Mr. Tact wrote on Feb 24, 2021, 12:39:
BoP's story surprises me more than yours Beamer.
You nailed it yourself. Location. Where I live now is a bedroom-ish community to Austin but far enough out that "average" people with service-based jobs could afford to own a home and raise a family. When the pandemic hit and all those service based jobs were dumped after 4 months in, lots of realtor signs started showing up everywhere as these people could no longer afford mortgages. Add to that, people who want an urban environment consider this area too far out in to the sticks to be worth looking at so there wasn't a lot of inventory churn. This caused the market values to drop as people started trying to get out at fire sale prices. This house, in particular, was like winning the lottery. The seller wanted to get out at what he owed the bank. His wife was in memory care and he could no longer upkeep the property by himself as he was an elderly gentleman. We made him a sweetheart deal: we'll pay his asking price in cash with no points and no allowances. House purchased as is, no negotiation.
He took it and we got a great deal. Perfect storm of taking advantage of someone else's disadvantage.
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