Agent

Where short sales dominate, sellers must get real

REThink Real Estate

Q: What do you do when investors purchased in your neighborhood in the early 2000s for $120,000, took in renters who left the homes in shreds, the market crashed, and the investors walked away? Now the banks are short-selling the homes for $40,000. I want to sell my very nicely kept-up house for $80,000, which is what I paid for it back in 1998 as a VA foreclosure. But I'm getting no takers because, as prospective buyers have said, "I'm asking too much ... the comps show it's worth only $60,000." The numbers are obviously skewed, and I'm screwed. What can I tell people looking at my home to help them buy? (Note: My home's value in 2006 was $160,000.) A: I understand your frustration -- it is a logical response to a situation that must feel to you like it is completely unfair. While understandable, the way you are thinking about this subject is probably counterproductive to your best interests and objectives. I hate to be the bearer of bad news, but it is ultima...