Who Here Personally Sets Their Real Estate Value for Taxes, Loans and Insurance Value?

[WorldWatcher]

If the lenders will do that for a $300K home, How did Trump prevent the banks from doing that when he borrowed the millions from them?

Because we aren't talking the appraisal for a home, not the property where the loan was taken out.

We are talking FPOTUS#45's personal guarantee on the loan based on his net worth through 500 shell companies.

In your/our home buyer situation you have two things happening:

1. The value of the property itself acting as collateral for the loan. That's why there is typically a down payment so that the collateral value exceeds the payoff value or the loan.
2. The second factor is the interest * * RATE * * the lender will demand. In your/our case the lender is going to require things like pay slips, W-2's, X years tax returns, current balances on any financial accounts, etc. And of course the ever popular Credit Score.

FPOTUS#45's issue isn't the collateral value of the loan, his legal problems stem from - in his world - legal documents called "Statements of Financial Condition" showing his net worth as part of obtaining lower rates.

But of course many will ignore this difference to rage that FPOTUS#45 is the victim.

WW

 

[WorldWatcher]

The banks didn't accept Trump's valuations without vetting them.

The officers of the bank would be in prison if they just took a customers word for it to the detriment of the shareholders.

You really think that a bank is going to take years to untangle his 500 Shell companies when determining his net worth?

WW

 

[WorldWatcher]

~~~~~~
So what is the difference in John Stewart NY Home than Mar a Largo?

There is no indication that Jon Stewart lied in legal documents about his net worth.

If the appraisal comes in at a million dollars and Jon Steward says I'll sell you this million dollar house for $20 million and you accept the offer. The problem is you buying a known $1M home for $20M means you are an idiot.

WW

 

[Foxfyre]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

Nobody. But for sure we hope the value is as low as possible for the tax man, the value is high as possible for the buyer and lender and we want our insurance to be spot on. But for sure we have NEVER sold a property that anybody took our word or our realtors or anybody else for what it was worth. The lender ALWAYS sends an appraiser to set a value on the property.

 

[Fort Fun Indiana]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

Another idiotic thread.

Who here signed lying financial statements under penalty of law?

It's hilarious that the cult thinks Trump is just a sweet, innocent victim of unscrupulous people that he handpicked.

 

[Weatherman2020]

You really think that a bank is going to take years to untangle his 500 Shell companies when determining his net worth?

WW

If a bank wants to just take the word of customers I want to use that bank.

 

[Fort Fun Indiana]

There is no difference. It happens all the time. Democrats are just too stupid to realize it.

Is that the result of your crack research team's work?

Or did some paid bootlicker in white wing media tell you that?

Easy answer.

 

[WorldWatcher]

If a bank wants to just take the word of customers I want to use that bank.

Now you see why most reputable US banks wouldn't do business with FPOTUS#45 and he had to go to Deutsche Bank to get loans.

Even they dropped him later.

WW

 

[Fort Fun Indiana]

If a bank wants to just take the word of customers I want to use that bank.

That's every bank.

When you submit paystubs for a car loan, do you think they call in an FBI expert to make sure they aren't forgeries?

No. What they do is make you sign an attestment that the information on your application is accurate, under penalty of law.

 

[meaner gene]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

What about telling the DMV the value of a used car? I told them it was half the bluebook value, and they accepted it. Saved a bunch on the sales tax.

Does that count?

 

[Magnus]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

But but officer... everyone does it... LOL

Has that defense ever worked? Whether in traffic violations, bank fraud, or cheating on your taxes?

 

[Weatherman2020]

But but officer... everyone does it... LOL

Has that defense ever worked? Either in traffic violations or in bank fraud?

Who does no appraisal?

 

[Fort Fun Indiana]

What about telling the DMV the value of a used car? I told them it was half the bluebook value, and they accepted it. Saved a bunch on the sales tax.

Does that count?

Uh... what? Since when does the BMV ask you the value of a car, for your tax? Maybe my state is a little more ahead of the times.

 

[Fort Fun Indiana]

Who does no appraisal?

Already explained. Directly to you.

 

[Weatherman2020]

What about telling the DMV the value of a used car? I told them it was half the bluebook value, and they accepted it. Saved a bunch on the sales tax.

Does that count?

I told Virginia my car was worth $1 when I first registered.

They used blue book price.

 

[Weatherman2020]

Now you see why most reputable US banks wouldn't do business with FPOTUS#45 and he had to go to Deutsche Bank to get loans.

Even they dropped him later.

WW

What kind of bank loans money on peoples word?

 

[Weatherman2020]

Already explained. Directly to you.

If I want to take your word you’re worth $700B and need $1k loan from me, it’s on me if I believe you or not.

 

[Seymour Flops]

Then I misunderstood.

Fair enough.

 

[JoeMoma]

And if I sell my garden hose to a neighbor I sell high. So what’s your point?

If you don't get my point, then I'm not wasting my time explaining it to you.

 

[Magnus]

Who does no appraisal?

As far as I can determine, banks generally require appraisals but I guess they bend the rules for rich guys. Talk about favoritism. If this had been a Dem politician you idiots would have picked up your pitchforks and marched on Washington.

But coming back to the orange douchebag and appraisals...The company's longtime accountant, Donald Bender, testified that he asked for appraisals but was not always provided them by Trump executives.

Of course, the orange douchebag tried to shift the blame onto his accountant but then what else would you expect the douche to do?