4 ms·
What's the volume being traded at that price? I'll bid -$10 to buy your house, doesn't mean that's what your house is worth.
by jonfw 7y ago
What's the volume being traded at that price? I'll bid -$10 to buy your house, doesn't mean that's what your house is worth.
- frandroid 7y agoYou might want to avoid paying hefty municipal taxes or another impending viability, at which point paying less than taxes might sound like a cheaper alternative to get rid of the house. Same with these oil producers. There might be too much crude sitting on trucks going to an already-full storage facility, and they need to clear space in order to empty trucks, even if production upstream has already shut down.
- ddebernardy 7y agoIf someone accepts your -$10 bid the house will totally be worth that by definition. Remember the $1 houses from Detroit a decade ago. They weren't even worth $1 due to the tax liability that came with them, and they didn't sell for that reason.
- jjeaff 7y agoMy grandfather bought a $1,000 house years ago, not in the Detroit area, but a similarly blighted area. Immediately after purchasing it, the city started fining and hounding him to get it cleaned up and up to code. He went in to court at one point and asked the judge why he was getting all these notices when it was already the nicest house on the block. The judge's answer was something to the effect of "oh, well they can't afford to fix it up."
- valuearb 7y agoPrice is not equal to value. Occasionally prices get silly for irrational reasons.
- jonfw 7y agoExactly- did anybody accept the negative bid? The article only mentions the bid itself, which makes me think not.