Quote:
Originally Posted by irv
Comparing house to cards is not comparing apples to apples. It is very rare we hear of a house being sold only to find out people did not or will not pay for it.
Real estate has signatures, meeting people/agents face to face, home inspections, the list goes on and on. Cards, on the other hand, especially those being sold through auctions like E-Bay or actual A/H's, don't have that luxury. Most in the card biz know that shilling and bid retractions, to name a couple, exist all the time and if either one says they're surprised, they are also lying.
Again, listing a card as being sold for $80,000 when no money exchanged hands, and the fact they probably knew by then the bid was retracted, or whatever the case is, like I said, is outright deceptive and nothing but a lie.
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Actually there was a huge housing market crash for 3 or so years and tens of thousands of people bought houses that could not afford it. People with no income were getting $250,000 loans with no money down. There was also robo signatures and no real check on someone's ability to pay. Those 'sold' prices absolutely impacted the market price for legitimate buyers in the housing market.
For all we know someone could of borrowed from their credit card $50000 and bought a card then never paid the credit card. Borrowing money you cant afford and paying for an item would mean that item 'sold' but its not a true sale if the buyer couldnt afford the item. People were flipping cards and people were flipping houses as well. Credit finally ran out in the housing market and perhaps in the card market if the buyer was unable to flip an earlier card they now couldnt afford the pricey auction item they initially intended to pay.
Adding facts about 'they probably knew by then the bid was retracted' is an added premise. We have no idea of that. The example of someone bidding for the card and having a legal obligation to pay for it but not having the funds to pay for is equally as possible.