elliot5
Bayside Class Vice-President
Posts: 249
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Post by elliot5 on Jun 15, 2006 11:32:48 GMT -5
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Post by tatfan on Jun 15, 2006 15:43:56 GMT -5
oo i like it a lot! i can see why he wants to keep it. lol
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Post by zach86 on Jun 15, 2006 18:55:34 GMT -5
Very Nice!  |
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Post by tatfan on Jun 15, 2006 19:10:00 GMT -5
but it doesnt look huge so i dont know why it would be so much money!
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Post by Erika on Jun 15, 2006 20:01:56 GMT -5
He probably has a lot of land.
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Post by Barb on Jun 15, 2006 21:22:04 GMT -5
That house would go for about $100-150,000 in my area...depending upon the neighborhood.
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Post by zach86 on Jun 15, 2006 22:43:48 GMT -5
It looks like he keeps it well kept too!
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rocco
New Kid @ Bayside
Posts: 40
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Post by rocco on Jun 16, 2006 10:25:35 GMT -5
That house would go for about 750,000 to over a mil where I live. It all depends where you live. In many areas of the county home values have skyrocketed. That's the problem with a land loan. You don't have the deed to the house, you don't normally have a relationship with the direct lender. In most cases with a land loan you are paying the mortgage holder who in turn pays the bank. That is unless the person you contract with owes nothing on the home which is rare. Most times this is in violation of the original mortgage because the person who actually has the mortgage does not have possesion of the home, thus if the bank finds out they can demand payment in full. Don't know if this it what happened here, but Diamond did mention that part of this came from the value of the home rising. In that case the actual owner in some cases can demand payment in full. It's not the best way to buy a house.
ROCCO
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elliot5
Bayside Class Vice-President
Posts: 249
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Post by elliot5 on Jun 16, 2006 11:40:19 GMT -5
Dustin Diamond 's house doesn't look very big, but the land around it must be valuable - I remember him saying something about owning the house and a couple acres around it.
Diamond should have used his own lawyer when he entered into the land contract. This type of law is not complex and I would bet that he probably could have obtained legal services for less than $500. Instead, he tried to go cheapo and get free legal advice and look where it got him.
On the Stern show he mentioned that he did talk beforehand to the attorney son of the man who sold him the land contract. However, the son is obviously not an independent party to this transaction. It was a foolish move on Dustin's part. For his sake, hopefully he learns from this experience and moves on with his life and is a little more careful from now on.
Diamond declared bankruptcy in 2001 - that's why he couldn't get a standard mortgage for his house. He's complaining about how he might lose his house now, but how does he feel about the people who got screwed when he owed them money and then defaulted on his various loans and declared bankruptcy?
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Post by MarioDrummer on Jun 17, 2006 16:09:27 GMT -5
I can't believe that he lives in Port Washington, Wisconsin. The city known for "Step By Step".
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Post by Carrie on Jun 17, 2006 21:14:52 GMT -5
I think his house is very cute! It would go for about 200 G where I live.
I really think there is more to his story than he is telling. I only say that because I work with my aunt all the time on researching home loans, she is a loan officer and you would be amazed at how easy it is to get a home without going the route he went.
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Zack Attack
Bayside Class Vice-President
I like school... it's a good way to kill time between weekends.
Posts: 145
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Post by Zack Attack on Jun 18, 2006 6:00:38 GMT -5
I love the house, not to big which i like  |
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Post by soiledzubaz on Jun 19, 2006 11:56:24 GMT -5
I think his house is walking distance to the lake, that's part of why it's value is so high.
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Post by Barb on Jun 19, 2006 12:11:17 GMT -5
My sister's house is within walking distance of Lake Erie and the value of her house isn't that much higher, if any. Now if you have a house right on the lake, then yes, the value will sky rocket. But she can see the lake from her front yard (she's about 3 houses down)...and the value isn't really any different.
It's the land, if he's got a couple acres and a nice house...that would be about right. And who knows what upgrades he's done inside the house. If he has wooden floors, trimming, all of that stuff matters too.
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