WInston Trails homes for sale

9/21/09

Catalina sale


A Doral, 1 story, 3/2/2, pool, lake, on Floridian Circle was just reported sold at $249,900. This was a short sale... the sellers paid $397,000 in February of 2007.

The home was placed on the market in November of 2007 for $397,000...was then rented in March of 2008 and placed back on the market in January of 2009 at $289,500.

The above is a scenario that I discuss with potential sellers all of the time. Often, after determining the current probable market value of their home, a seller will say "I'm not going to give my house away, I'll just rent it if I can't sell it for what I want". But in a declining market, every month a home sits unsold...it is losing value...the sellers purchased the home for $397,000, put 10% down, and then wanted/needed to sell 9 months after they moved in. If the home was priced correctly in Nov/07, the loss would have been mitigated with possibly NO short sale necessary (although a loss of their down payment).

 
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