Posted by Tim (ME) on April 06, 2006 at 11:19:55:
I am in southern Maine, and the market here is flat. Lots of listings, hardly any buyers. It’s even worse the further north you go. Secondly, you’re telling me the appraisal is $171k, but the mortgages total $156k. This is 91% LTV. Not a deal by any means, even if you believe the appraisal. I have a 3-unit in Biddeford, ME that appraised for $275k in October 2004. I have it listed for sale at $229k with no offers at all. Run from this “deal”.