After a seller reduces the price of her home to a place where she will be taking a big loss, after she has spent yet more money updating, replacing and dressing up her home trying to sell, what would you tell her?
Let's say, even worse, that this is your sister and her husband who lost his job. They have kids and he's been unemployed over a year. The only thing they have left is the house which he always made double payments on and paid off. But, after a year of unemployment, everything else is spent and they have to sell - they are even considering selling to one of those companies that prey on people who are hurting and pay them $0.20 on the dollar for their homes.
You are a professional real estate agent, how will you help? Let's assume some numbers and facts here:
1. Original purchase price = $300,000
2. Lived in home 10 years
3. Home values in area have gone as high as $375,000 in that time frame.
5. Home values have taken a big slide, the company who laid off the husband is moving out of the area and they were the single biggest employer within ten miles. Hundreds of other people lost jobs as well.
6. Current appraised value = $224,900 (and possibly dropping)
7. 20 cents on the dollar = HUGE LOSS!
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