Check out this note from loyal reader John. He’s an Asheville builder who is trying to get out of a tough financial situation.
It sounds like somebody could get one great deal on a local house for sale:
Basically we are combining a “short sale” opportunity with a bidding or auction event to help us get out from under a house payment we can no longer make and give someone out there the opportunity get a truly great deal on a house that otherwise might be beyond their reach.
As you may know, a “short sale” occurs when the banks agree to accept less than is owed on property, quite often at 15-20 percent below market value, simply because they come to believe that they’ll be further ahead approving such a deal than going all the way to foreclosure where they take back yet another home in already bad market. A short sale has a few hurdles to overcome but the opportunity for a buyer to create significant equity at closing is very real.
Buncombe County Tax Value on our home is $265,000
Opening bid this weekend is $118,500.
Winning bid subject to lenders’ approval.
I’ve got a lot of detail on the website I put together for it: www.beautifulashevillehome.com.
The Iwanna blog has blogged the heck out of this already. Check it out for more info.
Needless to say the success of our event depends on driving a lot potential buyers through the house this weekend during the 2-day open house.
I hope you find it interesting and valuable enough—one of your readers really could buy a house for potentially tens of thousands of dollars less than market value—to write about and push out there in any way you feel both appropriate and effective.
Thank you in advance for any coverage you can give us at all.
John
1 Comment
I would like to find a similar deal on a house with a big front porch.
(though I don’t need the fourth bedroom)
3 BR, 1.5 BA would be fine by me.