re: I put my money where my mouth was - I'm out baby, I'm out!

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Have you ever considered that people have a natural aversion to being "landlords?" I've heard the horror stories all my life. One renter cut down a 100 year old oak tree for firewood when he skipped out in the dark of night.

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I didn't mean about being landlords. I meant about the value of their properties and/or the market value of the rent they expected to collect in such a scenario. Basically, if their monthly payment was, say, $3500, then they just generically assumed that the rent they could demand would be at least equal to that. They would be shellshocked when I bid $2300 and had an agent telling them they thought that that was fair. In this particular scenario, I think they could maybe sell the house for $630K if they got lucky, and they have it on the market for $850K.