I share DR Laura's distrust of DR JMK's La Manse deal. It seems to me that banks in general haven't yet figured out how to deal with the many foreclosures. Since few buyers pay all cash, the property must be made loan-worthy. (I have seen some properties where the listing said it must be all cash, because the property was in such disrepair.) yet the banks don't want to pay for repairs. How much sense does that make? Senior bank executives are well-paid folks; can't they figure out a better way??
There's a beautiful house down the block from me, which is in foreclosure. It was listed two years ago for $3M. Rumor has it that the owners walked. Someone--the bank?--turned off the water and now the lovely landscaping has died. How much sense does this make?
I could go on, but I won't.
End of rant.