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How a Home Bargain Became a ‘Pain in the Butt,’ and Worse

By Patrick following x   2018 Mar 15, 11:45am 1,252 views   4 comments   watch   nsfw   quote     share    


https://www.nytimes.com/2017/07/07/business/dealbook/how-a-home-bargain-became-a-pain-in-the-butt-and-worse.html?rref=patrick.net

Across the country, people like Mr. Williams have found themselves in similar predicaments. Unable to obtain a traditional mortgage, they have signed a high-interest, seller-financed deal known as a contract for deed that works like an installment plan for housing. For many, these deals can quickly turn into money traps.

The deals also have added to neighborhood blight when the houses fall into further disrepair.

Contracts for deeds are difficult to track because the transactions are not recorded in many states. It can become difficult to determine who actually owns the property — and who is responsible for its upkeep and paying property taxes — often because the original contract is sold to several investors over time.


From last July, but interesting. I didn't know about "contracts for deeds".
1   Tenpoundbass   ignore (14)   2018 Mar 15, 11:58am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
often because the original contract is sold to several investors over time.


I think if a property is challenged and the county can't determine who actually owns it unless the owner's lawyer shows up to claim it.
Should be auctioned off.

I also support a Federal Property tax on 2nd SFH homes. And a draconian tax on 3 or more. Those third houses would either be back on the market for the American dream, or they will pay off the deficit within 5 years. That's the kind of tax I'm talking about.
2   Patrick   ignore (1)   2018 Mar 15, 12:40pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

The13thRussianBot says
I also support a Federal Property tax on 2nd SFH homes. And a draconian tax on 3 or more.


I think Georgism is a better solution. Just tax the land and not the result of productive activity like labor or commerce (no income tax or sales tax):

https://en.wikipedia.org/wiki/Georgism

Taxing land will not result in the production of less land. It's also impossible to hide land.
3   Tenpoundbass   ignore (14)   2018 Mar 15, 12:41pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Remember the idea here is to foster home ownership for the Nuclear Middle Class.
4   APOCALYPSEFUCKisShostikovitch   ignore (38)   2018 Mar 15, 12:58pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Fucking cute calling it a 'contract'

The fucking grantor has confected a lien on the property that requires execution of deed at time of full payment of the buyer's agreed obligation of compensation to the grantor.

An inside out mortgage.

That kind of instrument has to be booked and the fucking thing indexed.

This isn't a gray area. The punks selling the properties need to be beaten every way a Registry of Deeds manager can possibly create pain for them.

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