Posted by Eric - GA on December 17, 2002 at 06:31:49:
I definitely have no experience with that market. But I did consider doing just that, giving him $100 earnest money, and being able to say I had a contract on $2.9M house. Maybe I’d even throw a party in it!
Eric - GA
A true $1M deal (no joke)-- anyone want it? - Posted by Eric - GA
Posted by Eric - GA on December 16, 2002 at 19:50:15:
I got a lead a couple weeks ago about a house that was being built for Theo Ratliff, player for the Atlanta Hawks. House is supposed to be an incredible place. The story is that Theo backed out on the deal. House is appraised at $2.9M . Builder is stuck with a construction loan of $1.88M. He’s willing to do a Sub2 deal to get out from under it. Don’t know the payment, but must be close to $15K a month. So, if anyone out there has pockets deep enough to sit on this house for the couple years it would probably take to sell, let me know.
Eric - GA
Those with pockets “deep enough…” - Posted by JT-IN
Posted by JT-IN on December 16, 2002 at 20:36:12:
Also have more than enough knowledge/sense to steer clear of such an albatross at this juncture of the market/economy. Why do you think the builder is willing to Subj To the deal, anyway…?
Check your campaign fund. - Posted by $Cash$ (NV)
Posted by $Cash$ (NV) on December 16, 2002 at 22:10:53:
JT,
Come on JT, dip into that political campaign fund from when you were in politics. This one is a piece of cake for a retired Indiana politician.
John $Cash$ Locke
Re: Those with pockets “deep enough…” - Posted by Eric - GA
Posted by Eric - GA on December 16, 2002 at 20:53:06:
I agree, which is why we all just laughed at the fact we were going to throw away our first “million dollar” opportunity. I can’t imagine buying a house like this as an investment, because the value of a house like that is so subjective. For those of you in CA, this is an outrageous price for a home out here. My gut is that just like Theo, anyone you can afford a house like that is going to want it custom, and is going to pass this one by. Probably not to many “bargain shoppers” in the multi-million dollar home market.
Eric - GA
Never let them know where the $$$ is - Posted by JT-IN
Posted by JT-IN on December 17, 2002 at 09:12:32:
Hidden… One of the first things you learn when you get into politics… LOL
So if I start throwing that kind of dough around on a 2.9 mil house, it may lead them to the rest of my political “stash”…
Hope all is well in the $Cash World$… Happy Holidays pal.
JT-IN
BTW: Are you still going south the meet the Mother-in-Law for the holidays…?
Get an option… - Posted by Hal Roark
Posted by Hal Roark on December 17, 2002 at 06:10:39:
Eric,
Why not get an option that gives you the right to buy sub2? It’s probably a total waste of time, unless you have expertise with high end buyers, but it would make a fun document to hang on the wall some day.
Hal