It wasn’t a few days ago that I had a feeling we would be seeing single level units fall below $100,000.00. So what’s the latest news in Chateau de Vie Six regarding real estate values? Well, after a cumulative 212 days on market, 3 completely different real estate agents, and 3 completely different brokerages, 5963 N. 83rd Street is finally under contract with a reduced list price of $90,000.00. After numerous foreclosure postponements this one’s set to go to auction on the 16th of March.
If this one is approved by the lien holder(s), and actually sells at $90,000.00, it will be a loss of 60% from the original purchase price back in May of 2005. Remember, in August of 2005 a comparable single level sold in Chateau de Vie Six for $319,000.
Jon Griffith
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Jon, from your first post; curious as to why you have wondered about my property since you ask me about it every time I see you and I am always forthcoming.
In conversation it is mention how my agent is not doing a very good job and how you would handle it; I always take your advice with consideration and discuss with my agent.
There have been two sales in Chateau 5 that were listed and sold below $100.000; one in December and one early this month. This is nothing new.
When 5963 was first listed, $130,000 was competitive. When 5959 lowered their price it no longer was. However, the bank had told us they would not take anything less than $127,000 based on two BPO’s.
The first agent wanted to lower it to $95,000 well below what was competitive at that time and lower than a home with damage that went on auction. The issue then became how that price would hurt my neighbors most of whom I have come to care for.
Another neighbor pointed out that if others in the community were in my position, they would not take such matters into consideration for the community and do what works for them, not their neighbors. I now agree. Ultimately, we both know that the bank only, can decide on price and what a property sells for.
Being diligent and a responsible property owner, many HUD programs that were offered were pursued. Everyday the news reports how banks have not been willing to truly help.
As you know, banks make more money from the insurance, bailout money and reselling the property themselves, making more than what is owed so there is very little incentive to help a homeowner even one that meets the requirement of hardship and has worked hard with the banks, including keeping up with fees, insurance, etc, when most would not.
There is so much more to what is actually occurring than what can be deducted from watching a listing in ARMLS. The March date you reference is just another date that happens every month.
It would help others to understand the process if that process was explained. A foreclosure date is something the bank can choose to execute or push back like they did many times, every month.
I met the requirements for hardship; the small timeshare company that employed me was hit hard in the economy. There were two salaried employees, myself and my boss. The company by law does not have to offer COBRA if less than 20 employees. Three weeks later, with no insurance I was diagnosed with aggressive breast cancer.
On AHCCCS, which I will be losing being “single without children” in September, will only allow a person to make $906 per month or you loose all medical coverage. Unemployment is greater than that by about $120.00, thus unemployment an option, being thrown off AHCCC because of that small amount during chemo, choosing to no longer receive unemployment when health is the priority. Insurance with a new employer is also hindered by pre-existing conditions. My hope is no one else will be put in deciding between their health and house.
My mortgage was paid with what little I had for a year before money ran out.
The bank allowed the house to be on market as long as it did because I kept in contact with them, pursued programs that were offered, even though they ultimately did not help, and maintained the house and HOA dues.
There has been feedback from the agents that have shown the property to investors, which I will be happy to address face to face as well as the reasons for the changes in agents, valid concerns regarding both.
My hope is that you will post this as is. A site like the one your created should be a two way communication.
By the way, if all goes well, you will truly like your new neighbors.
Firstly, I really appreciate your comments, and I agree with your sentiment;
sites like this are designed to engage the community, and visitor comments
and conversations should be left on the table. Your post should already be
live for all to see, as well as this response. Thank you for taking the
time to comment.
I never doubted what you told me about your property. I’m simply reporting
the facts as a service to the community as unbiased and 3rd party as
possible.
My concern centers around the community and property values, and I watch the
market. I also know that there’s a formula that can be used to draw offers
on short sales, and I didn’t see any changes over a long period of time on
your listing, so I wasn’t sure if it would ever sell.
There is a point where you have to weigh what is best for you and what is
best for the community, and I would never hope for you to sacrifice your
well being for everyone else, especially in a situation like this, where
you’re feeling backed into a corner by your lender. A lot of us are in the
same boat…and unfortunately that boat is sinking.
I would agree that once you’re in this position, it’s sink or swim, and what
happens to the values around the neighborhood as a result of your distressed
property sorta become second to the problem at hand.
My job, now and into the future, is to help those who are headed for what
you’re experiencing achieve the results they need as quickly as possible.
I’m sure that your realtor is doing a great job and can advise you amply
through this time.
I agree about the fact that there is much more to what’s going on than what
can be seen in the MLS, which is why my article’s tone should reflect only
the facts that can be seen by the public already.
Banks postpone trustee sale dates all the time, but in 100% of the cases
that I have represented, none of them have been postponed without an offer
being on the table. If there’s one rule about distressed properties and
short sales, it’s that the rules are always changing, and what banks did
last month may not be what they do this month. Your situation has been
interestingly unique, as there have been multiple postponements without an
offer, which is very uncommon, but also beneficial to you. I’m glad they’ve
done it. It’s refreshing, actually.
Your diligence in keeping in touch with the lender is probably a major
factor in their decision to keep moving forward with you. If more people
would do that, we’d have less problems.
Our community really took a valuation hit when our neighbor sold at
$108,000, which was about $15,000 below what it should have sold for.
Unfortunately, it hurt everyone, including your sale. They had plenty of
equity, and could have gotten more for it.
I’m extremely happy to see that you have a contract on the house. I hope
that the lender accepts the offer.
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