This cash-back-at-close scam happened everywhere in America, especially in the bubble cities, and continues today. Why work for a living when you can just buy a house, suck $50,000 or more out of it under the table, tax free, and then just walk away.
Hundreds of billions, if not trillions, are being lost. Crime paid, and pays, big time. Millions will go unemployed. The economy will be devastated. And the Federal Reserve, Congress and Bush Administration fiddled while Rome burned.
$350000 $$ Laguna Investment Property--$50K Cash Back At Closing $$
Beautiful Investment Property: * 3 bedroom * 2 bath * 1400 sq feet * Great Tenants * Elk Grove School District Seller is moving out of state and is very motivated!! Seller is offering $50K cash back at closing. If interested, please call Eddie @ 408-893-6607.
11 comments:
$350k in Laguna? That has got to be a major dump at that price. Even pre-bubble you couldn't get anything in Laguna for $350k.
$50,000 is a lot of cash. Why wouldn't someone take the money and run?
Suzanne, what should I do?
Hey, don't fault cash back at close. It keeps the house price sales data up. It allows the troll to live in his dream box.
Just find an illegal alien or use a fake ID. Nobody cares about fraud anymore.
If you're talking about Laguna Beach then I disagree with the first poster - you could buy something in Laguna pre-bubble for $350k. An aquaintance bought a small house there for $350k in 1999, sold in 2006 for $1.6M.
Any readers in Los Angeles (or other relevant cities) with time on their hands (I'd love to do it myself but I don't have time)??? I would love to see all the bright yellow hand written posters all over town replaced that advertise: "Real Estate Apprentice Wanted, call..." and "$20k Month in Real Estate, call..."
These posters are ads for mortgage fraud via straw buyers. In exchange for participating in the fraud the straw buyer receives cash back. I think it is completely insane that these criminals are so bold that they hang posters with phone numbers. I see the cops routinely driving past these posters and doing nothing.
It would warm my heart if a volunteer from this site would kindly replace these posters with yellow posters advertising other similarly illegal products and services (ex. "Meth, call..." Prostitutes, call..."). Of course, be sure to use the same phone number from the original poster.
take the 50 grand and put it in gold and silver coins youll need it down the road
"It allows the troll to live in his dream box."
troll & 'dream box'
BAAA HAAAA HAHAHAHAHA!!!!!!!!!!!!
Gotta laugh at this one.
I know the area.
Small, over-priced shacks.
Learn a foreign language. When the SHTF, professionals will be fleeing to other countries. English speaking countries can only take so many people. The European migrations will be going in reverse and America will become more like Brazil. There will be no middle class. The 10% super rich and their guards will be surrounded by a 90% violent poor illiterate angry brown population.
This is emails from Jason Penrose in Phoenix to me:
From Craigslist:
Date: Thu, 30 Nov 2006 20:52:46 -0600
Subject: Re: $440000 Appraisal: 588K $40,000 Cash Back to buyer. Tenant $1,500/mo
When I told him this may or should be illegal he sent:
Dude, you need to get a life. No one has "inflated" the purchase price. The home has been appraised at 588K. Do your research and more importantly go out and get laid or something. Damn! What a loser!
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