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Path: utzoo!watmath!clyde!bonnie!akgua!mcnc!ncsu!uvacs!edison!steinmetz!davidsen
From: davidsen@steinmetz.UUCP
Newsgroups: net.invest,net.consumers
Subject: Re: Re: "No Money Down" (Other People's Money) Scam
Message-ID: <623@steinmetz.UUCP>
Date: Tue, 14-Jan-86 13:21:20 EST
Article-I.D.: steinmet.623
Posted: Tue Jan 14 13:21:20 1986
Date-Received: Fri, 17-Jan-86 05:57:20 EST
References: <164@bubba.UUCP> <757@hou2g.UUCP>
Reply-To: davidsen@crdos1@kbsvax.UUCP (Davidsen)
Organization: GE CRD, Schenectady, NY
Lines: 32
Xref: watmath net.invest:1034 net.consumers:3880
Summary: 


People who want to sell their houses will often take less than the market
value to get rid of it. If you are moving (for instance) and have bought a new
house, are living somewhere else, and are trying to make payments on two
houses, all while the house sits empty and you worry about vandalism, you will
probably come down (maybe not 25% at first, but down).

If you have a house on the market for a few *years* and it doesn't sell, or if
you really need the money and have ever waited for someone else to get a
mortgage approved, you will come down for cash.

NOTE: I had a sale of my last house hang fire for seven months while the
mortgage went through. Luckily I was not desparate for the money. I had moved
into a house which had been on the market for two years, which I got for
exactly 48% of the asking price by paying cash. Admitedly the asking price was
too high, but after awhile people get desparate.

Another factor is the actual cost of a delayed sale. The house I was selling
was an income property, with a mortgage (how do you think I paid cash for the
new one?) and the actual cost was seven times (the taxes, the mortgage, the
lost rent to keep the house free). I would have taken a good bit less for
cash.
-- 
	-bill davidsen

	seismo!rochester!steinmetz!--\
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ihnp4!              unirot ------------->---> crdos1!davidsen
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        chinet! ---------------------/        (davidsen@ge-crd.ARPA)

"It seemed like a good idea at the time..."