June 27, 2006

Doctor, your next patient, America, is here to see you

6 comments:

Richard said...

There needs to be a few "loops" at the depression stage....

Anonymous said...

Actually, denial will need more loops. How many people REFUSE to believe their house has gone down in value?!

my_ass_hurts said...

Send the buyers to see the Doctor.

I've been trying to sell the condo I bought to flip last year in AZ.

Had to drop my price 10K below all the other units in the building to get an offer.

The offer I got represented a $48,400 net investment loss; and would require me to pay $18,400 at closing to sell, plus my orignal $30K down on the prop is gone.

I'm real scared that if I don't sell now, I'm going to lose even more money so I accepted the only offer I got a three weeks ago. Yesterday my broker called me to tell me that the contract fell through and wanted to know if I wanted to reduce my price even more to attract a new offer. I said no and was real mad. I wanted my broker to force the buyer to buy because the buyer signed the contract. My broker told me that the contract was contingent on the buyer's financing; and that the lender changed the requirements and demanded the buyer come up with 20% down to qualify. The buyer was expecting to get a no-money down loan.

Anonymous said...

Here in zip code 81503 the crazies still rule. Two recent sales involved a 3500 SF house for $495K which sat vacant for a year before some CA buyer snapped it up. I guess he never bothered to ask why it sat empty for so long. Apparently in his mind it was a "bargain".

The real hoot though was a much smaller home (2800 SF) on the same street that was listed at $480K. After three months it sold for $450K, again to a buyer from CA. Are these people nuts? Where the heck are these appraisals coming from?

Anonymous said...

Thank god for Californians.

A few of your neighbors in GJ would be SOL without them.

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