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| Tuesday, December 02, 2008
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| Author |
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NicoleO4
Posts:0
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| 06/25/2008 8:01 PM |
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There is a unit for sale that was listed well below market value, its a short sale. The unit was listed 5/24/2008 for $249K. ( 50-60K) less than market value. Today I got an email from my realtor to check out that this unit is now $219K which is a huge drop!
I have never known until recently what a short sale is. What does the huge drop in price reflect? |
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GlenL
(Ohio)
Posts:1377
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| 06/25/2008 8:13 PM |
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It would depend on exactly what deal he has in place with his primary lender. You may find the answers to your questions here:
http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm
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BradP
(Kansas)
Posts:1742
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| 06/26/2008 6:37 AM |
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| Perhaps they are in danger or are in the process of foreclosure and they are trying to get enough to pay off their mortgage in order to save their credit? |
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NicoleO4
Posts:0
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| 06/26/2008 6:54 AM |
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That very well may be. I hope whatever happens someone who buys can afford their mortgage.
For many reasons our buidling like others have had some units forclose from divorce, job loss, debt the list goes one. The majority of ours is poor financial planning though from what I know of. |
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BradP
(Kansas)
Posts:1742
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| 06/26/2008 7:23 AM |
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The sad part is a sale of close to 100k less than market value will only hurt the other members of the HOA, hopefully the market is close to bottoming out and can begin a rebound soon.
We have been fortunate where I live, values have continued to appraise at higher than last year, and homes sell very fast. |
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MaryA1
(Arizona)
Posts:2248
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| 06/26/2008 11:46 AM |
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Posted By NicoleO4 on 06/25/2008 8:01 PM
There is a unit for sale that was listed well below market value, its a short sale. The unit was listed 5/24/2008 for $249K. ( 50-60K) less than market value. Today I got an email from my realtor to check out that this unit is now $219K which is a huge drop!
I have never known until recently what a short sale is. What does the huge drop in price reflect?
Nicole,
A short sale means the mortgage company is willing to take back less than the amount owed on the mortgage. Regardless of what the property is valued at, if the mortgage is $200,000 and the mortgage company is willing to take back only $190,000 the property may sell for the lesser amount. A short sale has nothing to do with selling below market value. At least this is the way I understand the term "short sale". |
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NicoleO4
Posts:0
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| 06/26/2008 10:08 PM |
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| I know what a short sale is. I was wondering why the price keeps dropping lower and lower? |
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GlenL
(Ohio)
Posts:1377
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| 06/26/2008 10:27 PM |
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| Because it hasn't sold yet; it will keep dropping until it sells or it reaches the threshold set by the lender. |
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| You are not authorized to post a reply. |
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