It’s finally time to just make it go away. I’ve had this house on the market since July 2007 and haven’t received even one offer.
This all started back in 2007 when my family and I decided to rebuild and move into our rental property, as I explained in Housing Bubble Hits Home for the Stankavich Family blog post a few months back. The construction project made sense based on the property values back in 2006, but we all know things have changed since then.
We didn’t get in a hurry to sell because we still needed a place to live. So we didn’t get very aggressive on the pricing. As a result we ended up trailing the market all the way down to where we are today. After we had to drop the price below the amount owed, I just waited out the project to finish our new home, and now that that’s done, I need to get the best reasonable offer that I can and get it in front of the lenders. There is absolutely no way that I can afford both house payments – I’m completely tapped out from the overruns on the construction project.
I’ve been working with Dianne Yake from Easy Street Real Estate. This is the first time that either she or I have tried an auction, but we feel confident that we have prepared well, but we don’t really know what to expect. It should prove to be interesting. I found Richard Geller’s Mortgage Relief Formula website and ebook very helpful in learning more about short sales and auctions. We are pretty much following his recipe for our auction format.
I’ve got a website up at https://www.kwyk.net/bp for pre-registration. I’ll be adding code today to allow bids to be placed online and for registered bidders to be able to review the bidding history. If the website proves to be useful, I’ll pretty it up and extend it into a customizable service offering for others to use for their short sale auctions.