Quote:
Originally Posted by Bigstan
I don’t think so. My new neighbor paid 50k over asking so as not to lose another house (he lost the last two). All cash, all these deals are. If you can write a check for 650-ish plus closing costs you won’t be upside down anytime soon. Like a realtor recently told me - if you’re not paying cash today go find another realtor.
But you are 100% correct, absolutely everyone is overpaying.
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Maybe underwater/upside down is the wrong terminology for a cash buyer. What I meant was even if you paid cash, if the market corrects and property is worth less than you paid you lost money, unless you hold on until values return.