Last fall the owners listed the home for sale at $1.125 million. “The agent told them to reduce it to $999,000, and at that price it probably would have sold,” Gilman says. But they didn’t—and by early this year the lender had taken possession of the property.
Classic “chasing the market down” behavior…
And now the lender is selling this ancient house to a knife-catcher for $610K. I hope this buyer is not a late-to-the-party flipper, as his house is sure to depreciate below the $610K “bargain” he got.
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