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News update from Muncie. No one will lend money to my niece so she can't buy the house wiothut my brother in law. But it turns out the furnace is dead and there's a roof leak so few if any lenders will lend on the house (except maybe a HUD rehab loan program or a private lender) until someone fixes the furnace and the roof which of course the seller (its an REO) won't do. The listing is for 45K and there are a lot of people looking at the house but no offers yet. My brother in law put in an all cash offer of $25K. That's less than $12/sq ft. At that price, his attitude is so what if it goes down another 20%, that's only 5 or 6K which is about 8 months gross rent in the current economy. Maybe he'll start a bidding war of bottom feeders.And speaking of bottom feeders;-), how can realtors put in the time to do these deals? At 25K a 3% commission is only $800 a house. The realtor would have to do a deal a week just to avoid starvation. Rate this comment: 0 0
By: | Mar 12, 2014 | Report Comment
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margaretz
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