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Caught Between the Bank and ......a Hard Place
Our team, East Valley Green Homes, has been doing short sales since the beginning and though we discuss all of the options with our clients, encourage them to see an attorney and talk to their accountant there comes a time and a client that falls through the cracks.
The financially responsible seller doesn't get any breaks in this market.  This is the seller with a mortgage that is almost paid off because they made sure that for the 10 years they owned the home they always paid more on the principle each month.    Now they need to sell.  They owe $140,000 on a house they paid $500,000 for but will only get $350,000 if they sell.  A loss of $150,000.  They don't want to rent the house out, were unsuccessful getting a loan modification (long story but then they all are) so they are taking the loss.  My last client who fell into this category found a buyer who made an offer $15,000 over asking because of the solar upgrades to the home only to have the FHA appraisal come in $15,000 under asking (but I digress).
Our next seller is moving out of state and they are eligible for ... more

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