Kathy Flood

Dear Susan: I believed this is the result of 1) market was at it's peak then and many homes are worth less than what they paid; 2) 100% financing at low credit. These Sellers are now upside down by the time they pay their 1st, 2nd (either or both of which may have a prepayment penalty) and Realtor/Attorney fees. They have no equity and may have to come to the table with cash. The only way to work through this is with a licensed, experienced Realtor that can determine what the house is really worth, how much is owed, and if necessary, they are experienced enough to work out a short payoff with the bank if that is the only alternative. Offending the seller? I tell my sellers this is a tough tough market and they need to put emotions aside and look at the bottom line. Good luck. - Wed Nov 28 2007, 14:08