Every once in a while, we have a Tallahassee real estate sale that demonstrates the amazing power of the combination of the global reach of Century 21 with the local effort of great people. Here is a classic example of this.I received a late-night call from a U.S. Veteran working in Baghdad. He had received some bad advice on a real estate investment and needed some serious help. Somebody talked he and a friend into buying four new-construction homes to flip and make big money…..
So here he was, living in Iraq and losing money in the Tallahassee real estate market! This was during the boom of the market, so the advice he received was truly bad.
He turned to the biggest name in real estate, Century 21, for help. He called me from Iraq and I felt an extra special need to help him, as I am also a Veteran who has served overseas in the past. After our call, he sent me this email message:
Tallahassee Real Estate Problem
From: d b [mailto:XXXXXXXXXX]
Sent: Tuesday, September 04, 2007 2:55 PM
To: Manausa, Joe
Subject: Dave in Baghdad/Tallahassee houses
Hello Joe,
Great talking to you. Thank you for any and all your help in getting Earl and I out of our house messes. Earl will be coming to Tallahassee tomorrow and will bring along his paper work for the houses. We both have the exact same paperwork. Earl can re-tell you the whole story.
The house links are below….my house numbers are XXXX and YYYY ZZZZ Road (AAAA Subdivision). I owe $XXXXXXX on each house. (original loan/borrowed amount). First made my loan on May 2006. Both houses went past one year to be built.
Earl will show you what paper work we do have….which is basically the XXXX loan paperwork, and the lease we each have with one house rented. We are getting $1100 per month rent. Since the houses went past there construction life, the bank wants 11.75% interest. I’ve had my loan since May 2006, and it took over 6 months before the build would start working XXXX. Earl’s and mine second house are still not finished.
Its just a big mess and nightmare.
Thanks again….from one Veteran to Another….. Best Regards, Dave B (XXX) XXX-XXXX cell, when in US.
As you can see from the date on the message, this was in September of last year. So, he’s several thousand miles away and a builder is not finishing his home and he’s now facing a bank (not local) charging him 11.75% interest on the loan!
Tallahassee Real Estate Solution
Summer Munyon, the 2007 Tallahassee Board of Realtors Rookie of the Year.
While Dave was unhappy about losing money in this real estate market, he recognized that his best option was to sell his investment property quickly. The most important information that Summer gave Dave was the months supply of inventory in his neighborhood of Wilson Green. Understanding that homes typically sell in the order of best value, Dave chose to list his home at the lowest price home in the neighborhood, and we continuously monitored the activity in the neighborhood. Within 4 weeks, Dave dropped the price on his home by $5000, pricing it just under $150,000. The home sold within 4 months on the market, while homes that we on the market before we even received his call for help are still on the market today. Weekly, sometimes daily, contact with Dave ensured that he was well-informed about the sales process and was satisfied with the marketing activities performed.
To read more about Dave’s glowing review of our work, visit our Tallahassee Real Estate Agent section of our website.
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Joe Manausa is the Broker and Co-Owner of Century 21 First Realty. He can be reached by clicking on the comments button below, via e-mail through his company website at www.manausa.com, or by calling (850) 386-2001.
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