Just a few of months ago I helped this nice couple who wanted to retire and move out-of-state. They’ve already bought their retirement home out-of-state.
I've worked with this couple on several real estate deals in the last 11 years and they’ve always sold for a profit. This time around, however, their timing is a little off since our local market is not exactly the most optimal market for selling.
They had an end-unit townhome in South Everett, Washington - their last piece of real estate that’s tying them up in Washington. My valuation of their Everett townhome shows that they are “upside down;” that is, they owed more money on their mortgage than their home is worth. While I would recommend doing a short sale in this situation, this couple didn’t quite have a viable financial hardship. --- They have assets and their retirement home in Las Vegas is fully-paid off.
How did we solve this puzzle?
I went back to my valuation drawing board and I realized that the comparable properties I’ve used are almost 6 months old (almost outdated by industry standards). I also realized that there are basically no other properties available in the immediate area. Scrutinizing the price trend in the area, I also figured out that properties there have had a recent surge in price appreciation.
And if there’s one thing that I very much like about this couple, it is the fact that they keep their home in “model home” condition at all times, as if they don’t really live there. Not to mention that their choice of décor and furniture is superbly elegant.
We can’t do a short sale, now what?
After a careful analysis of the current market conditions, I told them that I was willing to take a gamble and attempt to sell their property for a “break-even scenario.” We priced their property $20K above the sold comparable properties. With my team’s super-aggressive marketing platform, we had over 20 showings within the 1st week. And early in the 2nd week, we received 3 competing offers. We ended up getting full-price for the property.
Thirty days later, my sellers retired and drove to their retirement home out-of-state where they are living happily ever after… J
The take away: Underwater homes may not be underwater after all.
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