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This is a hoot. It's one thing for a starry-eyed home buyer to think that dump, in that location, was worth almost half a million, but it's another for a lender like Countrywide to think so too.

http://calculatedrisk.blogspot.com/2008 … 5-now.html

Now, I just bought a property in Miami for a song. It's a bank repo and I got them to lower the price so that three years of property taxes are effectively paid for. I plan on owning the place for two years because my sister needs a place to stay while she visits relatives. It's not intended as an investment per se, but for the price i got it, it hardly matters. Paid cash because I'm not sophisticated like those fancy mortage houses and banks. :snicker:

I think his truck had more potential.

sturner wrote:

I looked at the video there Ribby, there's no house in sight that was worth more than $150K. They should have posted a sign "Here there be fools!"

That house is one ugly POS. I can't imagine 1100 square feet of slab-on-grade being worth more than $140,000 unless there's some other development potential with the property.

ShnickyShnack wrote:

What kind of brain-damaged turd would pay close to half a mil for that smurf domicile????

Countrywide.