Lazybones

Here in Florida, the Foreclosure State, we thought we'd already cataloged every genus responsible for this plague on all our houses, from the predatory lenders to the oblivious robosigners and rocket dockets to the no-mod-for-you bank Nazis. That was, until we caught wind of the HOA chasers. The St. Petersburg Times recently profiled an opportunistic little industry that discovered a loophole in the state's foreclosure laws and is milking it for all it's worth. Florida law allows homeowners associations, or HOAs, to foreclose on properties when dues are in arrears and does not require the HOA to notify the primary mortgage lender. Florida has 40,000 homeowner and condo associations, many struggling to keep basic services going with so many owners behind in dues. The HOA's lawyers encourage them to foreclose because, if the bank beats them to it, they usually won't see a cent. Here's where opportunity creeps in: Since most homeowners owe less than $15,000 in association dues, the HOAs can file their foreclosure cases in county court rather than in circuit court, where caseloads are backed up. This allows the associations to get final judgment on a foreclosure in as few as 270 days verses the 617 days it now takes for the average bank foreclosure. Yes, a mortgage lender would gladly pay the back dues to protect their investment -- if they knew about it. But because the HOA doesn't have to notify the bank of its foreclosure actions, it could be months or even years before the primary lender forecloses. Enter HOA chasers like Barry Haught and his associates. They acquire HOA foreclosures in private for pocket change, since they only have to pay off the delinquent HOA dues, not satisfy the mortgage. They then rent the property, and sometimes live there, for the months and even years it takes for the bank to foreclose. This loophole has allowed Haught and his associates to acquire 71 properties in Tampa's Hillsborough County worth $8.2 million for a little more than $220,000. Among his deals: a $1.2 million home on Tampa Bay for $10,010; a 3,700-square-foot home for $8,090; and dozens of single-family homes for $4,000 apiece. And no, they are under no obligation to inform their renters that the primary lender could unceremoniously kick them to the curb one day. Did I mention that this is all perfectly legal? We're kind of used to this stuff in the Foreclosure State, where the unofficial state motto is: Only in Florida! But I'm wondering if this HOA play happens elsewhere? Read more: $1.2 million mansion for $10K? | Bankrate.com http://www.bankrate.com/financing/mortgages/1-2-million-mansion-for-10k/#ixzz1Ro6KxR9o

Must be inflation, cant believe they will get anywhere near 250 let alone 320

Lower cost legal services? http://www.thegrocer.co.uk/articles.aspx?page=articles&ID=218623 http://www.thegrocer.co.uk/articles.aspx?page=articles&ID=209764 If I worked for a low end law firm I would be worried, maybe even if I worked for a large high end firm I would expect high margin bulk caseloads to start falling off.

http://www.liverpoolecho.co.uk/liverpool-news/local-news/2011/06/03/merseyside-couple-banned-from-business-after-land-sales-scam-100252-28813171/ Two directors were banned from running businesses for a total of 15½ years after selling “worthless” land for almost 50 times the value they paid for it. Kevin Hilton, of Moor Lane, in Crosby, and Lynne Hilton, of Oak Drive, in Burscough, received almost £1m through their company, Land Strategy plc. The couple sold plots of land on a 38-acre green belt site at Studley, in Warwickshire, and marketed the 429 plots for their investment potential for future homes. Customers then bought the land at hugely overinflated prices either by misrepresentation or by omission of key facts. But Land Strategy knew there was little or no prospect of the land ever being granted planning approval for homes. The plots were, according to the Insolvency Service who ran the investigation into the business, “effectively worthless”. The land cost £6,579 per acre, but was sold to investors at prices ranging from £101,124 to £311,957 per acre, with an average price of just over £200,000 per acre. Read More http://www.liverpoolecho.co.uk/liverpool-news/local-news/2011/06/03/merseyside-couple-banned-from-business-after-land-sales-scam-100252-28813171/#ixzz1OCHEc02f

Another new instuction at £1.25m last solld for £430,000 on 15-08-2002 http://www.rightmove.co.uk/property-for-sale/property-19009341.html

New instruction http://www.rightmove.co.uk/property-for-sale/property-30238321.html 1.2m and it looks shabby, mouseprice estimate £546,210 to £667,590 Daft money for this part of the world.....

Will be watching this one: http://www.rightmove.co.uk/property-for-sale/property-18883980.html last sold in 2006 10 Grosvenor Road, Birkdale, Southport, Merseyside, PR8 2JF £579,000 Detached Leasehold Not New Build 12-Jun-2006 having previously sold in 2002 and undergoing a renovation to an OK standard 10 Grosvenor Road, Birkdale, Southport, Merseyside, PR8 2JF £285,000 Detached Leasehold Not New Build 28-Jun-2002 It's now up with two agents at 650K so this is above the 2007 peek of around, looks empty from the pics on the Entwistle Green website, my view is that someone will pick this up for around 400k or it will be on the market for a very long time, lets see. edit to add link to second agent http://www.entwistlegreen.co.uk/buy/property/5-bedroom-house-in-southport,pr8-for-%C2%A3649,950-ref-226256/

This house is less than 100 yards from the one above that is for sale at 435k, its on the same side of the road. 285K will get a similar size house (semi) on Welbeck Road and 355k a large detatched on welbeck road 100 yards away. The highest price on Mouseprice for walmer road is 375k back in 2008 for a similar house with a complete referb and the best achieved recently is 310k I predict this place will either drop quickly or be on the market for a very long time.

I agree it is Nuts as a very similar house across the road just sold for £310K in the past few months and the house to the right hand side is a wreck, it looks like it has two trees growing out of or in front of the front bay windows, not a place you would want to live next door to. Edit to add house opposite that sold in Jan for £310K 43, Walmer RoadDetached - Freehold - Not new £310,00014/01/2011 Heres a big drop in Formby http://www.rightmove.co.uk/property-for-sale/property-32353253.html 555K drop, if they drop another 555K they might sell it Ball and Percival is part of the Venmore Group, they had some cash flow problems back in 2008 and closed a lot of offices http://www.liverpooldailypost.co.uk/ldpbusiness/business-local/2008/10/31/property-firm-venmore-in-rescue-talks-as-staff-go-unpaid-96026-22157808/ but have survived thus far

Fully agree. But there is still a risk, I was talking to a business owner the other day 500 people plus high tech engineering company and he is getting law graduates applying for admin jobs. Problem is too many graduates and/or not enough graduate jobs, the system was designed for the top 10% (academics) to go to unversity not 50%+

Anybody holding NS&I in a SIPP? Is it better/worse than the market tracking funds?

http://www.rightmove.co.uk/property-for-sale/property-31167791.html Falling in Ainsdale but from a silly starting point. I like the EA line: *** SERIOUSLY REDUCED PRICING FOR EARLY INTEREST ****** PART EXCHANGE - DOWN SIZING - ALL AREAS CONSIDERED *** Would be better with "dead man walking, please take my house"

http://www.rightmove.co.uk/property-for-sale/property-16998396.html This house is back on again, its been listed a number of times over the past 3 or 4 years (I have lost count but you can probably find it in one of my earlier posts) I remember it was on at over 500k maybe close to 600K at one point, its up at 440K right now, another 100k and it will be good value for the area.

I can see the value in buying silver via a holding company like bullionvault or others but when you hold the physical coins you have to pay the VAT so need a 20% rise just to cover the buying cost.

Anyone used http://www.bullionvault.com/ any experiences or feedback to share?

This is a sub 500K house so they are simply trying it on, maybe it will take them another 3 years to realise it.

I just moved my pension into an Alliance Trust Select SIPP http://www.alliancetrustsavings.co.uk/pensions/select-sipp/ will post my investments shortly, above looks like a good punt.

Maybe time for a HPC Investment Club thread, do you think we can beat the returns offered by professional fund managers?

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/8233585/Brewin-Dolphin-in-talks-over-investment-sell-off.html

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=531135&in_page_id=8#

http://www.autoquake.com/ Autoquake Limited (In Administration) ("the Company") Please be advised that Matthew Bond and Jason Godefroy of MCR were appointed Joint Administrators of the Company on 17 March 2011. If you are a customer or supplier of the Company and have any queries, please direct these to the Company’s call centre on 0844 800 9406, in the first instance. If you are interested in purchasing any of the assets of the Company including the Company’s domain name and e-commerce platform, please contact MCR directly on 020 7487 7240. It should be noted that the Joint Administrators (for and on behalf of Autoquake Limited (In Administration)) are not accepting any reservations or deposits with respect to the vehicles shown on this website. The website is currently operational for demonstration purposes only.

http://www.rightmove.co.uk/property-for-sale/property-32672429.html New build that has been on the market since the middle of February, its dropped 25K today, it's one of three and not finished yet, work on the other two has not started yet. Plot size is very small was previously occupied buy a pair of Victorian Semis that were a good size but is being developed as three 4 bed detatched to maximise profit. A larger Victorian property opposite sold for 310k in Jan after being on the market for a while, it was fully refurbished, roof, garden, wiring, kitchen, bathrooms all done.

Banker with a tough decison: http://news.hereisthecity.com/2011/04/04/no-career-in-new-york-or-scared-witless-in-tokyo/

looks like the same sofa in the hallway, maybe a new open plan toilet/lading room :-). Also not sure about the EA's ability to use a camera given the angle of the hallway shot.