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Posted by Lindsey on September 25, 2006 at 10:44:23:
In Reply to: Re: Sick to stomach posted by LB on August 07, 2006 at 16:36:56:
HI NJDave.
If it makes you feel any better (probably not) I am in the EXACT same situation with a spec house in florida 45k on the credit card from mortgage payments when the house took a year longer than expected. and the house has gone from $550k value to a $350 market value in 8 months. I am trying to do a short sale and I have it listed. so we shal see, but I feel your pain! I have an excellent credit rating that is going to go down the drain and I"ll still be left wtih the credit card debt..
no risk no gain I guess. feel like i"ve gone backwards 8 years! but you are not the only one in this situations. there are many of us out there. talk to your lender about a short sale maybe?
: : Gee, I've written this reponse several times in the last couple of days....
If a home doesn't sell within 30 days, it's because the house is overpriced, underexposed to the market.. or both.
Take control. Get a more active real estate broker, and price it to sell.
Wow, I wish it were that easy! I can't imagine a home in the 900,000 price range easily selling in 30 days....in the past year, we are on realtor #3 and have lowered the sales price from $900,000 to 799,000. There's not much more wiggle room taking into account what we owe, realtor costs, and capital gains. It is well below the comparable homes in the area and listed at least $100,000 less than appraised value. It is marketed ALL OVER. It's a gorgeous home, things have just slowed down and we are out of money/time/resources. Is there anyone here who knows of some legit options or real investors out there that can help us?? The dream of making money for us is gone, it's there for someone else but we are not investors and don't have anything to fall back on. Thanks for any help/advice.
