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hokie-c

Joined: 08/19/2003 Posts: 1599
Likes: 768

What's this?

Sounds similar to what caused the speculative condo real estate


Bubble. In mid-2000s people were pre-buying condos in buildings that weren’t built yet. Developers could get loans once they reached a certain percentage “pre-sold”. No money exchanged hands until the building was finished and ready for occupancy. By that time, the value of the condo was supposed to be higher and the “owners” would sell the contract to someone else making a tidy profit when never actually putting up any money. Of course 2007/8 happened and the “invested/owners” couldn’t sell the condo and they didn’t actually have the ability to pay so they defaulted.

(In response to this post by GreenvilleVT)

Posted: 04/15/2021 at 11:07AM


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Current Thread:
 
  So apparently housing contract flipping -- GreenvilleVT 04/15/2021 08:58AM
  I believe it's called "wholesaling"... -- MP4VT2004 04/15/2021 9:41PM
  Sounds similar to what caused the speculative condo real estate -- hokie-c 04/15/2021 11:07AM
  Sounds like the jerkwads who bought pallets of hand sanitizer last April -- hoosnowahokie 04/15/2021 10:02AM
  So speculative real estate investing- -- bigbadbird 04/15/2021 09:17AM
  I would think that would only be profitable in an irrationally hot housing -- Tafkam Hokie 04/15/2021 09:08AM
  Our housing market is hot right now. -- GreenvilleVT 04/15/2021 09:17AM

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