I looked at a familiar fourplex this morning.
I knew the building because I showed it to a client two or three years ago when the owner was trying to sell it herself. At that time, my client liked it well enough to write an offer.
The offer was for $260,000.
The building is now on the market as a foreclosure for $135,000.
Sadly, I had another buyer for the building last summer. I’d called the owner and she never called me back.
She chose to be foreclosed upon. She had the option of a short sale. The latter would have greatly reduced her tax liabilities and alleviated many long-term credit issues.
But pride got in her way.
If you’re upside down in a duplex, triplex, or fourplex, remember you do have options. And almost all of them are better than foreclosure.
If you’d like help finding a way out, call me. As a Certified Distressed Property Expert, I can present you with options you may not have considered.
And remember, you’re not alone. We’re all in this housing crisis together.