They didn't get cash, bro... they took over payments on a house that's worth
over $20k less than the loans on it...
They rented it out and are "writing off" a loss of about $600 a month..
Please remove splinters before emailing
Anyone who bought a home in 2005 is probably upside down on it now.
During that time houses in many areas were highly inflated. Several
homes similar to mine sold in 2005 for $310K which was up considerably
from 2004 when they went for $260K. This year its closer to $250K but
has held steady.
To me houses are priced about where they should be. 2005 saw incredibly
over inflated prices which could not be sustained.
I paid $90K for my house in 1992. I can't complain.
I looked at a house last year (2006) that was on the 2005 tax rolls @
$217,000 but the asking price was $359,000.00, it was an estate deal,
husband had died and the widow was moving away. I thought the asking price
was nuts and didn't bother to make an offer. It was probably worth
somewhere in the middle of the two numbers but it was a 1973 model and
needed some updates and repairs, the $10,000 allowance for carpet and paint
she was offering would have been a nice start. I'm REALLY glad now we passed
Motorsforum.com is a website by car enthusiasts for car enthusiasts. It is not affiliated with any of the car or spare part manufacturers or car dealers discussed here.
All logos and trade names are the property of their respective owners.