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

To: Lizzie Tudor who wrote (113440)	3/29/2008 5:42:32 PM
From: Peter V	Respond to of 306849

auctions tend to bring higher prices, as the neophytes get swept up in "winning" and tend to overbid. Great for the seller, not so good for the emotional buyer who doesn't figure out that he has just been suckered until after he comes down from the emotional bidding "high." And it's really the buyer's fault for not having a realistic upper limit before the auction starts.

To: Lizzie Tudor who wrote (113440)	3/30/2008 3:40:32 PM
From: Patricia Trinchero	Respond to of 306849

"IF the bank punts on me, no worries I just move on. If they go for it, I have a good deal" That's what our friends also thought when they chose not to up their bid price. Thanks for that link. I hear more and more property horror stories every day about people who are opting to walk away from their mortgages. Recently, one family is waiting out eviction as they bought their home at 710k and it's now worth 550k. The payment is probably out of their reach. I would wait out the marketplace if I could afford the payment as current home values are being pulled down by the comparables which are short sales.