[quote=CA renter]
Wow, you mean they would rather “pay” $8,000 instead of lowering the price by $8,000?
This is such a messed up market. There is so much manipulation and fraud out there, it makes me not want to participate at all.
Good luck to you on your house hunting, JP! :)[/quote]
Yep. One place I looked at was a fixer that fell out of escrow (the previous escrow was all cash, even!) In any case, it needed some stuff and the agent said the bank would give some cash back, like 5k. I was still hesitant and the next day spoke w/the agent again and was told the bank will go higher. Frankly, she said I could try asking 10k, but she hasn’t seen anything higher than 8k being given back. Hasn’t seen banks giving more than 8k credit back. So basically, this is not the only place on which banks are giving money back.
And so, yes, as pemeliza says, “Homebuilders do this kind of thing all the time to protect the price of their unbuilt inventory”
Reminds me of when Armstrong was selling their overpriced properties in PB and giving a bunch of cash back.
Thanks on the luck. I will need it. Saw a house I really wanted and there were 3 all cash offers. One of them from Esajian. Tough to compete out there. I’m pretty much about ready to give up on PB entirely. You’ve got Armstrong mowing down any little houses zoned multi. You have Esajian rehabbing them and charging a small fortune and in MB you have OPP who wants to own the town. Per Kelly Bennett’s interview/article, “When you look at these lots, I want to be the guy that built every single one of these,” he said.
