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Thread: Houses in limbo strain communities

  1. #16
    Member granpabob's Avatar
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    if you add more regulation and fees they will spend their money in another city. Buffalo would then be stuck with all the abandoned and tax forclosed houses. the city takes many years to raise enough money to tear down they have now ,they don't need more buildings to knock down. the way it is now at least some of the houses get saved
    One good thing about growing old is your secrets are safe with your friends they can't remember them either

  2. #17
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    Maybe the Government should more closely examine those who use these houses for tax writes offs. Unpaid tax bills should be sent to the IRS so they could cross check who's claiming what ?

    Went to California last month - we met people who make obscene money. They need write offs - they buy distressed properties and let them rot.

    Heres the way i understand its done: Their agent buys a house - its then revalued when the agent resells it to the out of state investor.

    Many are sight unseen by the eventual buyer. So he buys a house for $25-30,000.00(some way more) - So on paper it appears he made a investment in rental property - one valued at the recent sales price. There is no mechanism to force a property appraisal unless its a Bank loan deal - the City gladly holds the assessment based on recent sales prices.(In anticipation of tax revenue)

    The new owner claims a monthly rental loss and anything else he can claim, while the property rots.

    Yes - this is a oversimplification - I am not a tax accountant or lawyer.

    There should be legal ramifications for these type deals - the IRS should screen them more intensely. I know - more Tax dollars chasing tax dollars !!!!!!!!!!

    They have arrested many lower level scammers right here in Buffalo - they buy a house - some even get rehab funding - then they do minimal work - move some tenants in and get the house reappraised by a friendly assessor.

    With little true investment you go from : Home bought at auction for $2000.00 - rehabbed with tax funded monies - rented and reappraised for $40,000.00. Then the house is put up for sale - flipping is what most people are familiar with.

    The new twist is because the buyer is out of state - looking for a write offs - often the rehab is skipped - a less than honest appraiser takes $3-400.00 fee to pump up the value.
    #Dems play musical chairs + patronage and nepotism = entitlement !

  3. #18
    Tony Fracasso - Admin
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    What would be wrong with NOT building a new McCarly Gardens and letting the 150 families fill in either rentals or rehab the vacant homes?

    You could stop subsidizing the complex and let that hud money actually do what it was intended to do. Or is it not hud money that is subsidizing the complex?

  4. #19
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    Quote Originally Posted by Genoobie View Post
    Interesting as new homes are being built fairly regularly. Seems like a bit of a contradiction. In fact, the free market is simply at work selling one area versus another. Usually "good schools" are used to push real estate.
    You're right! Good schools are a selling point in a family's home purchase decision and why not!? One of the reasons Buffalo has 1000's of empty homes is because the Buffalo schools SUUUUCK and most people with choices won't subject the children to it. Thank God for the freedom to choose...we had a federal judge deciding who would go to school where and it was the final death blow for Buffalo. And yes people do choose one area over another. That's why WNY has been dying for 50 years.

  5. #20
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    Haha...many people are choosing to leave Amherst. Suckers. I'd hate to be holding the bag in that overpriced 'burb.

  6. #21
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    Quote Originally Posted by 4248 View Post
    I agree with people who actually "bit off more than they could chew" deserve the consequences.

    Yet before the market crashed - before we had a big employment down turn - did they all just bite off too much, I don't believe so.

    Real estate "values" were inflated by developers - taxes were increased because of service costs - the market tanked because the dollar shrank - taxes keep rising because government keeps spending. Thats a over simplification !

    Now for the "Zombie Homes" - most are empty because of foreclosures. Its easy to say all those owners "Bit off more than they could chew" - is that factual ? Or did some of them loose their jobs ? Did some of them have limited income and interest rates and taxes put them in trouble ? How many were seniors on social security ? How many were average lower income people who had to choose between heat or food ?

    Yes, most of us are safe in our homes - but look around - talk to friends and neighbors - everyone knows someone who was or is close to foreclosure or bankruptcy. Did they too just "bite off more than they could chew"?

    Did they all have too many credit cards - to many new cars and payments - how many of them lived in $300,000.00 dollar homes ?

    Most of the homes in the "Zombie Class" aren't - they are average and mainly "City Types" -

    Most of the empty homes that have not been foreclosed on are ones that had tenants who skipped and the owner cant afford or doesn't care to rehab them. I check the auction sheets in City Hall every time they come out - many of these "Zombie Homes" aren't being auctioned or foreclosed on - so some person is writing off the loss.

    Some are people who bailed out after realizing foreclosure was eminent. Until you've had ruthless bankers attack your life - refuse your payments - deny you even sent one - your bank tells you your payment was returned. When they tell you month after month "We are foreclosing unless you let us short sell" your home - what would you do.

    Its easy to say, "I'd sue them, they cant do that, I own my home" - Maybe you'd be smart enough or have enough tucked away to beat them - maybe not ?

    One man in Florida woke to a knock on his door - its was Sheriffs with a eviction notice - "How could this be he asked" - the Sheriff said, "The Bank of America sold this House- you have twenty minutes to collect your belongings" - as he packed his car - while two Sheriffs and two local Officers watched - a lock smith changed all the locks and secured the house.

    Guess what - this is a factual story printed in the national news - Bank of America screwed up - later it was found that there wasn't any mortgage to foreclose on - the man had no mortgage - it was a "Computer Mistake" - in their defense the Bank said, "He never responded to our notices so we foreclosed and sold" - Its just that easy folks.

    Last point - did more than 800,000 Americans simply bite off more than they could chew ?
    Exceelent post.

    However some folks, infact alot of folks, like res fail to even begin to comprehend what's actually going on Acrossed our nation. Maybe it's willful ignorance? Or maybe their just blind to reality because they themselves have been successful, built up their wealth during the 'good times' and haven't been forced into a pickle by banks and govt.

    It's a system wide problem, originally created by banks, made worse by govt. the problem is two fold. One is the banks. The banks are out of control. And two, the govt, the govt doesn't care. Infact they are in. Ed with the banks. Then the govt taxes you based upon arbitrary formulas...

    Say you buy a modest house, say, instead of losing your job, you get a promotion, two things happen, 1) you get pushed into a higher tax bracket forcing you to pay MORE! So your take home is LESS! But outside of that your making good money, and you have savings and stuff, you decide to do some moderate landscaping, new bushes, a couple gardens, while there you decide maybe replace those south and west facing windows and maybe do some exterior painting...

    In the process, let's say you spend $10,000 on your home you bought, sure you took out a loan, like 90% of Americans (I'll get to that next). So now, you have an affordable mortgage payment, it's actually cheap, but then... The govt, raises your taxes, sometimes doubles your taxes! Now, instead of being affordable your home is now unaffordable...

    But let's blame the homeowner!

    Now, why do Americans NEED loans to buy a home? A car? Well let's see...

    First personal finance, or even banking or any sort of finance period, isnt taught in public schools. High school grads that can't manage money, let's blame the parents who work full time, and all that jazz...

    Ok so, then the big push is 'well you must go to college so you can get a good job' in the process college tuition has doubled in the past ten years, and more and more people graduate college with tens, if not hundreds of thousands of dollars in school debt, and their on 25 yrs old, but it gets better! That good job? Doesn't exist, and the ones that do, either pay slightly above average or min wage..

    So now the big push is to go get a job with the govt cause only the govt can pay you a living wage!

    So let's recap...

    You went to school, you got good grades, no criminal record, you did everything they told you to do (society) you graduate college with say 30,000 school debt, and your employment prospects look ****ty. But let's say you do get that good job... By the time you are able to buy a house I'll be 35-40. If you have a kid, you will probably never buy a house, as you'll never acrue the financial independance to do so with out taking out a loan...

    This is where the 'rich'. (res) fail miserably, because it is beyond their comprehension! They sit there and think all these people intentionally are out to screw over everyone else. When in reality, maybe 1% intentionally screwed up!

    We teach our kids that govt is GOOD! Banks are GOOD you can trust a bank, or the govt... Banks and the govt would never hurt you..

    Look at the subprime market, which started this mess! You need a lawyer to read it, and hopefully your lawyer CAN read it and will be honest! Don't forget, the economy is BOOMING! You'll be able to afford the reset because the economy is doing so well! So you get a ultra cheap payment now, and when it resets, it'll be a bit higher, but still affordable!

    Problem is everyone lied! The banks, the govt, the lawyers... But let's blame the home owner for being trusting! Cause after all, the govt would never lie!

    The end goal here is to get as many people out of their homes as possible, and get the banks to hold the properties. That's the end goal.

    And while the banks hold these properties, the banks do zero maintnence or upkeep! So why not go after the banks for the upkeep?

    Because the govt is in bed with the banks, and no one cares, because, unless it affects them directly. It's 'not my problem'. The American attitude.
    Willful ignorance is the downfall of every major empire in history.

    "Political power grows out of the barrel of a gun." - Mao, 1938

  7. #22
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    Now we at stood that the economy is rebounding! We are told this by banks, and the govt!

    Another lie.

    The economy isn't growing it's shrinking. The fed is printing 1 trillion dollars a year, above and beyond All other spending, and injecting it directly into the stock market, which is why the stock market keeps going up!

    Unemployment statistics only account for those receiving benefits, what about all those who don't qualify for benefits, got screwed over by their employers, or their benefits ran out? Well according to the govt those people arnt really unemployed, so they don't count!

    56% of the available workforce currently has a job!

    47% of all adults have a full time job!

    And 90% of all 'new jobs' are low income service jobs.

    Personal debt on credit cards is exploding because people can't afford to even live anymore, tent cities where homeless gather are exploding, yet the govt makes it illegal for you, as a citizen to feed the homeless, cause only the govt can offer charity!

    This home ownership scam is bs anyways as all your really doing is RENTING the property from the govt, your not even allowed to outright own property in the united states!

    In the mean time the banks run the show and are untouchable, local govts just feel the need to squeeze.

    We just 'celebrated' independance day, a day when our colonies separated from an oppressive, tyrannical govt.. We celebrated it by being groped by govt thugs, having our belongings searched and seized, and being told to stfu about the constitution..

    The declaration of independence is considered terroristic materials, and our 'forefathers' would be considered terrorists, if they were alive today.

    Pull your head put of the sand, stand up look around... Alot of things are going on and it's not the fault of the lowly homeowner!

    If the bank loaned to these folks and the folks defaulted, then why are Americans forced, at gun point to give the banks trillions? You call that freedom? If Americans, we're going to freely give money to someone, I'm betting it wouldn't be to the banks!
    Willful ignorance is the downfall of every major empire in history.

    "Political power grows out of the barrel of a gun." - Mao, 1938

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