“asking between $1.5 and $1.7 million” Yes, asking price. Not the same as sales price. I wonder how money was pulled out those homes in “equity” too?
“If you think a NOD on a $700k loan for a property worth at least $1.3 million automatically reduces the value of every property in the ‘hood then you know nothing about real estate.”
I guess we’ll find out won’t we when that property goes through the foreclosure process. You do know that HELOC is not non-recourse right?
“Considering that house is worth well over $1,000,000 just who is looking for a bailout? I’d be happy to write a check for $900k today to take care of the liens and give the current owners some walking around cash.”
Yes, go do that. You can pay for their vacations, hummers, and escalades they undoubetdly purchased with the HELOC money. I don’t know about you, but I don’t funding other people’s lifestyles. When you buy it, make sure that you post a photocopy of the cleared 900K check okay?
