Original post made
on Nov 5, 2013
I just sold my little Palo Alto house, and bought 4 big, beautiful brand new homes in Oroville. Weather here is wonderful. People are nice. Loving it here!!!
3185 Kipling St. N. Buzi to Palo Alto Kipling Street Trust for $4,500,000 on 10/15/13; previous sale 3/78, $99,900
Something is fishy here. An arm's length transaction? Makes me wonder about tax shenanigans. Can 3/78 really be the previous sale? To N. Buzi?
3080 South Court Lewis Trust to J. Buzi for $1,550,000 on 10/16/13
Are N. Buzi and J. Buzi related, or the same person? Too many big numbers flying around. This can't be good.
@bibibawa, wait until the summer and you'll realize why no one wants to live there.
J. Buzi or N. Buzi I think is the name signed by multiple letters I have received over the last 5 - 8 years offering to buy my home without listing it through a broker. The signer says that there will be no closing costs and everything will be handled above board. I think he also states that he has some people that want to live in my neighborhood and cant find a house. I will save the next letter to post, before throwing it in the garbage. It is so infuriating to receive these type of letters.
Just more junk mail to toss. What might be more infuriating is whether the juggling of multiple properties back and forth among various individuals and trusts can result in huge tax avoidance. A fast talker can obfuscate, declare bankruptcy, leave banks holding the bag, and laugh all the way to Bermuda, just like people used to do with credit card advances. Sometimes it's even legal. I think 2013 is the last year you can borrow up to $2M, have the loan forgiven or cancelled, and not pay any income tax at all on it. The IRS assures us that nobody abuses the Mortgage Debt Relief Act, but they are hopelessly behind on their auditing.