Its not  for sale ….. just a piece of paradise, our little treasure in Western Australia.

Nevada state law requires lenders to provide ORIGINAL SIGNED PROMISSORY NOTE to be delivered to the  Trustee in the event of default and foreclosure.

Since so many US mortgages (AKA Deed of TRUST and Promissory Note) were sliced and diced… And not to get to technical but a majority of these transactions were not handled with recorded assignements of Deed of Trust along with Note endorsements that were notorized and delivered with the Note purchase file…… What the banks did was use an Alonge document to transfer ownership of the Promissory Note.

Well this works in most instances its what I used for many years in my Hard Money lending Credit facilities. ( IE I had 5 million dollar line of credit with the bank that I would then make Hard Money loans and give an Alonge ( pledge to the bank of this Note and Deed of trust) then the bank would advance 80% of the Note amount from my credit line so I had 20% cash in each deal… However if you pulled TITLE report the Beneficial interest would only show my company even though I had pledged the Note to the bank….

So this is what the big boys did they Move millions of loans with simple Alonge documents and did not record the Assignmentts and the Original promissory notes are who knows were, this is also the robo signing actions you hear of.

So Nevada steps in and makes a Law NO ORIGINAL NOTE no foreclosure… So what this has done has forced lenders into short sale transactions… The lender can still short sale and be within the law.

However for the Investor not living in the Area short sales are a pain in the rear.. take time and what happens is the properties are usually listed far below even wholesale value, which facilitates 3 to 10 offers per property and a bidding war.

This is why the REO inventory has dried up in Las Vegas by and large, even though you read of thousands of houses in default… Its a freaking mess thats for sure.

If other states follow suit then the advantage goes to local investors and RE brokers make out big time as well. Because far fewer homes will be sold at Trustee auction, where no RE fee's are earned or generated.

and i thought we were just having a robust discussion    love discussions regarding real estate ..

Under the "Old Peoples Rules of Engagement" you can't dis your elders I'm 55 so what I so goes. A good fight is a good fight not matter the age...

Dude you're going soft on me

Port Hedland West Australia. The land where the sun shines every day and the flies never rest. Did you know I've probably wasted more time and spent more money killing damn flies in the last 5 years than I care to think about. The West Australian outback fly must be the most persistent, most numerous, most annoying little bugger in insect history.  Seems my wife is big on visiting Australia with me I am looking at the markets where investors are wanting to speak . She is looking for out back and crocodiles go figure… The Freckle (not me by the way)

I think the worm has definately turned, though keep reading reports from the "so called experts" —- US market still falling, the sky is also falling by the way…… however, the deals I was sourcing 6 months ago are no longer around. Lots of compeition, 15 offers on one property alone.

I am stil looking at buying another 6-8 but if those rental yields don't stack up I will just have to pack up.

My understanding is that there is about 2-3 years of foreclosures to come, I can only assume the bank's strategy now is to drip feed to push up prices, however this may also deter foreign investors buying if the cashflow does not stack up. Perhaps we will then see prices fall back again. May be time to just sit and watch.

What do you guys who are on the ground think?????

WI

I am an Australian woman who bought a few investment properties in the USA- Phoenix, Orlando and Las Vegas.
I bought a 3 bedroom modern house in Phoenix AZ for $55,000. I employed a tradesman to do a few general repairs on the house. He then recommended I buy 3 foreclosure properties in the same area in Phoenix. He said he could do all the repairs for $12,000 and they would rent for $1200-$1400 each. I bought the properties for about $122,000 and paid him an initial sum of $6000 to purchase material. Over the course of several months I continuously relented to his requests for more money as he claimed the repairs were more serious than first imagined. He told me that the properties had been broken into and had various house parts stolen and damaged. I paid close to $20,000 altogether and made continual requests for receipts, invoices, proof of purchases and photos of work completed but he never provided any of these.
He then asked me if he could act as a property manager for the property 1st property I had bought, after there was a change of tenants. I agreed to pay him a monthly fee of $75 to look after all the maintenance issues with the property and make sure the tenant was happy. He was also paid $900 to tidy up the property before the new tenants moved in. Although this guy has no license to be a property manager in Phoenix, he went ahead and signed a lease between himself and the tenant in my property. Then I had a friend from Nevada who was visiting Phoenix personally inspect the properties to discover that basically no work had been done whatsoever.
The tenant at ended up moving out because all the maintenance issues the tradesman was supposed to fix were causing problems. For example I bought a brand new AC unit for the house which he was supposed to install but evidently didn’t have a clue what he was doing so he hooked it up and it cools but doesn’t heat.
The tradesman does have a registered business and owns a big house and has assets. I guess he was counting on the fact that I live in Australia and am far away. I did contact a few lawyers in Phoenix who said they would charge around between $5000-$8000 to pursue the matter. For that amount it doesn't even seem worthwhile as it could potentially be more money down the drain.
I have considered taking a 'holiday' to AZ to pursue the matter in court myself. I work from a computer so there would be no loss of income by having to travel abroad. Any advise about what I should do would be greatly appreciated.

I'm post more on this tomorrow, you can kick the dead dog on this one for a while.  American saying, might have to explain, lol.

kylermrice wrote:

Jay has a good point, it's hard to make the same mistakes with so many homes in the inventory being bought with cash and IRA's.  Funny u (since when was grammar on the forums so damn important, i use U instead of YOU cause my Generation is more tech and social with how we communicate. Thanks Twitter, hash tag #)  mentioned the IRA's, i went to a seminar this weekend about it with my Real Estate agent.  Real estate is by far the safest bet  compared to stocks and bonds.  I haven't invested in he market since 1999, just to damn crazy for me. 

The Gov and there mess with Fannie and Freddie has to do  lot with how they perceived everybody deserved a home and part of it was greedy banks and mortgage brokers.  Is it me or does it seem like the run of the mill broker died with the bubble burst. 

I like what the freckle posts, but man, u can be a Debbie Downer.  At the end of the day the market is low here and the investments i buy make me and my investors money.  The first golden rule is buy when the market is low, Warren Buffet would agree with me on that .

Make fun of our grammar and education system, whatever mang!  U can hate all u want, i'm hater proof.    

Kyle

Punctuation is important.

Let's eat, Grandma!

also dont forget to use CAPITALS.

Can you help uncle Jack off the horse?
Can you help uncle jack off the horse?

 When 70% of GDP is government spending, when deficits climb by $1.3T/yr, when total debt and liabilities exceed $200T, when the economy continues to shift towards a low paid service sector economy then you have a basket case of an economy.  This job growth our government talks about is crap. The lower income job bracket Is where I see jobs. While I see alot of friends of  mine all suffer. The open check book our government is running is getting worse and worse. Now the  Iran  situation that scares the hell out of me. We can not afford another war.

All populations are resilient – matter of having to. There's nothing unique about americans. America is a great place and the people like me are proud to be Americans. The swagger we had is now gone we are a troubled nation with ever growing debt and separation between classes. The rich and poor the middle class will no longer exist in my eyes soon.

 It's getting to a point where I'm no longer surprised by what poly's and bankers will do to keep the FIAT ponzi scheme going. The longer it goes the worse the medicine will be at the other end. Here's the rub. There's money to be made in corners of any market regardless of the conditions. The challenge is always the right strategy to match the timing coupled with a risk appetite to suit. The current property market throws up opportunities everywhere.  That is true I like Charlotte and tell every one regardless of the current situation real estate is always good for me. It really just  depends on what I am doing and risk reward factor. Risk + strategy = reward and  or heartache just not sure which one . Great point though..

The problem is that this market, along, with all others, will get side swiped by the big correction in coming years. It'll hit different sectors of different markets at different times. How investors manage this will be interesting. I expect to see everything from; it's too hard lets bury our heads in the sand to others with complex hedging strategies. I have no doubt there's a correction coming. Absolutely none at all. Confused on this  last statement

The logic of it is irrefutable in my mind and many others smarter than mine. That's the least of my worries because it's relatively easy to develop a defensive position against it. What really worries me is if the correction is bad enough will it trigger conflict? The war mongers are already beating their drums. I just hope the common sense countering forces can prevail. There's 2 possible outcomes for the US (and other countries). I am hoping you are wrong here but some of this makes complete sense.

 They drop the ponzi scheme and let markets correct naturally through default and bankruptcy. Get rid of the debt and get back on a solid footing again could see a reinvigorated US. This could and should be the answer but not feeling to good about that. Outcome 2 is the worst case scenario. The ponzi scheme continues and draws to its natural conclusion – total collapse accompanied by social disorder and loss of control. War could be a real possibility in this case. That could drag on for years.

Note: Historically economic collapse has always ended badly. http://listverse.com/2010/08/10/10-great-financial-collapses-in-history/ If people think there is a magic bullet, an eloquent solution to debt on debt then your deluding yourself. The Pied Piper always gets paid!  I try to be rather optimistic which is hard some days. Looking around me and my immediate circle very few see or hear what you and others are speaking about . Which is the scariest part.