I wish I could tell you, the American tax payer and/or Bank of America shareholder, that this is a unique story in my past…but I cannot. The following is sadly true and all too common.
A house came on the market for sale in Independence, MO. Yes, it was new and it didn’t have any restrictions barring real estate investors from bidding early. The asking price? $45,000. We offered $40,000 with a 15 day cash close. BOA stood firm and would only accept $45,000. We passed.
Fast forward to last Thursday (34 days later) when BOA dropped the price to $39,900 and had the listing agent call us to see if we would re-bid. We did. This time $35,000. And it looks like they are going to take it.
So let’s get this straight. They are going to close the a month+ later for $5,o00 less. Heck of a business decision, wouldn’t you say?