As first reported back in February in my article Going Down in the Valley, there was a profiled foreclosure property in Valley Springs in which the lender was going to lose approximately $83,233.00 if sold at their current asking price.
As predicted, the asking price was still a bit too high and apparently the lender agrees with me.
Currently, the HEINEMANN property, which I have officially dubbed "The Roof", has been discounted another $4,000.00 - down to $234,000. Which of course means that the lender can add $4k to its burden of bad debt - the equivalent of one employee's salary for the month. Ouch!
Yeah, that unparalleled housing boom and unprecedented growth in non-doc lending practices was great for everybody.
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