From all of your previous posts (in another thread), it’s fair to say that the market price for that house is $380k – $400k. This means that you’re getting a $30k – $50k bargain, which, under normal circumstances, is not bad.
>> i don’t see these homes hitting high 200s. i think the worst it will get is 300-325k
Given the fact that there were a lot of recent RE fraud activities in Temecula/Murrieta & that the bubble is just starting to burst, it would be a big surprise in that house “bottom out” at $300k 🙂
Your “cushion” of $50k will last you until sometime in 2008.
