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Posts posted by geeteebee

  1. I just watched the 60 minutes piece and the young family there pisses me off. The husband says he feels no responsibility for this, which is exactly what is wrong with the country today. The banks don't have any responsibility, the home buyers don't have any, the government doesn't. So who does? And the owners in the piece were not concerned about their safety, so I assume you are talking about your personal situation.


    So, to answer the question at hand. If you signed a contract, then you need to abide by the contract or be prepared to suffer the consequences under the contract. With that said, if you are ready to suffer those consequences and it still makes sense to walk away, then so be it. The young couple in Arizona has analyzed it and according to the state law, lenders there can't go after other assets. If that is the case, then lenders were probably pretty stupid to lend if they didn't require substantial downpayments. I just wish someone would nut up and say, "I screwed up. I was stupid and it was no one else's fault but since I am so far under water I would only be compounding the error by continuing to pay on this mortgage."


    It sounded like there were only 8-9 states that have similar laws about preventing lenders from going after other assets so I would make darn sure that I knew what I was risking prior to taking this path.


    Nobody made you buy the house. Nobody made the bank lend you money. Both parties are taking risks and there should be provisions in the contract if one party doesn't uphold its side of the deal. Damages should be no more or no less than what either party signed on to. It is a contract and frankly I don't know what mine says about default. I guess that's the stuff you only think about reading when it is too late.

  2. what sort of job would restrict access to The Huddle? The very place that teaches business skills like team building, budgets, negotiations, risk assessment, security, forecasting, etc...?


    And makes you file TPS reports. Lots and lots of TPS reports.

  3. We've been 4-5 times. My boys all love it. At 43 inches, he'll be able to ride most of the slides, if he is so inclined, as long as you or hubby goes with him. I'm sure he'll want to do magic quest, which will run you $25 but is fun and takes a lot of time. He might be a little young for it so you may want to steer him away from it if possible. We always get a kids cabin room which the boys love because there are bunkbeds and their own tv. We always bring our own breakfast food, eat lunch at the snackbar in the pool and either do pizza, the restaurant upstairs or go offsite for dinner. Grapevine mills mall is just up the street and there are a number of restaurants around there. Also a Bass Pro Shop right there. Have fun!

  4. Been there, done that.


    My wife and I were in a very similar boat 18 months ago. We had been looking at a house for 6+ months that was out of reach and, we believed, overpriced. After touring it 3-4 times and really liking it, we councluded that we just couldn't swing it. One day I drove by it and noticed the for sale sign was gone so I figured somebody else bought it. I called the listing agent who told me that the bank now owned it because the builder's equity backers stopped his funding. She wouldn't give me any additional info because she wanted to represent me to the bank so she could get her commission. After much digging, I found the bank and found when the auction was. I went to the auction but did not bid because the bank loan was more than what I wanted to pay so the house reverted to the bank. I then called the banks REO department and started negotiating directly with them until we reached a deal.


    So here's the other similarity to your situation. When touring the house, we noticed a couple of fixtures that weren't attached like they should have been. Also, when it was bank owned, someone had left a door wide open with the air conditioner on in Texas, in the summer. So the units, 3 of them, had been running for who knows how long. We decided to have the home inspected and the inspector found additional problems, the biggest being the drain in a second floor sink that was not connected to a pipe. Not connected. At all. So when your turned the sink on, water drained down the wall and onto the ceiling of the first floor.


    Obviously there were issues with the house. So, I called the builder and had him come through the house with me. Even though he lost the house, he still wanted to build homes in the area and knew that I could damage his reputation if I told people how crappy his work was. Since he didn't have any money on the line for this house, he came through and gave me an honest assessment (at least I think so) of why certain things were down a certain way. He also told me which subs hadn't been paid, the plumber being the biggest. So before we bought the house, I had another plumber come out and do a thourough inspection and give me a written estimate of what it would cost to fix everything. Same with electrician and HVAC guy. Your builder may be willing to talk with you if he has any plans of building in the future.


    Knowing that the bank was selling the property as is, where is, if is and without any kind of warranty, I knew there was a risk that I could be buying into the money pit. However, we adjusted the purchase price accordingly and had a cushion in there for the unknown. We presented the numbers to the bank who basically told us to F off. However, we convinced them that we indeed would close and get the property out of their inventory and they reduced the price.


    It's worked out great for us. Yes, there have been unexpected items pop up here and there but the fact is we got a great price on the house that we intend to live in for the next 20 years.


    So to answer one of your questions, yes, I think you are being overly superstitious. But I also think you are very wise being cautious. Best of luck!

  5. So I was watching something pretty harmless on tv last night and

    comes on. I didn't think anything of it until about 30 seconds after it ended. And then I was like, "did i just see what I thought I saw?" Pretty funny and tacky. Don't know how I would react if I had a teenage daughter watching it with me.

  6. My kids go to other kids homes all the time. Are those homes safe? Are their unsecure guns there? drugs? porn? I have no idea, and its not my business to ask the parents.


    it sucks.



    I totally disagree with this statement. I think it is entirely your business to ask the parents. No different than asking is an adult will be at home. If I was concerned about the items above, there is no doubt I would ask. I have asked a neighbor who had recently returned from a hunting trip if his rifles were accessable because, even though he is a very good dad, I felt it my duty as a parent to make sure I asked the question before allowing my kid to play there. The guy took no disrepect by the question.


    Now, on the porn and drugs issue I doubt you'll get an honest answer, but on the gun question, I think you will.

  7. I was curious how you guys would respond.


    His brother is planning on garaging it and finishing the bulk of the work and then figuring out how/where to store it so that the boy's mom doesn't have to think about it. Apparently, several of my cousins friends are pitching in to help pay (or pay entirely) for the costs.


    In my opinion, it's easy for the friends to say "yeah, I'll cover the paint job" (or whatever), until they get the invoice and actually have to cough up the money, in say three years when the car is ready to be painted...


    My cousin did set aside a bunch of cash to pay for it, but I know that if his wife could use that $$ for other stuff, it would be helpful. He had no life insurance, but it appears they did have a bit of savings (but not much) outside of the cash he squirrelled away for the car.




    Even if he left some cash that he intended to use for restoring the car, I still think she needs to consider the needs of her son. The guy may have been a car nut with little fiscal sense and using the money to provide for their son may be a real necessity. Now if friends or relatives are offering to do it, I think that is great and may create a real family long as nobody holds it against her that she used the money for other things.

  8. I think it is up to the wife. If she wants and can afford to keep the car then she should. It could be a great memory of her late husband. However, if she can't afford it or doesn't want to be burdened with it then she should get rid of it. If a family member doesn't want her to get rid of it, then they should buy it from her, take on the financial burden and give the car to the son in 12 years. dmarc's idea above is a good one. Call a trade school or community college that teaches auto mechanics and see if they want to use it as a project.


    Regardless of what she decides, the family should not make her feel that her choice is a poor one. The kid could very well not be interested in cars and feel no sentimental value towards it.

  9. Meh. I guess I don't get it. The school has a chaplain so obviously it is a private parochial school that the parents choose to send their child to. Any parochial school I've attended or heard of 'indoctrinates' their students to some extent. Why send your kid there if you so vehimently opposed to the school's belief system?

  10. Anyone ever been? Looking for summer vacation plans for the family and have been told to look into this. Looks pretty cool from the website. I've got 4 kids from 3-9 so would be interested to hear if anybody has stayed there with kids.


    When driving through the Texas hill country a couple of weeks ago and hearing my kids talk about how big the mountians were, I knew then that I needed to get them out of Texas to see what actual mountains look like.



  11. BOSTON (Reuters)—Seven of the world's top hedge fund managers earned 10-figure paychecks and one set a record for the highest-ever payout last year due to a stock market rally that pushed returns to their highest levels in a decade.

    Together, the industry's 25 best-paid managers collected a record $25.33 billion, more than double the amount they took home in 2008 when the financial crisis left many prominent funds nursing heavy losses.


    In 2007, the top 25 set a record by taking home $22.3 billion.


    The annual ranking, featuring the heads of the some of the industry's oldest and biggest hedge funds, was released by Institutional Investor's AR: Absolute Return + Alpha on Thursday [April 1].


    Analysts had expected the overall increase after the average hedge fund gained 20% and investors began putting new money into the loosely regulated $1.5 trillion industry in 2009.


    Hedge fund managers typically earn management fees plus performance fees that can be has high as 50%, helping cement conventional wisdom that it can be extremely lucrative to run a hedge fund. Some funds delivered dramatically better returns than the average which helped their managers take home billions, again.


    David Tepper's Appaloosa Management gained more than 130% on his bet that certain bank shares would recover. Mr. Tepper earned a $4 billion payout that toppled John Paulson as the industry's record payout holder. Mr. Paulson's bet that housing prices would fall earned him $3.7 billion in 2007.


    Mr. Paulson, however, still made the list of top earners, ranking in fourth position with a $2.3 billion paycheck. He followed philanthropist George Soros whose $3.3 billion put him into the No. 2 spot and James Simons who earned $2.5 billion to rank as No. 3. Mr. Simons, a former mathematics professor announced his retirement from Renaissance Technologies last year.


    SAC Capital Advisors' Steven Cohen ranked as the fifth- highest earner with $1.4 billion. He was followed by Icahn Capital's Carl Icahn, ESL Investment's Edward Lampert, Citadel Investment Group's Kenneth Griffin, Centaurus Advisors' John Arnold and Harbinger Capital Partners' Philip Falcone.


    By Svea Herbst-Bayliss

  12. They may not be entitled to it, but if they ask you and you decline to tell them, then they may decide you are not entitled to a job offer. Worse yet, if they ask you, you lie to them, they hire you and then they find out about it, then they have a very valid reason to terminate your employment.