I just don't get the whole cash-back at close thing. What would stop me today (besides ethics and morals) from going out and buying ten homes, getting $100,000 cash back on all of them, taking all that tax-free cash and putting it into a Swiss banking account, then never making a payment on any of the homes, getting foreclosed on, and turning in the keys, $1,000,000 richer?
Seriously, what, if anything, would stop someone from doing that today?
Casey lost another one to foreclosure this week. And still no call from the Feds. And you know there are thousands, THOUSANDS, of Caseys out there.
Larchmont property no more. This is my second foreclosure, after the Dallas house got foreclosed several months ago by the hard money lender. This was my first experienced visiting a foreclosure auction.
I feel a slight sense of relief. One less house to worry about. Now just memories. This was my biggest cash-back at close and the worst deal as far as numbers go. I’m going to have to write the full background story on this deal soon, including why I bought it, and what my plan was (or the lack thereof).
