Sunday, July 22, 2007

Crisp & Cole lease to buy program

Interrupting my vacation to post some big stories in the last few days:

From the Bakersfield Californian:

Stunned by defaults

Residents who thought they were in Crisp & Cole lease-to-buy program stunned to find out houses in default


They write rent checks each month to Crisp & Cole Real Estate

Some thought the payments were bringing them closer to homeownership through a lease-to-buy program.

Instead, the homes are in default -- at least a dozen of them -- along with more than 50 other Crisp-related properties in Bakersfield.

Several residents of North Country Meadows, a new enclave near 7th Standard Road and Airport Drive, weren't aware they were living in defaulted homes until reporters knocked on doors Thursday.

"We had no idea until yesterday," said Richard Black on Friday. Black and his wife, Shawna, moved into their 529 Fern Valley Way rental six months ago believing they could buy the home.

Since the beginning of the year, however, current and former employees, family members, business associates and customers have defaulted on at least 67 homes, mostly in southwest Bakersfield, Californian research of public and industry records has found.

More than $34 million in primary loans and another $7.3 million in secondary loans are at risk of failure.

From Eyewitness News:

More trouble for the once, high-profile Bakersfield realtor, David Crisp.Eyewitness News has learned, for the first time, a home belonging to either Crisp or his wife Jennifer, is poised to go on the auction block.

A "notice of trustee's sale," which is the final warning to a homeowner before a
house goes up for bid in front of City Hall, was filed Thursday on a home on
Lanai Avenue in northwest Bakersfield.According to the Kern County Recorder's
office, the home is owned by Jennifer Crisp.

Documents show an outstanding loan for $400,000. Unless paid soon, the home is set for auction early next month.The Crisps can't sell the home themselves because of an outstanding I.R.S. lien amounting to over $111,000.

Now back to my vacation.


Lou Minatti said...

(Nelson mode)

action man said...

Where are the cops when you need one!!

Telemill said...

Damn, this is just WRONG. How do people with lease options research the companies/individuals they are dealing with so this kind of stuff doesn't happen?

bako said...

This is all under Crookey Crisp. Hopefully people will see the truth as to why Crisp & Cole fell. This is in no way part of Cole.

bako said...

Crookey Crisp!!!

Anonymous said...

Simple - hire an attorney to review the agreement and make sure the funds are deposited into an escrow account. That is the best way to be protected.

rrastronomo said...

this is like a train wreck, you can't help but look at the crime scene.

rrastronomo said...

this is like a train wreck, you can't help but look at the crime scene

Ichabod said...

Anyone who could possibly be still on the fence in regards to Crisp have GOT to realize the truth after this one! If the home you are living in and leasing to purchase goes into default, it's obvious they are NOT applying your payment to the cost of the home!!! Also, notice the e-mails in the paper? Wow, watch what you write, people keep e-mails! The leasee offered three options, including living rent free in the home until it goes into foreclosure! And the agents agreed to that one! Wow!

Ichabod said...

Oh, and another thing. Homecrete completely endorsed Crisp and Cole through this article. They said they never had any problems, C&C were very first class and professional, and they even bought the homes they didn't sell. Homecrete now uses Points West (Carl Cole).
1. Of course they act professional- that's the name of the game!
2. You just destroyed your development, Homecrete! 12 homes out of 45--- DEFAULT! Do you have any idea what that will do to that neighborhood and the value of the homes YOU built??? That neighborhood market value is going to be crushed if those foreclose!

Radelow said...

Sorry bako but no one believes that Carl is completely innocent in this whole thing. While Crisp might have been the madman behind the schemes, Carl still went along with it making him just as guilty.

Rob Dawg said...

This is all under Crookey Crisp. Hopefully people will see the truth as to why Crisp & Cole fell. This is in no way part of Cole.

NFW. An older and less brash criminal is not a saint by comparison. At the very least Cole is an enabler.

Raynor said...

Cole started out by blaming the paper. Now he's blaming Crisp?

My oh my....... how the mighty have fallen!

A drowning man will pull down all those near him.

The next area of fraud that will become De Rigeur will be post foreclosure fraud, as the financial institutions and their minions endeavor to cut their losses.

AnalysisGuy said...

Bako is Cole's son. He's gotta stick up for him.

bako said...

Bako is definitly not Cole's son. I just know C&C well. Most of all these horrible dealings went on behind Cole's back. Crisp is a crook, Cole is a good man.

Raynor said...

bako: Thats faint praise for Mr. Cole isn't it?

Aren't you essentially saying Cole was just OTL (Out to Lunch)??

I doubt he's that naive'

bako said...

No, but Crooky Crisp is that sneaky. Crisp sold many of C&C owned propertiies without Carl's consent and kept proceeds.

Raynor said...

Bako: David WAS a busy boy wasn't he?

bako said...

Busy, Busy, Busy

Raynor said...

Bako, a good source tells me C&C have a ton more NOD's coming down the pike. Most of them David's.

In Cole's pitiful defense, I don't think a humingbird on crack could have kept up with him!

bako said...

Many more and short sales too. Carl couldn't keed up with David, nobody could, not even his top producers, best friends and other employees who put homes in there names for him. David deceived many and thought the market continue to be strong for some time to come. No doubt I favor Carl, not to say he is not at fault, but David much much much behind his back. Carl was just put too much trust in people, especially Crooky Crisp. He owes Carl millions.

bako said...

Please forgive typos, in a hurry

Peahippo said...

I'm going to cut to the heart of the matter:

The greyhair brought in to distinguish the company can't claim to not know the entire affair was a scam.

Either Mr Cole is a crook or a fool. Which is it? Either way, involving him in financial deals is a terrible idea.

If he's just a fool, then there's still time in Mr Cole's life for him to go back to college to re-certify himself through several years of math, finance and ethics courses, in order to ever get sensible men to believe he's fit to handle the money of others.

If he's a crook, then no amount of education will change such a man in the depth of his mature years.

Either way, Mr Cole should be summarily railroaded out of town and he's lucky that tar and feathers have gone out of style.

(As for Mr Crisp, well, HE is lucky that LYNCHING has gone out of style. Lucky again for us, that prosecution and jail ARE in style, since at least Mr Crisp deserves it.)

Nutshell said...

Cole is a crook and the master mind behind the mortgage schemes. So he (Cole) didn't think something was up up when his secretary was purchasing properties in Grand Island. Please Bako, the whole company was in on the ring and there were definetly more than one ring. When Crisps mommie came in for a loan Cole just handed her the keys. She has never even had a frickin job. Why are they having so much loan truble, last time i looked that would be the Lender problem of shuving someone into a loan program that they knew would not fit in the long run. The axe should fall on everyone in the C&C empire.

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