Cheryl Oliphant, tiny-Trump™, Santa MonicaPerhaps the title of the story should have been, "Did average people think real estate was their ticket to riches?" I've said it before, I'll say it again: The average person SHOULD NOT be gambling/speculating in real estate.
(hat tip Buzz Saw)
2008-04-13: Did appraisers juice Florida real-estate market?
Cheryl Oliphant of Santa Monica, Calif., bought a house that lenders shopped to appraisers as being worth $550,000. The registered nurse now thinks the appraisal was inflated.
A novice (Read: idiot or retarded or jack-ass) real-estate investor, Oliphant said she used her retirement savings and bought at the top of the market, thinking she had a great deal and instant equity in the house because it appraised for $50,000 more than the $450,000 sales price."
The appraisal was wishful thinking," said Oliphant, who could not provide the appraiser's name. "I became a little suspicious later when I went to refinance and the next appraiser was having a hard time finding the value."
Oliphant has been trying to sell the house at a $100,000 loss and plans to file for bankruptcy, losing her $50,000 down payment. She said she might ultimately have to abandon that house and four others she bought in Florida...
Four Others!!! WTF!!!
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