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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (34838)	10/29/1998 7:29:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 132070

I don't have an answer but a few ideas. First of all, it seems to me that all the facts about what the price is, was, and the various notes and their personal situations are all efforts towards reading someone in a poker game. There are people that would really try to read these tea leaves. I might for a little bit, but I would realize that I really would never know the mind of someone else. These people may be the most reasonable or the most obtuse around. A second level is "what is the house worth in the market". To many people this is the holy grail, as they look at houses as the most major investment they make in life. So gauge your attitude here and put the appropriate emphasis here. But to me the most important question is what is this house worth to you. Your budget, your taste in houses, the convenience of the neighborhood, but most importantly does it really feel like it works to you. What are you willing to pay. Set that price. Now, can you get it cheaper? You have to gauge how much you want it, as you risk not getting it more the further you drop your offer. Just like a limit order on a stock.

To: Ilaine who wrote (34838)	10/29/1998 8:15:00 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 132070

cb, bid $225 and ask that repairs be done to your satisfaction as a contingency to purchase. good luck. psssst: buy low, sell high ;-)

To: Ilaine who wrote (34838)	10/29/1998 10:29:00 PM
From: Merritt	Respond to of 132070

CB: Seems the one who said to offer $225K makes sense. The present owners want to get out, but they'll also want to recoup their investment. The bid may sound too low, but you can always come back with a higher offer...the reverse is not true. So, if you're comfortable with that price and like the house, make them an offer...that is, unless you want to wait until prices come down during the recession next year.<G> Good luck, Merritt

To: Ilaine who wrote (34838)	10/30/1998 10:39:00 AM
From: Mike M2	Respond to of 132070

Cobalt, Real Estate is beyond my area of expertise. I do believe that real estate will fall in value when the stock market bubble bursts and that those who have the creditworthiness will be able to purchase a home at a better price in the future than today. I think the current stock mkt rally is a bear rally aided by timely intervention from Fed operatives via the futures mkt ( many mkt observers believe this but no one has proven it to the best of my knowledge) and in the coming months the public will start to recognize that we are in a bear mkt. Real estate prices may be slow to decline at first because the public has been conditioned to believe that bear mkts are short and stocks go up in the long run but the health of the U.S. economy is tied the stk mkt like never before. When the mkt fails to deliver the "expected" 20% a year gain this will have a depressing effect on the economy when it actually goes down substantially look out. The wealth effect of the stk mkt and easy credit has enabled the U.S. consumer to go on a consumption binge while the savings rate in the U.S. is the lowest since the Great Depression. My advice would be to avoid debt if possible and don't buy more house than you need and wait as long as possible. Good Luck

To: Ilaine who wrote (34838)	10/30/1998 11:08:00 AM
From: Mike M2	Read Replies (2) \| Respond to of 132070

CB, here is a link to an article which makes the case for falling real estate prices gold-eagle.com Here is another great article about the role of a central bank in a bubble economy gold-eagle.com ( it has 4 parts) Mike