tag:blogger.com,1999:blog-2740556909864494483.post6041090705309025262..comments2024-03-22T16:30:48.999-05:00Comments on Key West Properties: The Greed FactorGary Thomashttp://www.blogger.com/profile/03006513292595034076noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2740556909864494483.post-3473320660250439012008-04-03T23:50:00.000-05:002008-04-03T23:50:00.000-05:00Gary - love your blog, but... whining that some lo...Gary - love your blog, but... whining that some locals are going to screw the taxpayers because of their greed is a little off.<BR/><BR/>It's the Banks, dummy! The banks are going to lose whatever they allow for the short sale; this may be a little, this may be a lot depending on how stupid the individual banks were, and how much collateral they required of the buyer.<BR/><BR/>Remember, if this buyer had multiple properties already, the bank's made a pile of money with them in the good times... now they'll both be losing some cash.<BR/><BR/>You mention this local has multiple "short sales" listed. Good luck moving them - and don't forget, that unless this local set up separate corporations to protect themselves, their credit rating will be hit badly as a short sale has the same effect as a foreclosure on the credit record.<BR/><BR/>Remember, the banks enabled the real estate addicts, because they were even more greedy then the would-be owners/flippers...<BR/><BR/>And maybe this situation will result in a whole new crop of people being able to pick up property in Key West now...Anonymousnoreply@blogger.com