Here is a price history of how the offering price has dropped.
Price History
DateDescriptionPriceChange$/sqftSource 06/19/2012Price change$99,900-28.6%$116Coldwell Banker Residential Brokerage - Branford Office
05/18/2012Price change$139,900-6.7%$163Coldwell Banker Residential Brokerage - Branford Office
05/01/2012Price change$149,900-6.3%$175Coldwell Banker Residential Brokerage - Branford Office
A friend of mine used to own this unit, his plant ( in Ct) closed and he lost his job early this year, but was able to transfer to NC for close to the same money, kind of a win.
He bought this for like 80-90 k around 1998, got in some financial difficulties took out 2nd and 3rd mortgages when it was easy to do so ( 2005 ish). These are condo units , about 60 of them), peaked at around 220k or so.
Well they let him get these loans and such to somewhere North of 150k.
Out of curiosity if the amount were 150k owed and it short-saled for 100k, would the bank (s) try to get that 50k back from this guy legally ? He makes around $18-20/ hr which is not great in Ct, but OK in NC. I know his credit is shot. And NO it is not me !
I'm thinking of making an offer on the place. The bank dropped it from 140k to 100k in one shot. Other units there are typically listed at 165-185k...but have been for sale a long time.
If I offered 50k would it even be considered ? I'd seriously think about it at 70k. I know the condition of the unit well....not bad, needs some doors and windows replaced, kitchen remodel would be good....new appliances and countertop.
It has new floors.
I'd never get a mortgage, I'm a cash buyer with poor credit.
Price History
DateDescriptionPriceChange$/sqftSource 06/19/2012Price change$99,900-28.6%$116Coldwell Banker Residential Brokerage - Branford Office
05/18/2012Price change$139,900-6.7%$163Coldwell Banker Residential Brokerage - Branford Office
05/01/2012Price change$149,900-6.3%$175Coldwell Banker Residential Brokerage - Branford Office
A friend of mine used to own this unit, his plant ( in Ct) closed and he lost his job early this year, but was able to transfer to NC for close to the same money, kind of a win.
He bought this for like 80-90 k around 1998, got in some financial difficulties took out 2nd and 3rd mortgages when it was easy to do so ( 2005 ish). These are condo units , about 60 of them), peaked at around 220k or so.
Well they let him get these loans and such to somewhere North of 150k.
Out of curiosity if the amount were 150k owed and it short-saled for 100k, would the bank (s) try to get that 50k back from this guy legally ? He makes around $18-20/ hr which is not great in Ct, but OK in NC. I know his credit is shot. And NO it is not me !
I'm thinking of making an offer on the place. The bank dropped it from 140k to 100k in one shot. Other units there are typically listed at 165-185k...but have been for sale a long time.
If I offered 50k would it even be considered ? I'd seriously think about it at 70k. I know the condition of the unit well....not bad, needs some doors and windows replaced, kitchen remodel would be good....new appliances and countertop.
It has new floors.
I'd never get a mortgage, I'm a cash buyer with poor credit.