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Barely Hanging On?

Help!

I met with a potential client yesterday who had asked me to come out and provide her with some insights on selling her Bothell, WA condo.  She would like to sell it and purchase a single family home.  The only problem? She’s upside down on the mortgage.

This is a common problem throughout the country, and especially within her condo complex. I wrote about another condo complex in Lynnwood, WA a little while back that had the same issue (you can read that post HERE).  In the Bothell complex, there are 5 units for sale.  Two are bank owned, two are short sales, and one is a fair market value sale.  The distressed sales (Bank owned and SS) are priced well below what the values were when originally purchased.  The lone fair market sale is beautiful inside, but will have a difficult time competing since it is priced over $100,000 more than the other units in the same complex. Read the rest of this entry »

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