99 Homes ... ...thoughts?

[Jon Q.]

I just saw this and it was a pretty great movie.

Here's a summary:

Set in Florida, the film follows single father Dennis Nash (Garfield) and his family as they are evicted from their home by businessman Rick Carver (Shannon), forcing Nash to help Carver in evicting people out of their homes in exchange for their own home. 

99 Homes - Preview

Did you see it? If so, what did you think?

[Aaron Mazzrillo]

Just a movie about a guy ripping off the people who rip everyone else off. (*whispering* We're talking about the guberment..)

I know a guy with a warehouse and a lot of rentals. When the meltdown hit, he filled it with parts from bank owned houses he basically went shopping in; interior doors, appliances, A/C systems, hot water heaters, vanities, kitchen cabinets. Stock piled enough stuff to take care of his rentals for a decade or more. Again, just people ripping off people who ripped off other people. It's a vicious cycle. An old guy once told me, "If you're going to be in business, you better do it 100% legit or don't bother doing it at all." I think that is about the best advice one can get regarding these types of things.

The longer you're in real estate, the more scumbags you'll run across. Surprisingly, most will get away with their schemes. A few will go to jail though. There was a guy out here in CA who was creating deeds and transferring vacant houses into his name and renting them out. Most were bank owned, but some weren't. When the people who chase down scumbags like him finally caught up with him, he had a Bentley parked in the driveway and a lot of gold coins in his house. He's in prison now.

The current thing out here, and probably other places is broker owned escrow companies and said brokers pretending to have short sale approvals. The investor with is "accepted" offer wire in the money and suddenly said broker is gone. I've also been told by my title guy that the schemers will find out about a closing. They'll email the escrow company with the account to wire the funds to. It goes into their account and the seller is left with nothing. Most escrow and title companies are aware of this, but I'm sure a few more will get taken before someone finally goes down for it.

I had a guy try to wholesale me a house he claimed he had done a short sale on. The reconveyance was from an out of state notary. Notary stamp turned out to be fake. We figured it out quite easily because it was a smoking deal in a city smoking deals don't often turn up so we were skeptical going into it and had our expert title guy really do his homework on it. If we had done the deal, we would have received bad title to a house that was headed to foreclosure and our money would be in the pockets of a few hookers and dealers in Vegas.