I had a call several days ago from someone who wants to sell a home. After asking several questions I set up an appointment to go out and do my thing. In preparing the comparative market analysis I found that we could list their home for approximately $350,000, but in January 2008 they did a refinance for $401,000. After giving them that news, the seller became upset because his house was "so much better" than the other comparable homes in the area. This is the second time in four weeks that a scenario like this has come up. In the second situation, the seller refinanced in 2007 for $825,000 and today’s realistic price is $650,000. Since 2005 we have all been aware of the downward trend in real estate. Why are lenders still refinancing homes for more than their current market value and setting these people up for a short sale?
Search Blog Content
Subscribe to this Blog[email-subscribers-form id="1"]