Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

[Napoleon]

I get phone calls frequently from people interested in buying my property.

I routinely give them a grossly overvalued price (which tends to either get them stammering or sglhuts them up in a hurry).

If someone is willing to pay the exhorbitant price that I ask for my property I will sell in a heartbeat.

There is no foul here that I see.

I get those too. I always tell them to relay to the alleged mystery buyer that they can meet me on the corner of High and 5th Street with a suitcase containing $10 million in untraceable unmarked bills and the property is theirs. For some reason I never hear from them again.

 

[Kushinator]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

You can't be this desperate. I take that back.

Did Mr. Stewart claim his property was worth $30 million to be used as collateral for a loan, when it was only worth $17.5 million?

Of course not. This thread is a pillar of stupidity and the inability to think critically... also with a dash of some desperate partisanship.

 

[Airyaman]

He fancied himself one in this case. But perhaps now you understand why his decision about what constitutes fraud in real estate valuation is incompatible with how the real estate industry has functioned since we bought this country for beads.

False. Trump inflated the size/value of properties to obtain better loan terms. That is fraud.

For instance:

Ruling Confirms Trump Used Fraud to Hype Property Values

In 2019, ProPublica revealed stark inconsistencies between what the Trump Organization had reported to tax authorities and what it told lenders about the finances of one of its towers. A judge this week ruled the company had committed fraud.

www.propublica.org

At 40 Wall Street, Engoron’s decision said that in 2015, Trump Organization statements of financial condition overstated the property’s value by nearly $200 million. Though the company had received an appraisal in 2015 saying the building was worth $540 million, which James contended itself might have been an inflated amount, Trump statements of financial condition put the value at $735.4 million that same year.

If a property appraises at $540M and you state it is worth $735.4M on loan paperwork, that is fraud.

 

[jmotivator]

You clearly have limited exposure in real estate and securing corporate credit.

Trump overvalued property to get better credit terms. Jon Stewart sold his property 13x+ above assessed value. Why is it so difficult for you folks to comprehend?

LOL. So when a bank is valuing a property do they use the market value or the tax appraisal?

(Hint: Stewart's sale is evidence that the two are not equal)

 

[Airyaman]

The tax assessor doesn't do an property appraisal in the same way the bank does. And in a lot of cases, like Mar-a-Lago, and the Steward property, the tax is based on a far lower value tan the market for various reasons. Gentrification subsidies, historic property discounts, and numerous others cut outs end up in a given tax appraisal that would not be used in a bank loan where the bank is only interested in what the property would sell for. In some cases, those beneficial tax cut outs will increase the value of the home on the market since the buyer will factor in lower tax burdens.

And? What does any of this have to do with this thread?

 

[beefheart]

I get phone calls frequently from people interested in buying my property.

I routinely give them a grossly overvalued price (which tends to either get them stammering or shuts them up in a hurry).

If someone is willing to pay the exhorbitant price that I ask for my property I will sell in a heartbeat.

There is no foul here that I see.

I get those too, if it isn't a spoofed phone number, I like to call back in an hour and ask the person on the phone if they are interested in selling me their car.

 

[marduc]

I get those too. I always tell them to relay to the alleged mystery buyer that they can meet me on the corner of High and 5th Street with a suitcase containing $10 million in untraceable unmarked bills and the property is theirs. For some reason I never hear from them again.

So you admit to doing what John Stwart did.. the only difference is that the sale went through for him.

 

[CaughtInThe]

You can't be this desperate. I take that back.

Did Mr. Stewart claim his property was worth $30 million to be used as collateral for a loan, when it was only worth $17.5 million?

Of course not. This thread is a pillar of stupidity and the inability to think critically... also with a dash of some desperate partisanship.

republicans either intentionally lie about the trump case or just don't know the facts because fox/etc don't tell them.

 

[Airyaman]

It's not false. It's exactly what the judge did, he assumed the tax assessed value was "market value," which is absurd...

Was there an actual market value listed in the public tax records for Mar-a-lago? If not, then the only publicly available record would be the assessed value. Trump cannot simply declare a value, it does not work that way.

 

[Kushinator]

LOL. So when a bank is valuing a property do they use the market value or the tax appraisal?

Market.

(Hint: Stewart's sale is evidence that the two are not equal)

Stewart didn't try to use his property value to get better credit terms.

 

[ttwtt78640]

Are you really this desperate and incapable of critical thinking?

Nope.

Did Mr. Stewart claim his property was worth something it was not in order to obtain more beneficial financing terms?

Nope, he likely bought and later sold the property based on its ‘fair market’ value - which has nothing to do with its assessed (for property taxation) value.

Of course not. So what's your problem?

Was the property’s mortgage (secured loan) obtained for more than its assessed (for property taxation) value? If so, wasn’t that what Trump was found guilty of ‘fraudulently’ having done?

 

[Napoleon]

So you admit to doing what John Stwart did.. the only difference is that the sale went through for him.

The difference is that, like the Real Estate industry since time immemorial, I don’t believe it’s fraud regardless of what the self-styled appraiser Judge Engoron says.

 

[jmotivator]

False. Trump inflated the size/value of properties to obtain better loan terms. That is fraud.

For instance:

Ruling Confirms Trump Used Fraud to Hype Property Values

In 2019, ProPublica revealed stark inconsistencies between what the Trump Organization had reported to tax authorities and what it told lenders about the finances of one of its towers. A judge this week ruled the company had committed fraud.

www.propublica.org

If a property appraises at $540M and you state it is worth $735.4M on loan paperwork, that is fraud.

Nope. If the department of taxation says your taxable value is $540M and the real estate market says it would sell for $735.4M then the value tat the bank cares about is the $735.4M. The final loan documents will be based on whatever the bank independent assessed the value of the property at.

Only a complete moron would assume that getting preliminary estimates wrong is fraud...

By the way, the bank agreed with Trump's estimate, and testified for the defense... because the bank knows how monumentally stupid it would be to suddenly force all loans to value property by tax assessment.

 

[Grand Mal]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Not even close.
And it's no surprise at all that you don't understand why.

 

[Kushinator]

republicans either intentionally lie about the trump case or just don't know the facts because fox/etc don't tell them.

I don't believe they are capable enough to understand the difference between wheat they're alleging as fraud, and what Trump has been convicted of. Because of partisanship. This is something a fifth grader could comprehend. Not a MAGA cultist.

It's downright hilarious.

 

[Kushinator]

Nope.

But look at your posts in this thread.

Nope, he likely bought and later sold the property based on its ‘fair market’ value - which has nothing to do with its assessed (for property taxation) value.

Of course.

Was the property’s mortgage (secured loan) obtained for more than its assessed (for property taxation) value? If so, wasn’t that what Trump was found guilty of ‘fraudulently’ having done?

Answer your own questions.

Trump wasn't find guilty for stating valuations over tax assessed values.

 

[jmotivator]

Market.

Not according to Judge Engoron... He thinks it is fraud to list the market value estimate on your bank application rather than the tax estimate.

Stewart didn't try to use his property value to get better credit terms.

Didn't he? I guess we will need to go back through all of Jon Stewart's private loans to find out if his property estimates at application were based on market value or that $800k tax appraisal...

 

[ttwtt78640]

Market.

Stewart didn't try to use his property value to get better credit terms.

True, but he did accept a sales offer above its assessed (for property taxation) value. Was that value (asking price?)‘fraudulent’ or simply how the real estate market normally works?

 

[j brown's body]

You clearly have limited exposure in real estate and securing corporate credit.

Trump overvalued property to get better credit terms. Jon Stewart sold his property 13x+ above assessed value. Why is it so difficult for you folks to comprehend?

Shoot, they defend Trump's violent insurrection and sexual assault. They'll defend anything he does.

 

[Kushinator]

Not according to Judge Engoron... He thinks it is fraud to list the market value estimate on your bank application rather than the tax estimate.

This is false.

Didn't he? I guess we will need to go back through all of Jon Stewart's private loans to find out if his property estimates at application were based on market value or that $800k tax appraisal...

Go for it.

 

[j brown's body]

Not according to Judge Engoron... He thinks it is fraud to list the market value estimate on your bank application rather than the tax estimate.



Didn't he? I guess we will need to go back through all of Jon Stewart's private loans to find out if his property estimates at application were based on market value or that $800k tax appraisal...

Maybe Comer can look into that.

 

[jmotivator]

And? What does any of this have to do with this thread?

It is pointing out that calling it bank fraud to list properly values based on market estimates rather than tax estimates is stupid.

 

[Kushinator]

It is pointing out that calling it bank fraud to list properly values based on market estimates rather than tax estimates is stupid.

But who did that? Please show your work.

 

[ttwtt78640]

But look at your posts in this thread.

Of course.

Answer your own questions.

Trump wasn't find guilty for stating valuations over tax assessed values.

That seemed to have been the case for his Mar a Lago valuation claim.

 

[Checkerboard Strangler]

Would the same accusations apply to Paisley Park if it was for sale, which it is not, by the way...