I
irishproduce
Guest
Ok, first post and thread.
Living in a house. During boom, was valued about 400k, now advertised for between 250 and 300.
Landlord was offed 200k but didn't even consider it.
During a conversation, LL told me that my rent (750 monthly) keeps the bank happy. I also know this isn't covering original mortgage.
My question is, as a young person, say I was interested in owning this kind of house, which I would be in the future, what is to stop LL just not bothering selling it because my rent keeps bank happy. Its true value is not 250 - 300k. So my occupying it or someone else occupying it is holding it off the market thus keeping the prices artificially high,
Am i missing something?
Why isnt it being purged and sold?
Living in a house. During boom, was valued about 400k, now advertised for between 250 and 300.
Landlord was offed 200k but didn't even consider it.
During a conversation, LL told me that my rent (750 monthly) keeps the bank happy. I also know this isn't covering original mortgage.
My question is, as a young person, say I was interested in owning this kind of house, which I would be in the future, what is to stop LL just not bothering selling it because my rent keeps bank happy. Its true value is not 250 - 300k. So my occupying it or someone else occupying it is holding it off the market thus keeping the prices artificially high,
Am i missing something?
Why isnt it being purged and sold?
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