Are people nuts?

[Bob Shome]

i've been looking into a REO for sale in my area. The house is large like over 5,000 sq ft large which is uncommon for my area. Its a great house only 3 years old. Problem is its been stripped bare by someone, cabinets, HVAC, appliances, hardwood floors and even the floor trim. They even took the exterior rock wall and trees!

So it basically needs to be completed. I figure its gonna take $300,000 inside and out to do nice. Then you will have a 850k house. Problem is only 8 houses over 600k that aren't on waterfront sold in the past 12 months. So I was planning on moving into this thing till it sells.

I was going to make a low offer because the bank is getting fully reimbursed by the FDIC on their loss. Someone from California now have a pending contract to buy it. The kicker is that they haven't even seen the property. Either these people have a ton of money or they are nuts.

Just had to vent. It's really tough to find anything worth buying and rehabbing right now in my area. Though it can be done. I've got two more under contract that should produce a solid not good profit.