I just found out that the local housing authority just blew all the other bids out of the water (think $500k when offers and asking price was at $410). Now I have to figure out if its worth trying to beat that price.
Has anyone had experience with this? Is the local housing authority simply overpaying? I have checked the numbers, and it technically makes sense still, but buying at this price would require me to try and demolish the current structure or at least significantly add to the current structure in order to make a decent return...
I'd let it go. It's like bidding against a hedge fund with $600B in cash. Who do you think will win? It of course is worse than that... because your HA is using tax dollars, and if you bid them up you are just adding to government waste;)
True. The biggest issue is that I own a property across the street from it, and the last thing I want is a government housing complex that may bring down prices in an otherwise high appreciation area.
The government's only job is to spend all the money they get in order to get some more. The numbers mean nothing to them. If they want it, they'll buy it.
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