Author Topic: Opinion poll. Long scenario. Please please read. (Read 2650 times)

Lizking · « **Reply #75 on:** May 07, 2005, 08:18:50 PM »

No worries.

Steve · « **Reply #76 on:** May 07, 2005, 08:18:59 PM »

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How was the market valuation done on Eric's house when he sold it to you?

Something like 10 comps in the area, plus had an appraiser come in. I know Eric got fair market value, I live 2 doors down from him(in the exact same model)and did a refi just a couple of months before his and was appraised about the same as his.(mine has more upgrades yet came in a smidge lower)
FWIW, with the upgrades on my house(again same model as Eric's) my house is worth 340K. I know this because I am adding a pool and going to refi again.*

* Edit I didn't mean this to sound like pride. I am trying to demonstrate that the market has indeed gone mad. We paid $165,000.00 in 2001 and the house has more than doubled since then.

Steve · « **Reply #77 on:** May 07, 2005, 08:26:05 PM »

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How can a real estate market with 150%/yr appreciation be sustained?

Well this is a good question. Eventually houses will become so expensive that there won't be any buyers who can afford them.

This coupled w/ rising interest rates could burst the bubble. I certainly, being anything but an expert, can't see how the market can continue.

Builders are trying drastic measures to prevent investors from buying new builds. Demand is so high for new homes that when a lot is opened for a newbuild/sale, 20 people may show up and try to buy it. They hold a lottery!

WMLute · « **Reply #78 on:** May 07, 2005, 09:34:23 PM »

I just gota add this Nuke...

What Would Jesus Do???

NUKE · « **Reply #79 on:** May 07, 2005, 09:49:40 PM »

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Originally posted by WMLute
I just gota add this Nuke...

What Would Jesus Do???

Why don't you tell me? I'm just ignorant, remember? I already said I'm going to be fair. What would YOU do?

Roscoroo · « **Reply #80 on:** May 07, 2005, 10:33:10 PM »

he wasnt a sniper was he ?

Steve · « **Reply #81 on:** May 07, 2005, 10:35:51 PM »

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I already said I'm going to be fair.

what's fair? To me it would be completely fair if he got nothing. This was his deal, he took no risk on our investment and is therefore entitled to nothing.

NUKE · « **Reply #82 on:** May 07, 2005, 11:00:16 PM »

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Originally posted by Steve
what's fair? To me it would be completely fair if he got nothing. This was his deal, he took no risk on our investment and is therefore entitled to nothing.

I know Steve.

CavemanJ · « **Reply #83 on:** May 08, 2005, 09:29:34 AM »

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Originally posted by Steve
what's fair? To me it would be completely fair if he got nothing. This was his deal, he took no risk on our investment and is therefore entitled to nothing.

Wasn't the original 10k incintive kinda like a security deposit paid when renting a new place? Give'im back the $7400 (3700*2), and tell the guy to think of the other 2600 as monies kept for damages to the property and the penalty for breaking the lease early. From what little ya'll have said, ya'll have already bent over backwards for the guy.

It seems to me that this might be the only "moral" obligation out of the whole thing, particularly if you demanded it.

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Originally posted by Steve
To entice me, Eric offered 10k(or maybe I demanded, can't remember) up front to offset the risk of having a renter in a house I owned.

Anything over that is out of the goodness of your hearts and up to ya'll. Good point about his not having a part in the risk ya'll took.

WMLute · « **Reply #84 on:** May 08, 2005, 10:58:42 AM »

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Originally posted by NUKE
Why don't you tell me? I'm just ignorant, remember? I already said I'm going to be fair. What would YOU do?

awww come on. it was funny.

I already said what I would do. If said person was a good friend, I would give him the money. If he wasn't, I would not give them a dime. Frendship is invaluable. BUT if this was straight business, then heck w/ the guy.