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Re: OT Any mortgage smarts people out there?
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Posted by Spook on August 11, 2007 at 07:11:29 from (198.208.159.19):
In Reply to: OT Any mortgage smarts people out there? posted by Dave H (MI) on August 11, 2007 at 07:33:15:
I have been looking at quite a bit of property lately, in Michigan. This is going to sound simplistic, but is the appraised value accurate? A lot of property for sale now is overpriced to today's market. I read that in Michigan, nearly half of all sellers are paying money at the closing, in other words they are paying to get out from under the mortgage. ( negative equity )
I think it will be awhile before people really accept this. A friend of mine just bought a $400,000 house. It sold new for $700,000 in 2000. If you bought or built a house in Michigan in the last few years, you probably owe more than it will sell for. The one exception is waterfront property.
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