Thanks for all the compliments guys…Much appreciated. For my fiancee and I this is a conservative play that gives us plenty of wiggle room if things take a turn for the worse. I believe values will continue to fall on the coast but from our perspective is doesn’t impact us. Plus I believe our purchase price is below what the house is really worth (more like the land value alone) We can afford our payment (even on one income), we have plenty of reserves (many many years of PITI in the bank), and worse come to worse we could rent the property out and get very close to break-even (I know you disagre Eugene but it is close…people are willing to pay rent for the LJ school district). We could have gone out and bought a $1.5 million house and eeked by but at the end of the day we decided a conservative lay-up is the way to go.

The point is, there are deals out there. There are a TON of people sitting on the sideline that will come out and make offers on REAL deals. This house has SIXTY buyers through it in one day.

waterboy, we have a realtor we use. The deal came up on the market and we get daily updates to the MLS. We went and saw it, and made an offer on the same day.