Man Pleads Guilty for Rigging Auctions

A Sacramento, Calif., man pleaded guilty Friday to rigging bids at public real estate auctions.

Anthony B. Ghio admitted in U.S. District Court to being one of a group of speculators who agreed not to outbid each other at foreclosure actions. According to court documents, after the speculators’ designated bidder bought a property at the foreclosure auction, the speculators held a second, private auction. The speculator who offered the highest bid at that auction won the property. The difference between the price at the public auction and the winning bid in the private auction was divided among the speculators.

Ghio is charged with a violation of the Sherman Antitrust Act, which carries a maximum penalty of 10 years in prison and a $1 million fine.

More indictments are expected in the investigation.

Source: The U.S. Department of Justice (04/16/2010)

Benefit Concert at Paschals from 4pm-7pm

Todays the Day!

Buy Your tickets today online at
http://www.threshingflooracademy.org/events.html

Come out and join us for an evening of inspiration and enlightenment as several of Atlanta’s most uplifting music, dance and spoken word artists come together in music, dance, word and song in support of Threshing Floor Academy.The concert will take place on Sunday, June 28, 2009 from 4pm-7pm at Paschal’s Restaurant located at 180-B Northside Drive, Atlanta, GA 30313. Funds raised from donations and ticket sales will go towards a building fund that will be used to purchase a building for the program to operate out of. Concert attendees can order food at an additional cost from Paschal’s legendary menu during the event. A silent auction featuring several luxurious items and services donated by local businesses will also take place during the event. Tickets are available at $15 for adults and $10 for children and can be purchased online on the “event” page of www.threshingflooracademy.org or by contacting Staria Quarshie at 770.702.3871. Receipt of purchase will be provided.

***TICKETS MUST BE PURCHASED IN ADVANCE***
$15 Adults, $10 children (12 and under)

**********LIVE PAINTING BY CORY WHITEHEAD ********
& MELANIE STEVENS

*Emceed by Min. DoQuoi T. Green
**Performace by Soul Vocalist Kyshona Armstrong
**Live Jazz by Eric Thomas of Elevate the Quest
***Music Performance by violinist Bryant Samples
******Spoken Word Performance by Def Jam Poet Jon Goode
********Performance by Lisa Chauntel
*****Performance by the Greg Hammontree Jazz Quartet
*******and many more!

Silent Auction Items…
*4 hrs of recording studio time compliments of The Outfit Studio
**Nanny Service compliments of Nanny Poppinz of Atlanta-Buckhead, Sandy Springs and Vinings Georgia
***Private 3 Course Dinner for Two prepared in the comfort of your home by Chef Kerel Fryer of Aroma Personal Chef Service, LLC
****Carriage ride for 2 compliments of Capital City Carriage
***** Photo Shoot compliments of Funky Urban Chick Photography
******$50 Gift Certificate for dinner or lunch at Paschal’s at Castleberry Hill
*****Artwork by some of Atlanta’s most talented Artists
******and much more!

Antiquated Laws Make Foreclosures More Likely

Many states have laws on the books that make it difficult for home owners to avoid foreclosure, says a new report by the National Consumer Law Center.

The center identifies these state laws as some of the most antiquated and unfavorable to home owners.

  • Fast track foreclosure. In 30 states and the District of Columbia, mortgage holders who allege that home owners have fallen behind on the payments can bypass the courts and move directly to auction off homes. To defend against the action, home owners must get a judge to review the claims and stop foreclosure.
  • No direct notification of foreclosure proceedings. In 33 states and the District of Columbia, there is no requirement that home owners be personally served with a foreclosure notice.
  • No requirement to find solutions other than foreclosure. In every state but California and Connecticut, mortgage holders can move directly to foreclosure without discussing the issue and other potential solutions with the home owner.
  • Eleventh-hour payments can be ignored. In 29 states, a mortgage holder has no legal obligation to stop foreclosure even if the home owner comes up with enough money to bring the mortgage current, including paying penalties and fees.
  • Big penalties are legal. In every state but Massachusetts, New Jersey and Pennsylvania, a mortgage holder who claims a home owner has fallen behind in payments can immediately impose default fees and costs that reduce the chances that the homeowner can catch up by making the payments owed.

“The bottom line is that most state laws are not part of the foreclosure crisis solution today; they are a big part of the problem,” say John Rao, attorney and co-author of the report.

Source: National Consumer Law Center

Auction Auction Auction!!!

I’m sure you’re tired of seeing these signs throughout our neighborhood- I know I am… but let’s go see what all the fuss is about. Can you really get a home for 5K at an auction? Let’s find out on 10/25- also you can finance these homes too! BUT come pre-qualified, I would hate for you to lose any money if the financing does not go through at the end… you WILL lose your down payment!

In our neighborhood, the property I see that may be a good find- 551 Lawton St- starting bid 49K

When: Saturday Oct. 25, 2008
Where:  Georgia World Congress Center – Thomas Murphy Ballroom – Level 5 285 Andrew Young International Blvd NW, Atlanta GA 30313
Time: Registration Starts Promptly at 8:00 a.m. Auction starts promptly at 9:30 a.m. <!–
All homes Open for inspection –>

AUCTION REMINDER: $2,500 cashier’s check or cash, a personal checkbook and photo ID is required to Bid for this auction.

Midcentury Modern Homes Are Hot

Homes built in the midcentury modern style continue to fetch ever-increasing prices from preservationists and others who love their rich woods and minimalist design.

The Kaufmann Housein Palm Springs, Calif., designed by Richard Neutra in 1946, brought $16.8 million with commission last week at a Christie’s auction.

Marc Porter, Christie’s president in America, said the buyer, whom he declined to name, exercised an option to purchase an orchard adjacent to the property for an additional $2.1 million that includes three cacti that were a present from Frank Lloyd Wright to original owner Edgar Kaufmann, Pittsburgh department store magnate, on his first visit to the home.

The 1960 Esherick Housein Chestnut Hill, Pa. — one of the few private residences designed by the influential Louis Kahn — is part of a contemporary-design auction on May 18 at Richard Wright in Chicago. It is expected to bring $2 million or $3 million.

Many of these homes aren’t very livable. For instance, the Esherick House has only one bedroom and the kitchen. The five-bedroom Kaufmann House comes with restrictions that bar its new owner from making any structural changes.

Source: The New York Times, Carol Vogen (05/14/), and Newsweek, Cathleen McGuigan (05/19/)

Nia Fact: I love midcentury modern- and am a collector of the furniture….however looking at the price tag of these homes, I may need to find a new hobby.