WaMu Eats $700,000

This just closed for $1,100,000 cash. The former owner paid $1,800,000 in 2005, then refinanced with WaMu, who gave him two loans for $1,800,000. What do you think happens when people have no skin in the game!!! Previous sale was $525,000 in 1998.

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People & Blogs

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• jim
• klinge
• realty
• reo
• foreclosure

[CameraShy29]

Keep 'em coming, Jim, your videos (and especially your commentary) are great!

[TheExciteMike]

So I'm guessing "splendid" sales like the $1.8M help explain why WaMu went belly-up last year.

[citrin35]

You need to cheer up. Why fault the realtor: he/she put the 2 acre multi-building property on the market, has quickly received 8 offers, everything is public, the seller wants to sell in the current market, what is your problem? I used to enjoy your vids, but you are a downer. Get over it. Get some meds. How would you list the property differently? Are you just envious?

[ginaswo]

@yknaught1

yeah and Bernanke said last weekend he does not think the Fed being loose is the cause of the bubble and does not think tightening would necessarily have stopped it, regulation he says

as the bubble reinflates while he speaks

[24t68Jm1]

you'd be surprised how many don't have central a/c in cali

[Beingreal40]

Realtors had the head up on the crisis. My old real estate teacher bragged about selling and cashing in a million when I called her last year. Now she renting waiting for the come back. Sick but true.

[bardobound]

1.1 mil and no central A/C...

[largo2001]

better yet: maybe he bought gold?

[TheCanadianPublic]

I wonder how's the previous owner's doing these days, the one who paid $525K for the place and sold it for 1.8 mil. Did s/he sink it into more real estate and lost their shirt? or did they RENT their next home and held on to all the cash?

[sellingon]

'baja rancho santa fe ' man you are a funny guy jim !!

[yknaught1]

I don't get it. 8 buyers, herd mentality again but then again there is a barn.

1.1m cash !?! What...Vegas too far to go to lose their money?

The real value is probably closer to a third what it sold for in 2005, if that.

Great vids as always.

[semiliteratedgod]

so WaMu executives got their bonuses and live on the hills while the shareholders has been wiped out just like the irresponsible borrowers