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  • August 13, 2008 at 8:57 PM #256971
    no_such_reality
    Participant

    Actually, if you read the full article, the bank credited the buyer closing costs, paid $3500 in RE commissions, paid utilities, and some other stuff to the tune of $10,000 to close the deal.

    Frankly, I’ve been in that area and $1 isn’t worth the liability of owning the property. The buyer can’t live in it, needs to spend thousands to fix it, can’t fix it because it’ll be stripped over night and can’t spend the night…

    August 13, 2008 at 10:30 PM #256704
    Coronita
    Participant

    I wonder if the buyer took out a 100% interest only loan on that.

    August 13, 2008 at 10:30 PM #256884
    Coronita
    Participant

    I wonder if the buyer took out a 100% interest only loan on that.

    August 13, 2008 at 10:30 PM #256890
    Coronita
    Participant

    I wonder if the buyer took out a 100% interest only loan on that.

    August 13, 2008 at 10:30 PM #256948
    Coronita
    Participant

    I wonder if the buyer took out a 100% interest only loan on that.

    August 13, 2008 at 10:30 PM #256996
    Coronita
    Participant

    I wonder if the buyer took out a 100% interest only loan on that.

    August 14, 2008 at 8:45 AM #256769
    (former)FormerSanDiegan
    Participant

    [quote=fat_lazy_union_worker]I wonder if the buyer took out a 100% interest only loan on that.[/quote]

    No, unfortunately the buyer is one of those people with cash on the sidelines that we have to compete with. The following sentence comes verbatim from the article. …

    “The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.”

    August 14, 2008 at 8:45 AM #256951
    (former)FormerSanDiegan
    Participant

    [quote=fat_lazy_union_worker]I wonder if the buyer took out a 100% interest only loan on that.[/quote]

    No, unfortunately the buyer is one of those people with cash on the sidelines that we have to compete with. The following sentence comes verbatim from the article. …

    “The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.”

    August 14, 2008 at 8:45 AM #256955
    (former)FormerSanDiegan
    Participant

    [quote=fat_lazy_union_worker]I wonder if the buyer took out a 100% interest only loan on that.[/quote]

    No, unfortunately the buyer is one of those people with cash on the sidelines that we have to compete with. The following sentence comes verbatim from the article. …

    “The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.”

    August 14, 2008 at 8:45 AM #257013
    (former)FormerSanDiegan
    Participant

    [quote=fat_lazy_union_worker]I wonder if the buyer took out a 100% interest only loan on that.[/quote]

    No, unfortunately the buyer is one of those people with cash on the sidelines that we have to compete with. The following sentence comes verbatim from the article. …

    “The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.”

    August 14, 2008 at 8:45 AM #257060
    (former)FormerSanDiegan
    Participant

    [quote=fat_lazy_union_worker]I wonder if the buyer took out a 100% interest only loan on that.[/quote]

    No, unfortunately the buyer is one of those people with cash on the sidelines that we have to compete with. The following sentence comes verbatim from the article. …

    “The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.”

    August 14, 2008 at 9:34 PM #257096
    DCRogers
    Participant

    According to the article, the first battle will be with the City of Detroit, who wants $3900 for the property taxes for 2009. Yes, on a $1 house!

    Security will most certainly be a problem… not only has it been stripped, but bank tried to board it up, only to find the boards themselves stolen… to board up another abandoned house. Tough neighborhood.

    August 14, 2008 at 9:34 PM #257277
    DCRogers
    Participant

    According to the article, the first battle will be with the City of Detroit, who wants $3900 for the property taxes for 2009. Yes, on a $1 house!

    Security will most certainly be a problem… not only has it been stripped, but bank tried to board it up, only to find the boards themselves stolen… to board up another abandoned house. Tough neighborhood.

    August 14, 2008 at 9:34 PM #257280
    DCRogers
    Participant

    According to the article, the first battle will be with the City of Detroit, who wants $3900 for the property taxes for 2009. Yes, on a $1 house!

    Security will most certainly be a problem… not only has it been stripped, but bank tried to board it up, only to find the boards themselves stolen… to board up another abandoned house. Tough neighborhood.

    August 14, 2008 at 9:34 PM #257340
    DCRogers
    Participant

    According to the article, the first battle will be with the City of Detroit, who wants $3900 for the property taxes for 2009. Yes, on a $1 house!

    Security will most certainly be a problem… not only has it been stripped, but bank tried to board it up, only to find the boards themselves stolen… to board up another abandoned house. Tough neighborhood.

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