Author Topic: Opinion poll. Long scenario. Please please read. (Read 2040 times)

Thrawn · « **Reply #45 on:** May 07, 2005, 11:22:09 AM »

Come on Steve lets be honest here, you know you owe him a huge punch to the back of his head.

oboe · « **Reply #46 on:** May 07, 2005, 11:23:08 AM »

Congrats on scamming your neighbor out of his home.

http://www.mtgprofessor.com/A%20-%20Scams/the_cash-out_refinance_scam.htm

The details of your plan maybe differ slightly, but the end result is pretty much the same.

Everybody here who thinks the neighbor/friend deserves nada shouldn't have to wonder why we live in such a cheesehouse of a country.

My opinion is your friend should talk to local law enforcement and consult an attorney what you've done may not be completely legal.

Replicant · « **Reply #47 on:** May 07, 2005, 11:30:06 AM »

It's natural for anyone to have regrets and that is exactly what he's going through... 'what if...'!

However, you don't owe him anything. You took the risk by buying the property and helping him. As someone else mentioned, if the house made a loss and he didn't buy it back from you then you'd have made a loss.

He agreed to continue renting. He hasn't. He agreed to buy the house back off you. He hasn't. He asked for your help and he got it.

I know you're probably trying to ease your conscience but there really isn't any need to; you've been a good friend and it's him whose being unreasonable.

Roscoroo · « **Reply #48 on:** May 07, 2005, 11:33:24 AM »

well it looks like u guys became a bank basically ... they guy wiggled out of his house ... and got some cash out of it .. so he's not losing ...

U guys did the right thing .. and you dont owe him a dime ... its his fault for losing out on any profit from his house by selling it too soon .

If ya really feel you need to share the wealth ... donate to the childrens orthopedic ,,, ect .

Dago · « **Reply #49 on:** May 07, 2005, 12:10:48 PM »

Quote

Originally posted by oboe
Congrats on scamming your neighbor out of his home.

http://www.mtgprofessor.com/A%20-%20Scams/the_cash-out_refinance_scam.htm

The details of your plan maybe differ slightly, but the end result is pretty much the same.

Everybody here who thinks the neighbor/friend deserves nada shouldn't have to wonder why we live in such a cheesehouse of a country.

My opinion is your friend should talk to local law enforcement and consult an attorney what you've done may not be completely legal.

This must be a troll, nobody can be that nuts.

His link is about home equity loans. Not relevant to buying his house from him. Not the same situation. Not even close.

oboe misses all the points that make the differance.

It was a house purchase, not a home equity loan.

He came to you, you didnt solict him.

He had the opportunity to buy back the house, he didnt.

He had the opportunity to pay rent and stay in the house until he could or would buy it back, he failed in that.

Why would you subsidize his poor life choices? Why would you not have a right to a profit on your investment?

Why would someone who virtually insisted you buy his house, then failed you in your subsequent agreements have a "right" to any of the profit you made on the later sale you were forced into when he took no risk and would not have shared in the losses if they had occured?

This sounds like a lesson from Donald Trumps "The Apprentice".

Oboe, You're Fired

dago

indy007 · « **Reply #50 on:** May 07, 2005, 12:13:42 PM »

Quote

Originally posted by oboe
My opinion is your friend should talk to local law enforcement and consult an attorney what you've done may not be completely legal.

I don't see anywhere that they'd be required to include him in the dividends from the sale of the house. He had the option to purchase it back & didn't. How are you scamming somebody if it was their idea in the first place, and things just happen to work out good for you? That guy made his choice, he needs to live with it.

nice troll.

Steve · « **Reply #51 on:** May 07, 2005, 12:39:37 PM »

Quote

Come on Steve lets be honest here, you know you owe him a huge punch to the back of his head.

Well, tell me how I can find Schaden and I'll give it to him. Oh, did you mean Eric?

NUKE · « **Reply #52 on:** May 07, 2005, 01:02:42 PM »

Quote

Originally posted by Schaden
I'm just sorry for the poor bastard that has nuke and steve as friends much less financial advisors.

Lucky for me, Eric is not a friend....only met him twice as we were buying his house.

Even then, I will probably give him some cash if we sell the house for the full price.

NUKE · « **Reply #53 on:** May 07, 2005, 01:12:47 PM »

Quote

Originally posted by oboe
Congrats on scamming your neighbor out of his home.

http://www.mtgprofessor.com/A%20-%20Scams/the_cash-out_refinance_scam.htm

The details of your plan maybe differ slightly, but the end result is pretty much the same.

Everybody here who thinks the neighbor/friend deserves nada shouldn't have to wonder why we live in such a cheesehouse of a country.

My opinion is your friend should talk to local law enforcement and consult an attorney what you've done may not be completely legal.

I don't see how buying the guys house from him after he begged us to do so is a scam. I remember him calling Steve 5 times a day as I was qualifying for the loan, at one point even accusing me of not really trying to get qualified.

I took a huge risk in this deal, as the house is in my name and I didn't even know Eric.

Eric, having never been on time with his rent, has constantly complained about his rent ( which he agreed too) and then decided to move out after only 6 months, leaving Steve and I with a house payment. If we don't sell the house quickly, I'm pretty screwed.

It just so happens that after Eric decided to move and break his agreement, Steve and I find out that the house skyrocketed in value. Too bad for Eric. He made all the decisions.

Even though I barely know the guy, I offered to pay him some money if we are able to make close to what we are asking on the house. That's just me, I don't speak for Steve on that matter.

DREDIOCK · « **Reply #54 on:** May 07, 2005, 02:29:15 PM »

Always a bad idea to do buisness with friends or family.
But when you do. You gotta treat it like buisness.

Way I see it the guy screwed himself and Nuke and Steve dont owe him owe anything. And if they do give him anything it is out of the goodness of their own hearts.

If its a signed lease he may be the one actually oweing.
I know in some places if you break a lease early you can be held liable for the remainder of that lease.

Sell the house take the profit and either bank it,pay off some of your own bills, or buy yourself something with it.

The guy screwed himself in more ways then one.
Now he gets to pay the price for his own mistakes.

Judgement in favor of Nuke and Steve:)

GRUNHERZ · « **Reply #55 on:** May 07, 2005, 02:35:51 PM »

Your call Steve, but in no case shopuld you give him more than half he thinks he may be owed considering all the BS on his part. I would be tempted to give it simply to smooth things over, but that would depend on his attitude and I have no way to gauge that from this board.

This seems to be Nuke's opinion too.

culero · « **Reply #56 on:** May 07, 2005, 03:17:09 PM »

Quote

Originally posted by NUKE
snip
Even though I barely know the guy, I offered to pay him some money if we are able to make close to what we are asking on the house. That's just me, I don't speak for Steve on that matter.

Be very careful here. I'd consult an attorney before doing anything.

I commend you for seeming to value being fair and compassionate in this, but if you offer to pay him anything without obtaining an airtight waiver of liability in return you may be inviting trouble.

culero

oboe · « **Reply #57 on:** May 07, 2005, 03:33:40 PM »

I'm playing devil's advocate here - we aren't hearing the neighbor's side of the story. The undisputed facts are that the neighbor is losing his house, and $10,000 of the $35,000 equity he had built up in it - and you and Steve can stand to profit the $10K plus the what, more than $100,000K of appreciated value in 6 months? If it goes to court, it'll be your word against his on who tried to convince who of the plan - but the fact is the neighbor is losing big $$ while you guys are profiting big. I think those are pretty much the earmarks of a equity cashout/rent back scam whether you intended to scam him or not.

That seems very suspicious to me.

What would you do if you were asked to put the neighbor's interest entirely ahead of your own? What would you lose? What would it cost you?

btw, I'm not sure that scam is illegal, but state laws may vary.
I do hope the poor guy gets a lawyer. If he's getting screwed he might as well make sure it's legal.

Lizking · « **Reply #58 on:** May 07, 2005, 05:02:29 PM »

Never had any drug dealers as friends, I take it, Oboe.

Toad · « **Reply #59 on:** May 07, 2005, 05:21:15 PM »

Send me all the profit.

I will decide who gets what and that way none of you will blame each other.