A seller is welling to leave hundreds of thousands on the table because some buyer can put down 30% instead of 15%? That's just absurd. Price movement in high end market? A house like Obama's in a highly desirable area where there aren't many new developments don't have downward movements during a housing boom. During that boom, the biggest shortage of property are the high end houses in areas that are already built out. There aren't any big developments that has 50 new houses. Like you said we don't know the details, but here is what we do know 1. Usually sellers don't just accept offers that are 300k below asking. 2. The house itself was in a highly desirable location, so it would be very much in demand. 3. The transaction was at the height of the housing boom. Making it very unlikely seller is welling to take such a low price. These things make this transaction very unusual, it could happen, but very unlikely. Now add in the fact that Rezko's wife brought the land next door on the SAME day for FULL price. Yeah, you have got to be blind not to be suspicious. If any republican did is, you'd be screaming bloody murder. You are defending something that can't be defended.
What stinks here isn't the closing price, but the association with the corrupt guy -- and that the two transactions were connected. If corrupt guy doesn't buy the lot -- presumably at full price -- Barrak doesn't get his house. No matter what his downpayment . And it sounds like Barrak approached the corrupt guy for help. Yes...this is bad. But as Refman says...probably no worse then the private dealings of GWB, Hillary or most other politicians. Sad, really. What is it with politics and corrupt real estate people?
I still don't get it, did rezko send some guys to the seller with baseball bats to lower the asking price. seriously, I can see dealing with the guy as a problem, I'm not seeing the problem with the actual deal.
There are two issues Gabs... 1 -- the allegations against Barrak's campaign fundraiser -- pretty serious stuff including kickbacks and the like. Kind of goes against the squeaky clean image. (though -- in fairness -- Barrak may have been unaware of the goings on) 2 -- re the real estate deal -- the parcel was listed at $2.575m. It closed at $2.275 (BO - 1.650, and R - 625K). If you and I were to do a transaction that knocked $300K off the asking price -- you'd think we'd somehow share the discount. So there's the appearance of impropriety. Barrak could be seen as owing a favour. As someone in politics -- with potential influence on decisions related to real estate -- you just might want to avoid the appearance of a conflict of interest.
Furthermore, did anyone else hear Obama's LACK of a response to this charge last night? Man, he changed the subject so fast, after giving an answer that was not even remotely on topic... telling...
So a charismatic Democratic Presidential candidate is tied to a shady real estate deal. There's no way he'll get elected.
LOL ... the damage control by Obama's hardcore apologists is hilarious and getting more pathetic by the minute. Obama extolled his "community service" as one of his brightest spots on his resume, yet for years he neglected the sh!ttty poor conditions of the buildings his slum-lord buddy owned and managed in the then state senator's very own district? Hard to believe? Conveniently oblivious? Or how about Obama's under-estimating -- nearly three times as much -- the campaign contributions from his slum-lord buddy Rezko? Now as CBS reported, even his former co-worker has called into question some of the details in Obama's community service. Those along with the appearance of impropriety have to make one wonder if Obama the rising star in Dem party and his self-made, media-promoted squeaky clean image are a sham and fraud.
The Obama supporters had better get ready. This is straight from the Hillary Clinton playbook -- find the dirt and leak it to a friendly in the press. Then, stand back, and look surprised, swearing that her opponent wants to play rough. It's a good thing Obama is half black because he will be all black and blue from the political clubbing he's going to get from Hillary. I'm not excusing Obama but this is something out of New York City Alderman George Washington Plunkitt's playbook of "honest graft" as opposed to Hillary's long history of "dishonest graft."
I like how wnes puts "community service" in quotes. Are you saying that this did not occur? It's pretty well documented that out of law school, Obama turned down federal clerkships & biglaw jobs to go work on the south side as a community organizer - it is your position that this didn't occur? wnes, tell me how much community organizing you have done on the south side of chicago? Do you have some sort of unique perspective on this, or as a FOBber, are you deathly afraid of black people?
Yeah sure, what do you call this, the alliance of trader_jorge-wnes, vast right- and left-wing conspiracy?
i think he's just mad because i spend my vacations inciting rebellion in China and having sex with strange women - so he's going to e-nail Obama as a way of getting to me. The e-beating wnes is giving obama has certainly put a damper on my day.
I don't know why would all the Obama supporters defending this deal and attacking the OP of this thread. If this deal doesn't stinks, I don't know what does. But on the other hand, if Obama really wants money, he can certainly gets a lot more by working for wall street firms, lobbyist firms, etc. Maybe he doesn't deal with personal finance in his house. Maybe his wife is the one who handles all these transactions. We haven't heard the last of this yet.
