I've got a friend who works for a real estate thing, think like "cash for ur shitty house" type company. He told me this story about a guy who was sitting on a house worth over 1.4M, then "a business deal went bad", meaning he wasn't paid out for his part of a business that was sold off. He ended up in 400k in debt, had tax liens on his house, the whole shebang. Now my friend's company came in offering him 600k for the property to avoid foreclosure. it would have paid off the outstanding debt and tax liens but the guy wanted upwards of 800k. Now the lien has been sold at a tax auction and the dude is shit out of luck and will most likely have to declare bankruptcy. This seems to be a pattern of people who are so used to leveraging debt not being able to grasp the risk involved and think they can just wait it out and get the amount they want.
I've got a friend who works for a real estate thing, think like "cash for ur shitty house" type company. He told me this story about a guy who was sitting on a house worth over 1.4M, then "a business deal went bad", meaning he wasn't paid out for his part of a business that was sold off. He ended up in 400k in debt, had tax liens on his house, the whole shebang. Now my friend's company came in offering him 600k for the property to avoid foreclosure. it would have paid off the outstanding debt and tax liens but the guy wanted upwards of 800k. Now the lien has been sold at a tax auction and the dude is shit out of luck and will most likely have to declare bankruptcy. This seems to be a pattern of people who are so used to leveraging debt not being able to grasp the risk involved and think they can just wait it out and get the amount they want.