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

To: Hawkmoon who wrote (113434)	3/29/2008 2:12:24 PM
From: Lizzie Tudor	Respond to of 306849

they put down 40K 3 years ago and the house still has a 247K mortgage. So they bought at 287K in March 06... not the TOP of the housing bubble but pretty dang close. That house is now worth (my guess) 175K. He is way underwater and stuck. If you notice the craigslist ad, he has this listed as EAST san Jose, but its basically an ad to buy in Stockton which is central valley a completely different area. The reason he is putting East San Jose on his ad is that he is hoping to get somebody pretty ignorant who wants a house with no money to take this bad deal. ESJ buyers are the lowest income for the SFbay craigslist. P.S. I don't want any money, I will even pay for the transfer fee which is $1,700.00 so there is no out of pocket money whatsoever for the new owner. All you have to do is to pre-qualify with our lender. If you get approved, the house is yours for FREE. sfbay.craigslist.org

To: Hawkmoon who wrote (113434)	3/29/2008 2:25:32 PM
From: Patricia Trinchero	Read Replies (2) \| Respond to of 306849

We thought about buying one of those "cheap homes" but the result would tie up our cash in property for an indefinite period of time with no guarantee that the home would stop falling in value. Buyers aren't that plentiful right now. We already have property that we can't sell right now unless we dump it at a fire sale price. We don't need more . If one gets cash strapped then your property is useless to you. We had some friends that bought a house at an auction and they bought it cheap. The bank found a phantom bidder who upped the bid one week after the close of the auction............our friends opted to back out of the deal and let the "phantom" purchase the home. Who knows what the truth is behind all these shenangins? I think there is some "creative foreclosing" occurring in our financial system.