What do you think of when you hear words like “foreclosure” and “short sale”?? Most don’t think of multi-million dollar estate homes. But sometimes luxury home owners face impossible situations. Like a home that’s worth only 1/2 of what it was in the peak of the market, or simply “under water” on values and the market won’t support a successful sale.
No one is exempt from tragedies like a medical crisis that can turn your life upside down, no matter what your income bracket. I’ve found my luxury clients face some additional challenges.
While many people suffer from lack of resources, on the other hand bad information can come from high net worth advisers who mean well but don’t specialize in avoiding foreclosure.
This home was on the market for $3.5M and failed as a short sale and went to foreclosure. Now it’s listed by the bank for $1.9M.
For instance, a client of mine was given advise by her attorney to make significant repairs / improvements prior to selling based on a Zestimate. It wasn’t a correct valuation and ended up causing the owner to incur more debt instead of simply resolving the bad mortgage.
Note: After a price reduction to $1,695,000, 1425 Pleasant Road closed Nov 30, 2020 at a final price of $1,325,000.