A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
There needs to be a few "loops" at the depression stage....
Actually, denial will need more loops. How many people REFUSE to believe their house has gone down in value?!
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.
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?
Thank god for Californians.A few of your neighbors in GJ would be SOL without them.
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