Quote:
Originally Posted by onewhippedpuppy
So what would your answer have been circa 2007? Quit loaning money in SoCal, Phoenix, etc? Homes were selling for market value only the market was inflated. So if the buyer has the means to pay the mortgage and the home is selling at appraised (assume market) value, what is your grounds for rejection? Remember that banks are not in the business of real estate appraisal and speculation.
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My solution would be to not be a total moron and buy a house you KNOW is priced about 100% or more above it's real value.
But you kids wanted the Kali sunshine, so abandoned all manner of good sense when buying your $700,000 econo-homes.