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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (4767)	8/28/2002 11:38:06 AM
From: Tradelite	Respond to of 306849

Information for anyone who cares.... On a number of occasions, people have posted internet property listings on this thread and have made fun of them, because they do not appear to be what an average homebuyer would want to live in. Generally, these listings are really nothing but a tear-down house, or a cheap rental house, on a piece of valuable land. Ugly house....fantastic location. Yet, the internet listing, by programming default, spells out what the monthly payment would be if a person were to buy it, borrow on it, and try to live in it. Fact is, the internet has limitations, Realtor.com and other sites have these limitations, and the monthly payment figures are not to be taken literally. In the real MLS, agents listing these properties probably or should have noted that the value is in the land only, and NO LENDER WOULD LEND ON THE STRUCTURE ANYWAY, because it has no value. This type of property requires owner financing or all-cash to purchase, and would be of most interest to a professional real estate investor instead of a typical homebuyer. If nothing else, maybe this knowledge will stop some people from jumping to conclusions when viewing random listings on the internet. The complete opposite situation occurs when a listing looks wonderful on the internet, but could be located next to a toxic waste dump. Pretty house....bad location.

To: Tradelite who wrote (4767)	8/28/2002 2:47:54 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

i posed a direct question, and got a non-responsive answer... Message 17923923 something about coupons i believe .... the point is.... and admittedly i haven't read each and every one of your RE posts...but the general sense i get is that you've never seen a RE listing you didn't like..<g> now as a well trained RE professional....can you with a straight face encourage someone to pay $369K for the hovel? that was my original question...would you pay it or would you pass?