Asked by Yelena, Bloomfield, MI • Sat Aug 2, 2008
I put my condo on the market about two months ago, recently dropped the price, about $20,000 less than what we paid in 2002 (I know it was peak market). It's now on the market for 120,000. However, one of the conodos in the complex has recently been foreclosed on and sold for $77, 500. Still, another condo sold for $140,000, but was not on the market at all (sold to a friend). My realtor just called and said that we will need to keep that foreclosure in mind. Does it mean that I would have to lower the price to that of the foreclosed property? It was in good condition apparently. Unfortunately, I owe more than $77,000 to the bank. :(
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