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Reminders Of A Crazier Time-Short Sales In Tampa
March 20th, 2008 categories: Seminole Heights Homes, Short Sale Information
A client sent me a property to review earlier today and in the brief time that I researched its background I learned that:
- The property is listed as a short sale.
- The property is listed at $129,900.
- Last sale was June of 2006 for $302,000.
- There was a $302,000 mortgage recorded at the time of purchase (8.8% ADJ).
Now that’s what I call a short sale, or at least a short price. The sale has yet to happen. You have to have a buyer first, and third party approval of course.
Just another reminder of the $$ that was being thrown around in the years of past.
5 Responses to “Reminders Of A Crazier Time-Short Sales In Tampa”
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Lenny - Blows your mind doesn’t it - my heart goes out to the sellers who find themselves in these extreme situations. I was showing properties in some of our best neighborhoods today and almost everyone was a short sale - not by design.
There are lot of questionable practices with regard to short sale list prices. Buyers beware. List price doesn’t mean the lender has approved that price.
It’s really sad to see this much short sale activity. My area has pockets of these that are far worse than others but where you see them the destruction to the overall neighborhood is really significant.
The bill is certainly coming due for the lax lending standards that were prevalent 3-5 years ago. The areas around here that had many properties changing hands supported by the not so prime loans are now our pockets of short sales and bank-owned properties. Just look at the sales history of that property. Bumped up from $85k to $302 in 4 years (with minimal improvements). Thanks for the input Josette.
Powerful stats and heart-breaking if I may add.
I wonder when we will reach the bottom.
I can’t wait.
Here’s what’s happening this side of the nation:http://renomarketblog.typepad.com//reno/2008/03/i-dont-know-a-g.html