It has been a little while since I have been able to express my feeling regrading the market. I must say, that everyday continues to make me just shake my head. To my subject line, Why did the bank's need a bailout when if they would make deals they wouldn't lose as much money? Cases in Point, My father offered to buy a property that was listed at 116K, he offered 99k got countered back at 112k, and he went to 108k. The bank said no. My dad walked, then the bank listed it for 109k. The property then got relisted for $79900 for 2 days and is no going to auction. I ask, is it worth it? The stupid bank, has lost at least 30 thousand more dollars for 4 thousand dollars. I know of another deal where the property was listed $259000, was offered $239000, bank balked, then the property went to auction and sold at $185000. This is why we shouldn't be helping the stupid ones. I guarantee that most of us had stories like this that if you added it all up would be millions and millions of dollars down the drain and for what reason? Because some idiot who has no idea what is a good deal and what isn't nixes the whole thing. I understand that there are some people out there who make totally whacked out offers, but so what. If the bank knows it is bad then good for them, but I know alot of these deals are pretty good, and the banks should at least make more of an effort to get them done at a resonable price.
I think our congress should have had some of us there to let them see the real state of the market. If we had been there, I think things would be alot different.
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