I wish I could publish an address or more details about the home I'm about to tell you about, but... It's a short sale in Sherman Oaks. It is underpriced in the high $500's. I know the history of this house, and the sellers, very well. The sellers need to move on to other things in their lives, and want to sell it. Here's the problem: the sellers have a ton of cash assets that they want to protect. And they are people of means. They actually could pay off the mortgage with very little problem. Will the lien holding bank allow them to walk away from the house without touching those assets? My favorite short sale negotiator says probably not. Which would make for a long, difficult short sale transaction that probably wouldn't close. Wish I could tell you more, but...
As we go forward in our distressed-sale market, I think you'll see a lot more of these types of short sale transactions happening, or trying to happen. The keys to look for -- and avoid -- are this: homes in affluent or more expensive neighborhoods, no true hardship (job loss, serious illness, etc.). The questions to ask are: how much is still owed on the loan? What is the sellers' motivation and what is their situation? Stay tuned for yet more permutations in the wacky world of local real estate.
Don't buy this house
Artikel Terkait Don't buy this house :
13137 Margate, Sherman Oaks is closed13137 Margate is a darling Mellenthin in Sherman Oaks and is now owned by my buyers, Sang and Anh. The escrow couldn't have ...
Wild and wacky Weslin is closed4167 Weslin in Sherman Oaks closed last week. What a wild ride! The house is a fixer on a large lot south of the boulevard, ...
4604 Norwich in Sherman Oaks - tons of activity and four offers are inIn spite of it being difficult to show, we've had almost 40 showings of the luxe condo in Sherman Oaks in the past week. Th ...
It never rains, it pours...Whew! I submitted a purchase offer for an Echo Park buyer today. Showed a condo in Van Nuys. Set up showings for tomo ...
4484 Stansbury in Sherman Oaks is listing on 7/25.If this address sounds familiar, it is because I've already blogged about it. I listed and sold it this year to the folks w ...