[XBoxBoy]

Two comments:

1) You reap what you sow
2) Your friend is an extortionist.

The first comment is for the banks and the attitudes that have become common in our society. It’s fascinating to me that so many people argue that if the bank will lose less money on a deal they should take it. What about the example you set? What about the people that hear of this and will want that deal also?

Unfortunately, whether we like it or not, market places demand that we hold people accountable and punish them for irresponsible decisions. If we don’t then the market will punish us collectively. (See current financial crisis if you’re having a hard time with that last sentence.)

And here’s the tremendous irony, experts from everywhere are collectively arguing that we need to put aside the need to hold people and companies responsible for the public good! Yet examples abound of how you fail to hold one person or one company accountable and this only makes the situation worse.

So the way I see it, banks offering to change the terms of the loan and failing to foreclose are only making the situation worse. (As your story so aptly demonstrates when your friend is advising others to follow in his footsteps.) And so it is, you do reap what you sow.

As to your friend. There really is no other word for what he’s proposing regarding the kitchen. It’s extortion, plain and simple. He probably has rationalized to himself that it’s okay because the bank doesn’t really care. True, banks don’t have feelings, they are companies, not people. But he’s still demanding payment for not destroying something that belongs to someone else. And that my friends is extortion.

XBoxBoy

[XBoxBoy]

Two comments:

1) You reap what you sow
2) Your friend is an extortionist.

The first comment is for the banks and the attitudes that have become common in our society. It’s fascinating to me that so many people argue that if the bank will lose less money on a deal they should take it. What about the example you set? What about the people that hear of this and will want that deal also?

Unfortunately, whether we like it or not, market places demand that we hold people accountable and punish them for irresponsible decisions. If we don’t then the market will punish us collectively. (See current financial crisis if you’re having a hard time with that last sentence.)

And here’s the tremendous irony, experts from everywhere are collectively arguing that we need to put aside the need to hold people and companies responsible for the public good! Yet examples abound of how you fail to hold one person or one company accountable and this only makes the situation worse.

So the way I see it, banks offering to change the terms of the loan and failing to foreclose are only making the situation worse. (As your story so aptly demonstrates when your friend is advising others to follow in his footsteps.) And so it is, you do reap what you sow.

As to your friend. There really is no other word for what he’s proposing regarding the kitchen. It’s extortion, plain and simple. He probably has rationalized to himself that it’s okay because the bank doesn’t really care. True, banks don’t have feelings, they are companies, not people. But he’s still demanding payment for not destroying something that belongs to someone else. And that my friends is extortion.

XBoxBoy

[XBoxBoy]

Two comments:

1) You reap what you sow
2) Your friend is an extortionist.

The first comment is for the banks and the attitudes that have become common in our society. It’s fascinating to me that so many people argue that if the bank will lose less money on a deal they should take it. What about the example you set? What about the people that hear of this and will want that deal also?

Unfortunately, whether we like it or not, market places demand that we hold people accountable and punish them for irresponsible decisions. If we don’t then the market will punish us collectively. (See current financial crisis if you’re having a hard time with that last sentence.)

And here’s the tremendous irony, experts from everywhere are collectively arguing that we need to put aside the need to hold people and companies responsible for the public good! Yet examples abound of how you fail to hold one person or one company accountable and this only makes the situation worse.

So the way I see it, banks offering to change the terms of the loan and failing to foreclose are only making the situation worse. (As your story so aptly demonstrates when your friend is advising others to follow in his footsteps.) And so it is, you do reap what you sow.

As to your friend. There really is no other word for what he’s proposing regarding the kitchen. It’s extortion, plain and simple. He probably has rationalized to himself that it’s okay because the bank doesn’t really care. True, banks don’t have feelings, they are companies, not people. But he’s still demanding payment for not destroying something that belongs to someone else. And that my friends is extortion.

XBoxBoy

[XBoxBoy]

Just a follow up to the original post….

This place finally closed for $1,500,000. That’s $950,000 off the original asking price and $300,000 less than the 2006 price. So much for the agent’s claims that it was bought for below market in 2006 and that all those upgrades added value. I guess reality comes slowly and painfully.

Too bad more LJ sellers aren’t paying attention to this sort of thing.

XBoxBoy

[XBoxBoy]

Just a follow up to the original post….

This place finally closed for $1,500,000. That’s $950,000 off the original asking price and $300,000 less than the 2006 price. So much for the agent’s claims that it was bought for below market in 2006 and that all those upgrades added value. I guess reality comes slowly and painfully.

Too bad more LJ sellers aren’t paying attention to this sort of thing.

XBoxBoy

[XBoxBoy]

Just a follow up to the original post….

This place finally closed for $1,500,000. That’s $950,000 off the original asking price and $300,000 less than the 2006 price. So much for the agent’s claims that it was bought for below market in 2006 and that all those upgrades added value. I guess reality comes slowly and painfully.

Too bad more LJ sellers aren’t paying attention to this sort of thing.

XBoxBoy

[XBoxBoy]

Just a follow up to the original post….

This place finally closed for $1,500,000. That’s $950,000 off the original asking price and $300,000 less than the 2006 price. So much for the agent’s claims that it was bought for below market in 2006 and that all those upgrades added value. I guess reality comes slowly and painfully.

Too bad more LJ sellers aren’t paying attention to this sort of thing.

XBoxBoy

[XBoxBoy]

Just a follow up to the original post….

This place finally closed for $1,500,000. That’s $950,000 off the original asking price and $300,000 less than the 2006 price. So much for the agent’s claims that it was bought for below market in 2006 and that all those upgrades added value. I guess reality comes slowly and painfully.

Too bad more LJ sellers aren’t paying attention to this sort of thing.

XBoxBoy

[XBoxBoy]

[quote=engineer in sd]I’m the first offer on another short sale that I’m not really sure I want to purchase due to location.
[/quote]

I think you just answered your own question….

[quote=engineer in sd]I was thinking that the price of anarchy would be high if I ended up with neither but I think you bring up a good point in that the price of anarchy may not be so high even if I get neither of them.[/quote]

Anarchy can be good.

[XBoxBoy]

[quote=engineer in sd]I’m the first offer on another short sale that I’m not really sure I want to purchase due to location.
[/quote]

I think you just answered your own question….

[quote=engineer in sd]I was thinking that the price of anarchy would be high if I ended up with neither but I think you bring up a good point in that the price of anarchy may not be so high even if I get neither of them.[/quote]

Anarchy can be good.

[XBoxBoy]

[quote=engineer in sd]I’m the first offer on another short sale that I’m not really sure I want to purchase due to location.
[/quote]

I think you just answered your own question….

[quote=engineer in sd]I was thinking that the price of anarchy would be high if I ended up with neither but I think you bring up a good point in that the price of anarchy may not be so high even if I get neither of them.[/quote]

Anarchy can be good.

[XBoxBoy]

[quote=engineer in sd]I’m the first offer on another short sale that I’m not really sure I want to purchase due to location.
[/quote]

I think you just answered your own question….

[quote=engineer in sd]I was thinking that the price of anarchy would be high if I ended up with neither but I think you bring up a good point in that the price of anarchy may not be so high even if I get neither of them.[/quote]

Anarchy can be good.

[XBoxBoy]

[quote=engineer in sd]I’m the first offer on another short sale that I’m not really sure I want to purchase due to location.
[/quote]

I think you just answered your own question….

[quote=engineer in sd]I was thinking that the price of anarchy would be high if I ended up with neither but I think you bring up a good point in that the price of anarchy may not be so high even if I get neither of them.[/quote]

Anarchy can be good.

[XBoxBoy]

engineer in sd,

I’m going to read between the lines a bit here, and notice that it seems you are allowing yourself to get emotional about this. Maybe you really want this house, or maybe you really want a house or maybe some other reason. BUT… this is going to be a long drawn out process, and one that you don’t want to get emotional about. You need to take a deep breath and see if you can put yourself into that place that gives you the sense of mind to see that if this doesn’t work out, it’s best to walk away.

There will be other houses in the future. Despite some of the hysteria being generated by the news and babbling punditry, prices are not going to skyrocket back up to where they were. You are not going to get priced out forever. This is not some incredible opportunity that you absolutely must pursue at all costs.

As an engineer, I know it can be hard to not be the master of the situation. We want to do everything possible to further what we see as our interests. But often when we try to influence things too much we make things worse.

Bottom line here is to sit back and relax. You have a long wait ahead of you, and it might easily turn out to be something that does not work out. Good luck with it, but don’t get emotional about it.

XBoxBoy

[XBoxBoy]

engineer in sd,

I’m going to read between the lines a bit here, and notice that it seems you are allowing yourself to get emotional about this. Maybe you really want this house, or maybe you really want a house or maybe some other reason. BUT… this is going to be a long drawn out process, and one that you don’t want to get emotional about. You need to take a deep breath and see if you can put yourself into that place that gives you the sense of mind to see that if this doesn’t work out, it’s best to walk away.

There will be other houses in the future. Despite some of the hysteria being generated by the news and babbling punditry, prices are not going to skyrocket back up to where they were. You are not going to get priced out forever. This is not some incredible opportunity that you absolutely must pursue at all costs.

As an engineer, I know it can be hard to not be the master of the situation. We want to do everything possible to further what we see as our interests. But often when we try to influence things too much we make things worse.

Bottom line here is to sit back and relax. You have a long wait ahead of you, and it might easily turn out to be something that does not work out. Good luck with it, but don’t get emotional about it.

XBoxBoy

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