Why give away $75k of Equity? BECAUSE there is no equity! This realtor posted this home on the craigslist - http://bakersfield.craigslist.org/rfs/198756634.html - stating that you would receive $75k of instant equity. Huh? They purchased the property on 2/13/06 for$425,000 and they are trying to sell for $475k minus the 4% commission they are willing to give to a realtor who can find another person take their position and the 6 months of carrying costs - they will be lucky to walk away with a small profit. This is only the beginning of the downturn, if they wait too long, they will go negative.
75,000. INSTANT EQUITY
4% to Selling Agent!!!
12206 Trackside Dr 93312
click picture for more information
Sunday, August 27, 2006
Why give away $75k of Equity?
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2 comments:
Looks like a POS house. Nice tree in the front, though.
I have seen a lot more "motivated sellers" in bakersfield lately. Its going to get crazy when all the bad loans out there start resetting.
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