NEED ADVICE ... TRYING TO SELL HOME - Posted by marion

Posted by marion on April 08, 2003 at 23:00:48:

Thanks Andrew.


Posted by marion on April 08, 2003 at 13:14:42:

Have friends in Chelan WA. Husband is a builder. Has recently been diagnosed with two very serious illnesses. His wife is trying to sell their home and other holdings. He can’t handle the stress of being involved and I am trying to help them. I am the blind trying to help the blind. But have been studying Carleton Sheets and others and have been offering advice.

They have a lovely home with a beautiful view of Lake Chelan … a resort town. Home valued at $285,000. However, three years ago, they refi’ed and they owe $245,000. They must sell and move down… they can no longer afford $1800 payments. I suggested advertising owc and they did, but have had one call. Nothing is moving there. We talked with someone who handles foreclosures, but they have been making their payments, so I am sure the bank would not be motivated to discuss settling for a percentage of the balance owing.

The realtor’s listing has run out and he did not bring one person to the property. I asked another company that markets on the net about taking an option … first right of refusal … but they weren’t interested. The situation looked pretty hopeless to them, I guess.

They do have an adjoining lot that is valued at $65,000 and it is free and clear. They could combine that with the lot the home sits on and bring up the value. They don’t know whether to do that or just try to sell the lot by itself. The problem is, however, that nothing is moving in RE, at this point in time, in their area.

Can someone give me some ideas on what we could do? I am wondering if they can offer it as a lease purchase. I worry that they only received one call on their “owner will carry” ad. I really expected some activity. They know they will not get much out of it, if anything. Their attorney advised them to just stop making payments and go into foreclosure. They simply cannot bring themselves, at this point, to do that.

Any advice would be very much appreciated.




Posted by Andrew on April 08, 2003 at 22:24:56:

I looked it up and chalen is kinda in the middle of nowhere. 67,000 people in the whole county, Yikes! Not a whole heck of alot of people to market to i suppose. Seattle seems to be the closest city to Chalen, so maybe your friends should take an ad out in the seattle times or whatever is the big newspaper there and get an extra 2.3 million people who might see the ad. Good luck.