The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: GraceZ who wrote (1903)	2/26/2002 11:49:10 AM
From: Tradelite	Read Replies (1) of 306849

<<They were momentum buyers and didn't have a clue about long term value investing.>> Good one. LOL! We bought our house directly from the owner. It wasn't even for sale at the time we first talked to him about buying it. We couldn't find a thing after months of househunting--talk about an inventory shortage! So we got desperate. We saw the owner out in the yard on day while driving by and asked if he wanted to sell. He said he did, but in about a year. We said great, because it would take that long to put together the money. I think we got a good deal, and had the house independently appraised to confirm--even if the rascal did raise the price twice on us before we could get the contract signed. The contract contained an inflation escalator clause based on the CPI, so we lived in fear for a whole year before going to settlement----but in the end, I think we got a steal and he got the shaft. He deserved it for being arrogant enough to wheel and deal without either having his own house appraised or hiring a Realtor to help him sell it. No wonder his wife divorced him shortly thereafter.

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