This is the best thread today!!! I love this stuff

For your viewing pleasure…Gary Watts’ Titanic

I don’t see where it says short sale.  Was the listing changed?  It says accepting backup offers.

Daedalus - 25 March 2009 06:04 PM

I don’t see where it says short sale.  Was the listing changed?  It says accepting backup offers.

Yeah I believe yesterday the first words in the description were “approved short sale” or something like that

24inIrvine - 25 March 2009 06:22 PM

Daedalus - 25 March 2009 06:04 PM

I don’t see where it says short sale.  Was the listing changed?  It says accepting backup offers.

Yeah I believe yesterday the first words in the description were “approved short sale” or something like that

I wonder why the description was changed?  It is still flagged as a short sale by Redfin, (see the upper right side of the page).

There are eyes and ears everywhere, I wouldn’t be at all surprised if someone related to this situation saw this blog and decided to quickly get the words “short sale” off. I was very surprised at the spike in interest from many different parties just after I posted a bank owned house on this forum a while back. Some of us get the impression we are just talking amongst ourselves, but that really isn’t the case.

It seems that Gary must be reading IHB, or someone gave him the heads up. It still shows as a short sale in the “Listing Information” section on Redfin.

* Conditions: Short Sale/Subject to Lender Approval
* Listing Price Excludes: Tenants Furnishings

I put that last part in bold, because it serves as further proof that this is indeed an investment property for Gary, and shouldn’t qualify for a short sale.

I emailed a few of the politicians, but still have a few more to go. Gary Miller doesn’t want to be contacted by email unless you are from his district. So… not sure if I am willing to waste ink and paper on it or not. I also emailed Matt Padilla and Erika Chavez over at the Register. I told them to not let this story slip through the cracks, and I will be sending the Times an email tomorrow.

Any other suggestions on how we can expose this giant douchebag for what he is? Anyone else willing to take the time to email their congressman/woman?

graphrix - 25 March 2009 10:16 PM

It seems that Gary must be reading IHB, or someone gave him the heads up. It still shows as a short sale in the “Listing Information” section on Redfin.

* Conditions: Short Sale/Subject to Lender Approval
* Listing Price Excludes: Tenants Furnishings

I put that last part in bold, because it serves as further proof that this is indeed an investment property for Gary, and shouldn’t qualify for a short sale.

I emailed a few of the politicians, but still have a few more to go. Gary Miller doesn’t want to be contacted by email unless you are from his district. So… not sure if I am willing to waste ink and paper on it or not. I also emailed Matt Padilla and Erika Chavez over at the Register. I told them to not let this story slip through the cracks, and I will be sending the Times an email tomorrow.

Any other suggestions on how we can expose this giant douchebag for what he is? Anyone else willing to take the time to email their congressman/woman?

Go get ‘em Graph!

graphrix - 25 March 2009 10:16 PM

It seems that Gary must be reading IHB, or someone gave him the heads up. It still shows as a short sale in the “Listing Information” section on Redfin.

* Conditions: Short Sale/Subject to Lender Approval
* Listing Price Excludes: Tenants Furnishings

I put that last part in bold, because it serves as further proof that this is indeed an investment property for Gary, and shouldn’t qualify for a short sale.

I emailed a few of the politicians, but still have a few more to go. Gary Miller doesn’t want to be contacted by email unless you are from his district. So… not sure if I am willing to waste ink and paper on it or not. I also emailed Matt Padilla and Erika Chavez over at the Register. I told them to not let this story slip through the cracks, and I will be sending the Times an email tomorrow.

Any other suggestions on how we can expose this giant douchebag for what he is? Anyone else willing to take the time to email their congressman/woman?

Remind me never to get on your bad side

Graph

Dont waste any time on Congressman Gary Miller.
He has his own issues with the FBI and the IRS over his personal Real Estate deals.

How the heck a guy from Diamond Bar is the Congressman for RSM and Mission Viejo.
Go Figure. Look at the map of his district. Really strange map

http://garymiller.house.gov/District/

http://www.citizensforethics.org/node/19011

His district is shaped like Italy

Looks like the OC Register took you up on the story

caliguy2699 - 26 March 2009 04:14 AM

Looks like the OC Register took you up on the story

Damn that was quick. There was definitely a sense of urgency coming from the OCR crew. I wonder if they will have a more detailed article for Friday.

I love Gary’s half-assed answers of it being a business decision, and how he can make the payments. Right… I wonder how long it will be before we find out about another business decision of his?

graphrix - 26 March 2009 04:25 AM

caliguy2699 - 26 March 2009 04:14 AM

Looks like the OC Register took you up on the story

Damn that was quick. There was definitely a sense of urgency coming from the OCR crew. I wonder if they will have a more detailed article for Friday.

I love Gary’s half-assed answers of it being a business decision, and how he can make the payments. Right… I wonder how long it will be before we find out about another business decision of his?

Nice job, Graph. Now let’s see if anyone picks up on the fact that his bank is receiving our tax money to bail them both out!

he-he  

I admire a man who puts his money where his mouth is and I’m glad Gary Watts is still “maintaining all his other properties”.  That makes me real happy! 

Am I the only one who would like to see credit where credit is due for this story? Graph and Awgee deserve an acknowledgment, as well as the IHB in general. Some of the comments over there are praising Matt Padilla and Jon Lasner for this one when all that Matt did was read an e-mail and recognize that this was big. Congrats to both of you even if I’m the only one who says it.

BTW, the story seems to have gone from front page online to non-existent sometime between last night and today, I wonder what’s up with that? Is Gary threatening someone? Or are they investigating the short sale aspect?

graphrix - 26 March 2009 04:25 AM

caliguy2699 - 26 March 2009 04:14 AM

Looks like the OC Register took you up on the story

Damn that was quick. There was definitely a sense of urgency coming from the OCR crew. I wonder if they will have a more detailed article for Friday.

I love Gary’s half-assed answers of it being a business decision, and how he can make the payments. Right… I wonder how long it will be before we find out about another business decision of his?

How on earth do you get a short sale approved when you admit to the whole, wide world that you can make the payments but instead choose to ignore your contractual obligations?

Judicial foreclosure, please.  Go after the bastard and whatever he’s got.

As many of you already have seen, the article is on the front page of the Business section in the print edition today. I don’t see how he can justify this as “a business decision.” It would be a business decision to cut your losses, but the bank should get every dime that they are owed. The bank should foreclose and go after him.

Is the tenant whose furnishings are not included still in or out?

Wow… this is so ridiculous. There are people who actually live in their houses, can’t pay the mortgage and can’t get help from the lender… yet this guy can short sale a rental that he can afford?

Good job Graph and awgee!

There seems to be some that are demanding the Register do more investigating on the short sale aspect in the comments section. I hope they do. Maybe a story about the short sale rules for banks that are accepting bailout money would be in order next.

Someone pointed out in the comments there are no regulations for short sales. But I do remember something about not being able to use TARP money for non-owner occupied properties (I haven’t read the TARP). Of course, BofA can claim that the debt isn’t being forgiven with taxpayer dollars (since there is zero accountability) but this just bothers me.

Also, the fact that he stopped paying his mortgage but still collected rent makes this whole thing worse (unless the tenants moved out prior).

Here’s the issue I have with GW.

Why is GW even considered a source? If you read any of his papers on the market he gets some things right, but most things terribly wrong.  Most Agents would forward his white papers on the OC market to sellers as proof academia thought values, like trees, grow to the sky. Information that isn’t counter balanced is dangerous. Ask anyone who bought their home in 2005 or 2006 based on advice like GW was shilling.

The Orange County Board of Realtors has GW as their annual keynote speaker at their June 26th meeting. Thats got to be money well spent.

Soylent Green Is People - 27 March 2009 06:53 PM

Here’s the issue I have with GW.

Why is GW even considered a source? If you read any of his papers on the market he gets some things right, but most things terribly wrong.  Most Agents would forward his white papers on the OC market to sellers as proof academia thought values, like trees, grow to the sky. Information that isn’t counter balanced is dangerous. Ask anyone who bought their home in 2005 or 2006 based on advice like GW was shilling.

The Orange County Board of Realtors has GW as their annual keynote speaker at their June 26th meeting. Thats got to be money well spent.

I’m glad to see you posting here, so welcome. I love your haiku’s over at CR. Any chance you could serve one up on Gary “not really an economist” Watts?

Let’s see…..

Brighter lights are known,

Not many “watts” with G.W.

Kool-Aid swilling tool.