As I mentioned previously, I’m doing a series on the trails and tribulations of first-time homebuyers. The third article, about a guy named Reid who bought a house near the Miracle Mile in Los Angeles, CA, is all about the numbers:
But he lost out on a few other properties. In fact, he suspected that several banks (which shall go unnamed for now) were making shady inside deals. In one case, Reid offered $650,000 on a property which had 15 other bidders. After the property was listed as “sold” for $500,000, it was placed back on the market in just a few weeks. But two weeks after its return to the market, the property sold for $750,000. It may be that someone had a friend at the bank, or it may be that the bank was in on the first deal. Either way, this furiously paced game of turnaround both excited and unnerved Reid, as he put down one failed offer after another.
Click here to read the whole article, another will be posting every Thursday morning at FourStory.org.