WE have been dealing with this for a couple of years now...(thinking of 2005).
WE had folks buying up lots on Oak Island for $220,000 and now their worth is only about $65,000. I am finding it difficult to tell a buyer that they can only get $65,000 for a lot that they paid $220,000.
I think that it is almost better for them to give it back to the bank...but that is one of the reasons that we are in the position that we are in now..
Any advice?
I do not know how I would face someone who paid that high in 2005 and has to sell now. Fortunately in our area there is not that much of a difference in price
Giner: that is huge, but if that is the reality, then you have to sell it where the buyers will buy.
Gita,
It is hard. I was usually the sellers agent. So I did not work with buyers when this was happening. But they are coming to me now. That's what is going on now.
Ginger
Janice,
YOu are so right. We do not have a choice here..
Ginger
Ginger...
I have no advice for you except to be honest even though it hurts. There really isn't anything else you can do. The mess we have on our hands has to run its course.
TLW...ROAR!
To The Lovely Wife,
You are right. We have to do what we can to help untangle this mess.
Ginger
If they don't have to sell now, I'd tell them to hang on to it. The value will go back up eventually unless it's found to be a toxic waste dump or something. :)
Chanda panda
Ginger - It is never a good situation when people are looking to sell during a slow down in the economy. We are experiencing the same thing here in AZ, and are having to tell home owners that their home value is tens if not a hundred thousand less than what they purchased it for. It is difficult, but that's just the way it is right now. Many here are short selling or walking away from their upside down debt, and that leads to more vacant foreclosed homes, which lowers the value. It will be some time before this changes, so we just have to work within this environment until it changes. Remember, you don't control the economy, market, and home prices, you just work in the industry.
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