Quote:
Originally Posted by eyeb
because the house was being foreclosed on anyways? I said it was back in 08, >.>. The owner wanted some moving money and to get the bank off his back. I did a short sale with the bank.
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A short sale with the bank and an individual selling their home are two differant things. Lots of people purchased homes that were on the way back to the bank. Realize that you didn't get a home for 50% off the value of the home. You purchased a home that had declined in value. No way that the owners could have sold for what they owed on the property. The bank would have never made that deal if they thought that they could get full price for the home.
We also bought a home for almost 50% less than the former owners had paid for it. They paid $580,000 and we paid $310,000. They had purchased the home in 2005 while it was still increasing in value. In fact they took a loan on the home in 2007 and bought a brand new home. For three years they tried to hold on to both homes but ended up losing the one we are in now. By the top of the market home prices on my street were approaching the $700,000 mark. I would never say that I purchased a home for half its value though.
We put an offer on our home for $30,000 or so less than what the bank had wanted for it. The bank had valued the home at just over $340,000 in 2010 and we offered them $310,000 for it. I figure that I saved about 8% off the price of the home. I also had wanted to offer less than that. I wanted to offer $295,000 for the home but our realtor talked us up on price because we had two others that we had placed offers on that were snapped up by someone else. The truth is I think we paid about $15,000 over market value for the home. In fact prices did decline in my neighborhood to around the $290,000 level within a year after we purchased the home.
I am not saying you didn't get a smokin deal on a home. Lucky you. Lucky me as well for buying when we did. I would have never guessed that prices would have jumped up again. No where near the boom times but that is fine with me.
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