I met up with the former student who is living in the house on which we put a bid. He and his mom are losing that house, and I feel rather awful about the fact that I stand to gain from that. But not awful enough not to bid because we have such a limited amount of money to spend on a house and I really want to stay in Irvine. If I go elsewhere, it is likely to be someone else who is losing a house. Most of the places we could afford will be priced that way because of this. So would it be hypocritical or silly to withdraw the offer for that reason?
In any case, he says that his mom is trying to get the loan's terms changed so they can stay in the house, and I wish them the best of luck on that. He is a very nice kid, and a good student, soon to transfer to a 4 year school.
So many people are suffering in this economic climate. It is too bad it is the only way I can afford to think about buying a house here.