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Short Sale Reduced by $44k! Hunting Land/Log Cabin | 38+ Acres

Posted by Michael Collins, CDPE, SFR on January 14, 2013 at 6:01am

Large log home on 38+ Acres listed $140k below assessment! Short Sale property.

N4587 Glacier Lake Dr, Oxford, WI 53952

Now just $225,000! We are already getting calls from serious buyers because of this huge price drop! 38+ acre hunters paradise for an absolute steal. This is truly a must see. Log home with Brazilian rosewood flooring, stone fireplace in living room, and master bedroom in loft with walk-in closet. Exposed finished basement with large full bathroom. Yurt structure with electric, water and wood burning stove. 7 Lakes within 5 minutes of property. Don't let this deal pass you by.

Features

  • Bedrooms: 3
  • Bathrooms: 3
  • Home Size: 2,928sq.ft.
  • Lot Size: 38.8 Acres
  • County: Marquette
  • Property Type: Single Family Home
  • Year Built: 2005
  • MLS Number: 1667732


Property Highlights

  • Wooded Acreage
  • $140,000+ below assess
  • Wrap-Around Porch
  • Brazilian Hardwoods
  • Walk-In Shower
  • Loft
  • Hunting Paradise
  • Close to Lakes
  • Yurt
  • Stone Fireplace
  • Wood Burning
  • Walk-In Closet
  • Finished Basement
  • Almost 39 Acres
  • Privacy
  • 3 Bathrooms
  • Tiled Bathroom
Read more…

Interest only land loan, from Bank of America is killing this client.

Posted by Steve Loynd on October 22, 2009 at 4:06am
The Short sale and the Sole ProprietorI have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.The current market value is approximately half the purchase price, or $160,000 less than the existing mortgage. I advised the seller to list at $200,000 subject to acceptance of his lender allowing the short sale. We have an offer pending and have been through the financials …the seller is currently underwater with his income to expense ratio (making less than his obligations).The seller owns a business and needs his credit to run it.Yesterday after two months of paperwork being compiled and completed, the seller suddenly says I can’t go forward with the deal. If the short sale closed his credit rating would take a big hit, and it would affect his ability to continue in his retail business. He knows the interest only loan is not reducing the principal, he knows there is no way to predict if he’ll ever be able to sell for an amount that will clear the note, and he knows that every month that his cost exceeds his income puts him closer to a total melt down.I have advised him to seek a loan modification, but with the value of the property and his current income it will be nearly impossible to work out better terms. His bank has suggested he do a short sale, but if he does his business will be affected, if he doesn’t he’ll go broke rather quickly...but still own his business. He is stuck with a loan he can’t afford, but must keep making payments (in his mind) to remain in business.The seller has asked me to put the property back on the market for 10% more than he owes…but no one will buy it for that amount. I didn’t sell him the property but feel as though I must make every attempt to find a solution for my client. Any thoughts?
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