House vote on debt ceiling cancelled for tonight. We (EBT Realty) have three solid bids out there on properties whose owners have either refused to respond at all or fired back, in one notable email, that we have our heads up our a***. Well, we’ll see. In one case, the seller is said to have turned down $10 million in early 2008 and is still desperately clinging to the idea that his house is still worth almost that much (he’s lowered his price down to $9). If all hell breaks loose next week, they may regret their stubbornness, like the builder of a spec house in 2007, priced it at $12 million, rejected an offer of $9, dropped it to $9 eventually and rejected an offer of $7 and finally sold it for $4 million, just one step ahead of the foreclosure auction.
Or these guys may all prove to be financial geniuses when the market roars back to 2007 levels. I know where my money is.