April 13, 2006 at 2:00 PM #6483lendingbubblecontinuesParticipant
NOT investment advice.
If you are interested in buying a house today, or if you “need” to buy one, before you offer anything near the asking price, may I suggest that you significantly lowball anything (that you would actually want to own, of course) that has been on the market for 75 days or longer? Some of you will likely find some serious pockets of “weakness” out there. There are people, as we speak, who are “sweatin it” and are nearer to financial disaster than you can imagine.
Think of your real estate and mortgage broker friends, for instance…don’t they seem to be around the neighborhood a lot more lately? Many have gone a good long while without earning anything and you know that last year’s XMAS just HAD to be the BIGGEST one ever!!
Don’t worry about offending anyone, either. If they can live with your offer, they’ll take it if they must. If they don’t, you’ll know it right away, and you can always pay them what they’re asking if you really “need” the house.
Finally, I suspect that a lot of those homes, come July, will have the sign out front that says “I’m GORGEOUS inside” that truly should read “I’m F%#KED inside”
NOT investment advice…just a different perspective.
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