[sunrico90]

[quote=Need_affordable_home;359561]


Then why is this guy who paid $440k for his house in early 2006 going to sell it for $349k or best offer? Im sure he thought his $440k house would go up 20% in one year but he made a very costly mistake! It would be dangerous to believe you, let me find some proof of Miami prices dropping. Ok There will be a 6.8% price drop in Miami for the year 2007.

That is the question that you must ask... Many factors can be affecting the owner, maybe he/she figure out that they can't afford the house and is better to sell and move on. Remember living with the Jones
comment, now they can't afford the life style and reality is hitting the wallet....

[sunrico90]

NAH,

Did you asked the question?

[Jammie]

NAH, have they had the auction on the house yet? I hope you're following it so you can let us know how much it sold for.

[Need_affordable_home]

I will ask tomorrow when I visit. I dont know if he wants to tell, if not I respect this. But at $440k he overpaid big time. Its not just him, most people who bought at the peak in 2005 and 2006 overpaid, house prices were way too inflated and have come down and still have a ways to come down more. I dont know if my parents will want this house, me and dad will check it out. We wont buy for investment, only if mom and dad want to downsize. I estimate the fair bid value to be $250k to $275k. If this house sells for more than that, the buyer overpaid and will lose money just like he did. Today houses are overpriced by 20-50% and if you dont believe me, just check the prices of 10 years ago and compare them today. They have far, far, far outpaced inflation and are comming back down to reality. Reality would be slightly above inflation, not 15-20% above!

[sunrico90]

Originally Posted by Need_affordable_home

I will ask tomorrow when I visit. I dont know if he wants to tell, if not I respect this. But at $440k he overpaid big time. Its not just him, most people who bought at the peak in 2005 and 2006 overpaid, house prices were way too inflated and have come down and still have a ways to come down more. I dont know if my parents will want this house, me and dad will check it out. We wont buy for investment, only if mom and dad want to downsize. I estimate the fair bid value to be $250k to $275k. If this house sells for more than that, the buyer overpaid and will lose money just like he did. Today houses are overpriced by 20-50% and if you dont believe me, just check the prices of 10 years ago and compare them today. They have far, far, far outpaced inflation and are comming back down to reality. Reality would be slightly above inflation, not 15-20% above!

You are correct many folks overpaid, just don't become one in 2007. The prices are going down, negotiate if you can to get the best possible deal. This might not apply to this situation, but you can underbid the asking price by $30K some friends are saying $50K and see what you get back. Is a buyer market and many are desperate.

[hiknapster]

NAH and everyone else:

Just wanted to let you know that I got approved for the mortgage, after all. I didn't even know! All the paperwork just came in the mail! I got $100,000 at 6.5 percent and 3 percent down!

Yippee!

I'm dying to know what happened with that auction!

[nomoresnow]

Congrats, hiknapster, and welcome to the world of the perpetually in debt!

[Jammie]

That's fantastic, Hiknapster. I'm so happy for you. Enjoy your new home.