Chris is a super realtor in Santa Rosa, CA. He is renowned for pushing interest-only loans on people that CANNOT afford them. Once these loans reset, he's going to have some disappointed customers, such the Carnes family that took out a $700K, interest only loan to purchase a home they "had to have"--household income: $100K. And as he tells his clients, "I eat beans like you in the morning." Watch the video and enjoy!
Video: Past Due & Pay Day (video at YouTube)
Transcript: Past Due & Pay Day
Super Realtor, Chris Nunez is selling his $1M home!
Price Paid: $1,061,312
3646 Bellagio Ct
Santa Rosa, CA, 95404
5 Ba: 5 3761 sqft.
Price: $1,230,000 <---- Dream on!!!
2007-11-11: reduced $1,200,000 $30K ain't gonna move it.
2008-01-11: SOLD $1,100,000
(Purchase Price) - (Selling Price) = +$39K
Hey, did he walk away with a profit???
He held the house since Sep '04--a total of 40 months.
$39K/40 = $975 per month
Do you think the payment on his million dollar, interest-only loan, McMansion was $975/month? I'd say he burned around $100K
owning renting his McMansion. I will say this... he got very lucky to find a big enough fool to overpay for this POS house.
from the transcript...
Question: Do you ever worry that you're talking people into homes that they ultimately can't handle?
CHRIS NUÑEZ: No. Not at all because they wouldn't have qualified for the loan. So they can actually handle the payments, you know? Whether it's a five year or a 30 year loan, they have to qualify first.
Can you believe how naive that response is? If you watch the PBS video, you'll hear Chris say he "purchased" this home with an interest-only loan. Vato, interest-only loans DO NOT WORK for the average person!
1194 Pedroncelli Dr