Not a smart move on the part of the buyer, but as we already know some of the buyers out there are not using the best judgement. Unfortunately they rely on the realtor to do all the thinking, and all the realtor is thinking about is commission. He doesn’t care the the buyer will be stuck with greater property tax and a greater mortgage debt.

The house next door to the one I mentioned before is owned by people in “financial distress” and will likely sell at a loss.