Quote:
Originally Posted by canthetuna
This house is a forclosure. The bank, however is taking a bath and we sent in a lowball offer 30k off their recently reduced asking price and they countered... then we re-sent the origninal with a 24 hour expiration date and they just accepted...
we took a shot and it paid off... We've put in 6 other offers on other forclosed homes in the area that we didn't get, but we liked this house the most anyway...
The market right now is soft because of all of the ARMs and people getting into houses they couldn't afford and getting forclosed on. Banks are looking to move houses out of their possession and new forclosures are hitting the market daily....
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Good.. Punish the damn banks for their sketchy ARM loans. Damn idiots may have done some serious damage to our housing market with all their crappy loans.
ARMs and all their avriations basically extended the housing boom artificially by letting people buy houses they couldn't afford. Now that all the loans are defaulting the same ARM loans that kept the good times rolling will have an even greater negative effect as they will continue to degrade the market and keep it down longer than it should be. As an investor that is good for me since it means I will be able to get into properties cheap but overall it is bad for the economy.