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More real estate doom and gloom

Adventurous

Starshine Bro
Mar 19, 2014
8,254
5,584
Crawlorado
Meanwhile in feudal America

Gotta love it. $211K in equity just vanishes, instead of her receiving that amount minus tax burden and any associated foreclosure/sale fees.

What a crock of shit.
 

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
19,244
4,284
Colorado
Meanwhile in feudal America

When we refi'd last, the escrow acct got cashed out to us, but it was never documented that the already due tax bill had never been paid. We got a tax notice, so I called the new loan company they said the loan was square, so I disregarded it. I got another one about 1.5m later, so I actually went onto the county website to check, and it had never been paid. We were less than 2 weeks from going to auction for the property taxes and the only notifications were two 3x5 postcards referring you to the county website. It's almost like it was set up to force you to default on the taxes.
 

jonKranked

Detective Dookie
Nov 10, 2005
76,868
17,302
media blackout
When we refi'd last, the escrow acct got cashed out to us, but it was never documented that the already due tax bill had never been paid. We got a tax notice, so I called the new loan company they said the loan was square, so I disregarded it. I got another one about 1.5m later, so I actually went onto the county website to check, and it had never been paid. We were less than 2 weeks from going to auction for the property taxes and the only notifications were two 3x5 postcards referring you to the county website. It's almost like it was set up to force you to default on the taxes.
When we refi'd last year, I emailed the county tax collector directly to verify that our annual taxes had been paid. He was very prompt too, I had a response in under an hour.
 

StiHacka

Compensating for something
Jan 4, 2013
18,849
10,130
What's happening?
When we refi'd last, the escrow acct got cashed out to us, but it was never documented that the already due tax bill had never been paid. We got a tax notice, so I called the new loan company they said the loan was square, so I disregarded it. I got another one about 1.5m later, so I actually went onto the county website to check, and it had never been paid. We were less than 2 weeks from going to auction for the property taxes and the only notifications were two 3x5 postcards referring you to the county website. It's almost like it was set up to force you to default on the taxes.
Doesn't the title insurance protect you from such shenanigans?
 

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
19,244
4,284
Colorado
Doesn't the title insurance protect you from such shenanigans?
One would assume. It was buried in the disclosures that all unpaid items from escrow were due by owner. The timing worked such that the due date and transfer were within 2-3 days, so to "keep it clean", they just cashed it out to me, had a waiver, and "apparently didn't read it in the documents read while signing them."
 

Westy

the teste
Nov 22, 2002
48,004
13,376
Sleazattle
Around here low income seniors only pay like 20% of normal property tax rates. At least when I compare my taxes with my broke ass old neighbor.
 

DaveW

Space Monkey
Jul 2, 2001
9,879
1,449
Karori, Poneke Te Ika-a-Maui
When we refi'd last, the escrow acct got cashed out to us, but it was never documented that the already due tax bill had never been paid. We got a tax notice, so I called the new loan company they said the loan was square, so I disregarded it. I got another one about 1.5m later, so I actually went onto the county website to check, and it had never been paid. We were less than 2 weeks from going to auction for the property taxes and the only notifications were two 3x5 postcards referring you to the county website. It's almost like it was set up to force you to default on the taxes.
Feature not a bug territory!

Very glad that in this fascist, communist hellhole it's virtually impossible for local government to do that.
To compulsorily aquire and then sell a property takes several years and a crazy amount of communication with the owner.
 

DaveW

Space Monkey
Jul 2, 2001
9,879
1,449
Karori, Poneke Te Ika-a-Maui
This deserves cross posting into the "no faith in humanity" thread.
When we have collectively created a situation where they found the revoltingly environmentally destructive cruise ships to be more financially sustainable than living at home.
 

Toshi

Harbinger of Doom
Oct 23, 2001
33,346
4,732
They're also dumb because they're apparently not accounting for appreciation (except for that in the proceeds of their Seattle house). The cruise ship cost is pure rent.
 

Montana rider

Turbo Monkey
Mar 14, 2005
1,193
1,186
I'm conflicted, because while I agree with the sentiment* 100% I am also the enemy [2nd home owner] albeit a shit box...



ABCDEF... U

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It's been a while since I watched South Park. While I may quibble with the long term viability of their solution to kill off the RE agents, their recent episode on housing inflation was quasi-entertaining...



*We love Montana, so we get that you want to come here and enjoy it. But every vacation home, or unused condo, or "investment AirBNB," takes a home from someone living here. In some communities rent has nearly doubled in the last 18 months. Wages did not. We're not against wealth. We're not against neighbors. We're just tired of being priced out of our homes so you can ski once a year.
 
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kidwoo

Artisanal Tweet Curator
Aug 25, 2003
32,322
7,414
The old timey times
Yeah maybe that shirt is for you but not for you, know what I mean? ;)

It needs a california sillohuette on fire. But the real question is, what's the appreciation on it?
 
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SkaredShtles

I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!
Sep 21, 2003
58,492
8,100
In a van.... down by the river
*We love Montana, so we get that you want to come here and enjoy it. But every vacation home, or unused condo, or "investment AirBNB," takes a home from someone living here. In some communities rent has nearly doubled in the last 18 months. Wages did not. We're not against wealth. We're not against neighbors. We're just tired of being priced out of our homes so you can ski once a year.
Heh. When do you suppose that they'll realize that electing GOP/Libertarians will NOT solve any of their problems? :think:
 

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
32,322
7,414
The old timey times
Heh. When do you suppose that they'll realize that electing GOP/Libertarians will NOT solve any of their problems? :think:
montana ain't idaho

Although you wouldn't know it from their current gov'nuh

And as a californian I vehemently object to the implied 'alternative' cuz those fucks just keep making it worse and worse every year too. I'd argue far worse. We have a nation state of people living on streets because fancy cityfolk and heirs need 3 houses and a pretty view that no one can infringe upon.
 
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Montana rider

Turbo Monkey
Mar 14, 2005
1,193
1,186
Heh. When do you suppose that they'll realize that electing GOP/Libertarians will NOT solve any of their problems? :think:
Eh, even in our liberal bubble [BZN] the AirBnB owners got their panties in a wad when the City even considered options to try to address the issue.

"Draconian" measures such as requiring the owner to actually live in the rental full time [I.e. not slumlords but rather the original vision of AirBnB which was to rent spare rooms...] were rejected out of hand.

A lot of "My poor grandmother bought this house to provide her retirement income" and how dare you infringe on my freedumb to make the monies letters to the editor.

Island Park ID is currently considering proposing something similar -- many subdivisions already prohibit short term rentals -- requiring the AirBnB host to live 'locally' at time of rental [i.e. no management companies] and available to deal with unruly renters etc.

I don't really see any viable solutions here re: housing.

They're literally razing the valley and adding new subdivisions in every nook and cranny, but demand still outpaces supply by a wide margin.

As much I hope that increasing mortgage rates will lead to another another market 'correction' and hopefully evaporate some of this excessive demand, the Covid-19 shift to virtual WFH isn't going to ease up until the apocalypse / end times.

Fucking breeders and population growth coupled with boomers and their pensions ////retirement income...
 
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Westy

the teste
Nov 22, 2002
48,004
13,376
Sleazattle

rideit

Bob the Builder
Aug 24, 2004
16,933
7,085
In the cleavage of the Tetons
Well, ain’t no slowing here…yet. House five doors down went on the market a few weeks ago for $1.65m.
kind of dumpy house, odd layout. Can’t be redeveloped, etc. 10 bids the first day, went for $1.95m. There is simply no inventory, and that’s not really ever going to change in any way that would put downward pressure on prices.
yeesh.
Our friend who sold it has free housing with the Forest Service, is retiring in 5 years, and owns 10 acres near Glacier National Park. He’s set.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
36,260
10,859
Riding the baggage carousel.
Anecdotally, still pretty hot here but certainly showing signs of slowing. House couple doors south went for 10k under ask but still sold in 4 days. We haven't seen that for at least half a decade here, but it's in such bad shape it's practically a tear down. The house just a couple doors north is still on the market after almost 2 months but is priced WAY over market. This time last year they would have probably still been subject to a bidding war. This zipcode was making the top 3 of a lot of real estate lists for the better part of the last 3-4 years.
 
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Westy

the teste
Nov 22, 2002
48,004
13,376
Sleazattle

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
34,853
7,225
Portland, OR
Sounds like the way they build houses in Jamaica. :rofl:
It was sliding down the bank into the creek and the housing market was kinda rough, so it was scrapped. Had walls but no roof until the city threatened to condemn it.

That went back and forth with the city until 2 years ago they showed up with a bunch of dudes and knocked it out in like 2 weeks and it sold almost immediately.

If you look at Google history street view, you can see it.

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