This Could Be A Step In The Right Direction

This Could Be A Step In The Right Direction

Ben Carson Takes on High Housing Costs | National Review

By setting his sights on local zoning and land-use laws, the HUD secretary might just help millions of poor Americans – and silence his critics in the process.

 

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Rare Calabasas View Lot

Rare Calabasas View Lot

Offered at just $1,299,000 this rare view lot in Calabasas is the perfect place to build your custom dream home

360 Views located behind Exclusive Hidden Hills West

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Short Sale To A Dead Man ?

CALIFORNIA MAN SENTENCED TO PRISON FOR SHORT SELLING PROPERTY TO A DEAD MAN

 

 

On April 27, 2018 Mark Migdal of Portola Valley, California was sentenced to 18 months in prison for conspiracy to commit bank fraud and providing false statements to banks in connection with short sale and loan modification requests.

Between June 2009 and April 2016, Migdal, 72, of Portola Valley, Calif., conspired to defraud two federally-insured banks, now Bank of America and EverBank. Migdal admitted the conspirators sought the banks’ approval for a short sale of two condominiums owned by Migdal in Kihei, Maui.

Midgal conspired to convince the banks to allow the properties to be sold in short sales to an individual who was, in reality, deceased. Migdal controlled and rented the properties using the deceased person’s identity, and later transferred the properties back to himself. Migdal admitted that, between June 2009 and January 2010, he provided false statements to another federally-insured bank, JP Morgan Chase Bank, in an attempt to obtain mortgage modifications on his residence in Portola Valley, Calif., and a condominium owned by him in Mountain View, Calif.

On April 27, 2017, a federal grand jury issued a superseding indictment charging Migdal with one count of conspiracy to commit bank fraud, in violation of 18 U.S. C. § 1349; two counts of bank fraud, in violation of 18 U.S.C. § 1344(1) and (2); one count of aggravated identity theft, in violation of 18 U.S.C. § 1028A; and two counts of making false statements to a federally insured institution, in violation of 18 U.S.C. § 1014. Pursuant to his guilty plea, Migdal pleaded guilty to the conspiracy count, and the two counts of making false statements to a federally insured institution. The remaining counts were dismissed.

In addition to the term of imprisonment, Migdal was ordered to serve three years of supervised release and to pay restitution as follows: $239,519 to Fannie Mae, $202,491 to Bank of America; and $18,205 to JP Morgan Chase. In addition, Migdal was also ordered to pay a $1,000,000 fine and to forfeit substitute assets totaling $539,784.98. (usattyndca 4-24-18)

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All Cash Is Not Always All That

Sellers are often tempted to accept cash offers. There is a psychological effect behind the words “All Cash” that sellers and their agents are drawn too.

On a practical level selling your home to an “All Cash” buyer also sounds appealing. The benefits include no need for lender appraisal and tedious approval process to slow things down or worse prevent the deal from closing. If your home is in need of major repairs this might be the only way to sell it. Agents in particular like All Cash deals because they close quick and they get their commission fast.

The fact is no one brings in actual cash to purchase your home. What they mean is there is no loan required, the buyer is using funds they have on hand to complete the purchase. Although sometimes that is not true and they are getting private lending funds.

Either way as a seller you do NOT receive more money from an All Cash buyer than you would from a buyer who is obtaining a loan. Actually one of the draw-backs to an All Cash buyer is that they want to pay less for your home than it might actually be worth.

The bottom line is that unless your home is such poor condition that a lender will not make a loan on it All Cash might not be the best way to go. This ia general rule sometime buyers have sold another home that had a lot of equity or came upon funds to buy a new home and do not need a bank loan and they are willing to pay market price.

It’s however worth being aware, that “All Cash” isn’t always “All Good”

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