Bob
SoWal Insider
In Orlando 3 of 4 borrowers are subprime, because of the service industry demographic. I'm guessing at the beach, the numbers are reversed. I'll bet the SoWal numbers are even higher. Hard equity is a niche market.
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Other Aquatera
- Thread starter Kurt
- Start date
Babyblue
Beach Fanatic
So if another entity loaned money to a developer based on the fact that he held an asset he claimed was worth, say, $79 million, and later found that the value was arrived at by the use of smoke and mirrors, the claimant could say he 1. "reasonably relied " 2. "on a misrepresentation" 3. "to their detriment"....no?
Shelly, who would lend based on what the borrower claimed their property was worth? :shock:
Shelly, who would lend based on what the borrower claimed their property was worth? :shock:
SHELLY
SoWal Insider
Let me guess......Probably the same guy who would lend based on what the borrower "claimed" they made in income??
.
Babyblue
Beach Fanatic
Let me guess......Probably the same guy who would lend based on what the borrower "claimed" they made in income??
.
Is that your final answer or do you wish to use a life line?
SHELLY
SoWal Insider
Babyblue
Beach Fanatic
Stay tuned. We will be right back after the break. ;-)
PalmBeach
Beach Lover
The best appraisal firm in Sowal is Gary Scott's Coastal Property Consultants and they didn't do the appraisal. Just wanted to clear that up.
Very interesting thread.
Zahouri owns a big interest in RE/MAX of Atlanta, which I was informed today has been shut down in the last week or so.
Agents have not received their commission checks, as they have been told that the bank has frozen the escrow account that holds the funds.
The building that one of the offices is in is heading to the court house steps in foreclosure.
The saga continues...
Zahouri owns a big interest in RE/MAX of Atlanta, which I was informed today has been shut down in the last week or so.
Agents have not received their commission checks, as they have been told that the bank has frozen the escrow account that holds the funds.
The building that one of the offices is in is heading to the court house steps in foreclosure.
The saga continues...
TooFarTampa
SoWal Insider
i'm so grateful for this bust!! it couldn't have happened to a better region 
this place was becoming a haven for criminals, morally bankrupt "business people" and corrupt local officials who do not require investors to abide by state development laws.
the beauty of the bust is hopefully that it will stop this irresponsible development and criminal business behavior. hopefully people will understand that progress and development require infrastructure and community instead of condo after condo after condo. no more "give me your money and shut up". people who invest here will HAVE to make it a safe, happy and worthwhile place to live or they will know what REAL bad times are. HURRAH!
this place was becoming a haven for criminals, morally bankrupt "business people" and corrupt local officials who do not require investors to abide by state development laws.
the beauty of the bust is hopefully that it will stop this irresponsible development and criminal business behavior. hopefully people will understand that progress and development require infrastructure and community instead of condo after condo after condo. no more "give me your money and shut up". people who invest here will HAVE to make it a safe, happy and worthwhile place to live or they will know what REAL bad times are. HURRAH!