It seems to me that there are two reasons for short sales -
1. The house has decreased in value so much that it is no longer fun to pay for an asset worth so much less than its current value. And who knows when it will regain its former value!
2. Something has happened to the finances and the seller can no longer afford the mortgage.
There may be many more reasons, but those seem like the two most prominent to me.
As soon as I walked into the house I saw this gaggle of wires beside an enormous TV!
At first I giggled. Then I saw a similar one on the other side! There was so much electronic equipment, and a computer, that two of what you see here was necessary.
Needless to say, this is a dangerous overload of electrical circuitry. And that cute surge protector on the wall is certainly not adequate.
As we progressed through the house we saw the same thing in the basement family room - enormous TV, the latest of entertainment electronics of all kinds, another computer, etc. The same overload condition existed here too.
And again, the same thing in all three bedrooms! Similar large, high-end, new equipment, with similarly overloaded receptacles.
At EACH of these locations were humongous racks of video tapes, CD's and DVD's. Each of these contained more than we have in our entire house!
My giggle turned to something else as I saw all this. My client commented, "No wonder they can't afford their mortgage!" Most of the equipment looked brand new, and many of the boxes were strewn about the house.
Were these people spending their mortgage money on all this stuff instead of paying the mortgage? The Realtor thought so. She said they were likely negotiating with the bank and all the while pleading poverty and the inability to pay.
I don't know about all of that. It isn't my place to judge. But, wow, what a load of stuff! The kitchen was old, the HVAC and water heater was all old, and the roof was old. But the entertainment in this house thrives and is new! My client, of course, was not interested in their taste of electronics, but the house itself!
My recommendation: Overloading electrical circuitry can be a serious problem, even in the short run. Hopefully you will never see a house like this one, but if so, suggest to your clients that this kind of thing is NOT recommended! And ... it can be dangerous.
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