PLEASE HELP! Need creative solution - Posted by John

Posted by Tim Fierro (Tacoma, WA) on March 11, 2003 at 20:48:42:

This townhouse was built 1.5 years ago, and the whole time it has been for sale (since completed). Obviously the sellers found out that $460k was too high, and it looks as though they will seeing that maybe $399k will be too high too. It looks like they might have paid $335k for it and are expecting a huge appreciation now, it may not happen. That line of credit may have been given on an appraisal that was inflated. The top 10% as you will find is air so maybe the townhouse is worth $360k or thereabouts.

You should tell the owners that if they are looking to get out, drop the price to what they owe (if they can). If they can’t, then put it up on the market for a short sale and look for an investor to purchase it.

Pricing for what other properties sold for in the millions or hundreds of thousands, don’t really tell us what this ONE TOWNHOUSE is worth at FMV. The sellers tried a price, now lower, and has been on the market a very long time; something is wrong with this picture. What is the FMV of ths property?

PLEASE HELP! Need creative solution - Posted by John

Posted by John on March 11, 2003 at 15:52:24:

Upscale townhouse 1block from water with good view in Puget Sound area. Property is approx. 1.5 yr old & has been on market since completed. Condos on water have sold for $1,000,000. and SF homes in area
for $4-500,000.
Initial listed price of $460,000 has been reduced to
$399,000 & still no serious offers.

Payment on $335,000. 1st is a month late & owners can’t make next one. There is also money owed on a
line of credit (paid current) which brings the amount owed up to nearly the asking price.

Would like to help owners get out without losing every

Any ideas ?