Chrispy, I tried to correct that with an edit, but something got lost and it errored me out.
my rinse cycle was the advice to check the public records to verify last sales price and the outstanding loans and liens against the property.
Many of the homes we’re starting to see, literally, can’t be sold for less than their asking price, the sellers are upside on the loan. They aren’t motivated, quite the opposite, they may be desperate, disgruntled, angry, and irrational due to the stress of their financial trap, but not motivated by anything less than their asking price, because they literally can’t close the deal at less than the price. About the only thing that gets them out of the house is foreclosure or the return of price appreciation.
It’s why prices get sticky going down. Sellers that can afford to sell don’t because prices are falling and the market is flooded while those that are trying to sell, can’t afford less than their asking price or less than the built in negotiating room on their price (10%)
