.
April 6th, 2007 at 8:55 pm
“perhaps I will have one successful short sale under my belt after all”
Wow, what a boast. Now there is something to brag about.
April 6th, 2007 at 9:20 pm
Casey,
You need to take out “My properties” heading at the top of the blog. You do not own those properties any more. Otherwise we will force you into another beg-a-thon again……
Cash Call
April 6th, 2007 at 9:20 pm
#1. How did you buy www.iamfacingbankruptcy.com if you don’t have a credit card?????
#2. @ 60. Notorious
He bought the stock with his corporate credit. Wake up and smell the money.
#3. Casey, just like any big headliner in the news, it blows over if you lay low and keep to yourself for a few years. Hopefully you’ll file BK like Suze Orman is going to tell you to, then LAY LOW so you can start over. Take the time to write your book. Sell the blog. You have a fighting chance, but your time to do so is limited.
April 6th, 2007 at 9:20 pm
P.S. It’s Friday night! Where’s the Casey-a-thon party?
April 6th, 2007 at 10:23 pm
I will not read this site on Wednesdays unless you post your daily expenses and income for the prior week.
April 6th, 2007 at 11:01 pm
casey ill give you 10$ if you rap a eminem song and put it on here. you have to sing “fack” from eminem.!!!
10$ im serious!
April 6th, 2007 at 11:03 pm
casey do you think if you had gotten a degree in business or a MBA you would have been better at ur business?
April 6th, 2007 at 11:11 pm
I have a plan of action for you. You should begin designing your new hit website titled “I am facing divorce”.
Drink the Kool-Aid as long as you want, but this is not going to end well for your marriage. Trust me.
April 6th, 2007 at 11:44 pm
http://donthatecasey.blogspot.com/ has posted about why the deal went sour. It seems that you were impulsive and was disloyal to your business partner by bringing in some sort of online marketing guy without consulting your partner beforehand.
In the real business world, you only get one chance.
If you want to have a business partner, you can’t do things your way. You always need to discuss and make an agreement together. You can’t take action and talk to some online marketing guy, and then bring your partner in and say that strategy has changed. That’s a slap in the face for the partner. You know what? I think you should’ve gotten any w-2 job to increase your credibility. The whole point of foreclosure help website is to show that you can get out of foreclosure. How would a person facing foreclosure feel when they find out the owner of the foreclosure help website is rolling around the floor and burning some CDs while all his homes are being foreclosed or have foreclosed? I don’t think he will feel great about visiting the site for help. If you’ve gotten a job while operating that website, it would’ve shown that you are dedicating yourself to try your best to pay off the debts and get out of foreclosure problem. It will give motivation to some people. You HAD TO GET A JOB to make this whole thing work… but no… you didn’t.
In other words, because of your impulsiveness and your inability to work hard for your goal (getting a job to raise credibility),
UTAH DEAL = FAILED
Here are some of the goals you should set for 2007
1- Stop being so impulsive (Stop betraying your business partners. If you have an agreement, stick with it. Being disloyal is a big slap in the face. Not everything can go your way. I think your ex-business partner can create an amazing foreclosure site without you.)
2- Get a w-2 job + another job like your cd-duplicating technical consulting job
3- Monetize blog legally (I don’t know how you are going to do that as the deal is done and gone. I think you messed up on the only good deal that ever came to you. It’s funny how you sign all these contracts and deals that are bad, and when there is a good deal, you mess it up. I’m talking about good deals like the ones you had with duane, nigel, east coast mentor.
4- Say no to penny stock especially SUB PENNY stocks
5- Say no to real estate investing, speculating or whatever for a while
6- File for bankruptcy as soon as possible
7- Stop reading those guru books. I tried reading one and stopped after 30 pages of bs. If you’ve studied online like investopedia and through university text books, you would’ve realized what a bs those guru books are.
Good luck
April 7th, 2007 at 3:10 am
Hey Casey!
It’s all good, all the time. I’m sure you’ll have something “short” under your belt in no time. Then all those nasty houses will be gone. What a hassle those things turned out to be: monthly payments, maintenance, property taxes, IRS forms for cash back closings, and on and on and on. Now you will be free of all this and can begin your true calling: Failing Forward.
I really think you have some talent for this. I do. Stay positive. This is your dream come true. Those haters never dream of anything. So stay the course with a big big smile, even if that means having to go to live with Peter Pan and Tinkerbelle at the shelter. Stay positive. Realism is for loosers.
with ever lasting Love,
Your Creator
April 7th, 2007 at 3:18 am
If it makes financial sense for the lender(s), you shouldn’t have any problems selling your home short.
April 7th, 2007 at 4:08 am
Can I ask a very serious question here, please. I don’t know the details of the laws in CA.
If someone were charged with money fraud type charges (either state or federal) then does that preclude filing for bankruptcy?
April 7th, 2007 at 4:23 am
Trailer Park Boys:
What can I say? You nailed it. I felt like I was reading the cliff note version of this website! It also was like the book version of the movie “Groundhog Day”. Only thing missing was Sonny & Cher singing. Good job.
Julie: Please explain to Casey what the word “payback” means. They used that word alot when he signed the loans but no one explained to him what it meant. Maybe having a masters degree and using big words around Casey caused all his problems???
Dot: Please don’t have such long comments.
April 7th, 2007 at 6:16 am
Sorry to hear you got caught up in the home flip craze. I lost 400,000 in the dot-com blow up, and am just now getting back on my feet. I don’t know if this has been brought up yet,but , your short-sales are going to trigger a tax liability that may take you years to get over.
You would be wise to consult with a CPA and a bankruptcy attorney. Short sale of 8 properties may cause you major headaches down the road.
Good luck
April 7th, 2007 at 7:18 am
Casey, thanks for the Modesto update. Have you checked on the property recently? It might be a good idea if you have time… I mean, SINCE you have time.
ASW: squeeze (Hey, I like them too, Casey. ‘Black Coffee in Bed’, ‘Another Nail in My Heart’, etc. Good band.)
April 7th, 2007 at 10:20 am
I imagine with the implosion of the housing market, a lot more agents are going to “learn” how to be successful at short sales. There’s really no way to sustain current housing prices if a starter home is selling at 10-12x family income.
April 7th, 2007 at 6:10 pm
Casey - you are such a liar.
Liar liar pants on fire.
Where do we start?
1. “I make $3K consulting” - you’ve not made $3K in consulting…… You had an agreement with Chris back in November - but you blew it…. Did you make $3K in November? No - because you started working for Chris mid-month.
Did you make $3K in December? No - because you went to RE school for a week, then hid from the world, then took a week off at Christmas.
Come January, that ran dry. That’s when you got Duane on board…..
April 7th, 2007 at 6:22 pm
Within the next month, I will be buying my first home. It will be a distressed property; fortunately I have a good personal friend in the real estate business to help me out with the many pitfalls associated with doing this.
I will perform a title check and write any liens or adverse findings into the deal.
I will perform a survey and assessment of the property to make sure I am getting what is advertised. An autofill from state record is not good enough.
I will perform a thorough inspection to identify any undisclosed repair needs.
On the financial side, I will sign on to an interest-only loan, probably for five years, with no money down. The payments are low enough for me to afford with a lesser job than I have now. If things start to look really bad - which for me would be like, the house’s value gets cut in half, and I’m still paying $1500 a month for what is now a $100,000 property - I will proactively try to work out a short sale before defaulting to avoid having to tack court fees and all that other BS onto the back end.
I will occupy the house. However, I will rent out one or both of the vacant bedrooms to offset the mortgage. I can afford the payment without doing this, so I will not be a victim of vacancy rates if nobody bites.
If, after five years, I can sell it and turn a profit, then I will do so. If not, then I’ve still saved money over renting (currently $700 + utilities), put extra into savings, and have earned enough from this alternate source to invest in a second home while I wait for the first to recover.
Slow? Yes. But that is how you manage six-figure risk if your funds are limited: very carefully and very slowly. The payoff comes from patience, not aggression.
April 7th, 2007 at 8:38 pm
no money down is B…s*** .
The lender that provides the 2nd deed of trust should have to eat the loan if you default. Unfortunately it will probably be some pension fund that holds the bag a year or two from now
April 7th, 2007 at 9:47 pm
lol @ trailer park boys
April 7th, 2007 at 11:43 pm
I was wondering, if a home is sold on a short sale, does the borrower still have to make up the difference to the lender? That’s how it is in Denmark. No matter what you do, you will end up being responsible for paying off the loan. The same is true if your home is foreclosed and sold on an auction to the highest bidder. If the bid is lower than the value of the loan you will still be responsible for paying off the difference. Many here in DK are still paying off on such loans resulting from the housing bust in the 80’s!
April 8th, 2007 at 12:22 am
I am glad you are sharing your story because shows like “Flip that house” only show the successes and cover up the losses by saying “so and so decided to hang on to the house…”
You are smart in that you are documenting your mistakes as those who forget history are bound to repeat it.
Good luck to you!
April 8th, 2007 at 8:19 am
Casy,
I am getting confused with all your credit cards, foreclosed mortgages and other debt generating scams. Why don’t you do a quck stock take - what is your balance sheet looking like at the moment.
On a net basis, - you know, Assets minus liabilities - how much do you owe.
Alice
April 9th, 2007 at 11:47 am
@75 GCProperties:
Seriously dude, quit spouting your bs around here. Maybe you can tell Casey for free how you were going to illegally keep tenants’ deposits even though they didn’t do any damage because to paraphrase your blog, ‘everyone was doing it’. Casey likes that logic. It’s win-win for everyone but the law abiding tenant.
asw: winwin
April 9th, 2007 at 8:04 pm
You might want to read this article:
Mortgage woes could be ‘tip of the iceberg’
Fraud, abusive lending crushes dreams for millions of home owners
Linke: http://www.msnbc.msn.com/id/17929461/
April 13th, 2007 at 11:46 pm
http://www.luxuryhome-services. This guy has a lot of good information. He provides consultation on foreclosure for anyone stressed out
Manny.