jackspirko on Nostr: This one is misleading the owner had a lot of debt on the building, A LOT, that is ...

This one is misleading the owner had a lot of debt on the building, A LOT, that is really part of the purchase price as the seller was able to transfer the debt.

Let's say you owed 300K on your house and didn't want it any more. I come in and say, "I will give you 25K for the house and assume the debt", you say okay.

Did your house "sell for 25K", technically in a way yes, in reality I paid 325K for your house. Had I bought it conventionally, you'd of left with the same 25K and I'd still owe 325K.

So this one is a click bait bullshit headline.

quoting
note1fm5…dguv

📣 St. Louis’ “largest office building—the 44-story AT&T Tower, now empty—recently sold for around $3.5 million.

The price for the AT&T Tower, three blocks from the Railway Exchange, was a sliver of the $205 million it sold for in 2006.” 📉

HT
FinancialWorldUpdates

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