Real Estate Orple of the Week #2

Hi there! NutHound Quincy reporting here. And no, I don't want my picture on here yet. Let's just wait to see if I make it to the Hall of Shame for having caused the real estate "bubble" before we deal with that.

Well, Chicken Little 1.0 is at it again!

This is an interesting one because it was a direct jab at Purva Brown's clients. You see, just because someone has information doesn't make them know everything.

This was a direct comment at a home Purva Brown sold recently:

"Sale [sic] history:
07/11/2007 - $322,000
11/09/2006 - $326,000
The previous owners lost money, but they got lucky with fools bailing them out. As an investment, it absolutely sucks."

Hmmm... nice. However, first of all, the previous owners did not lose money. They had bought it for a lot less and had the home paid off. Secondly, the $326,000 that our friend so bravely researched was a home equity line of credit - which showed up on tax records as a mortgage but was not the purchase price. And it had not been touched. At. All.

The sellers actually walked away with a check for $300,000 plus some.

As an investment it absolutely sucks??!?!? Hey, I'd make sucky investments that got me $300,000 plus all day long!

Come back next week - yes, we actually have a Chicken Little 2.0! Believe it or not!

Also read Real Estate Orple of the Week #1