Quote:
Originally Posted by Baron Von Zeppelin
I guess these people are paying cash for these overboard buys ?
Didn't banks used to base what they would loan towards a house by its appraised value and/or tax value ?
How does that work when you pay $300,000 more than it is listed / appraised for ?
Are the banks just rolling over and feeding these overboard deals ?
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Deals contingent on financing (even if preapproved) are last in line here.
Sad story: Went to gun shop a couple days ago. When somehow real estate here came up, young fellow at counter said he was bummed. No debt, saved money for house, and keeps getting outbid, last time recently 60K.
On the plus side, know 2 people who bought homes at list, in spite of 50K over competing offers. The sellers wanted a deserving buyer. Both were women who they wanted to have it. I think walking away from 50K is pretty kind.