Foreclosures and short sales
From: Thea Hensel (theahenselgmail.com)
Date: Tue, 10 Feb 2015 17:04:05 -0800 (PST)
Since the real estate downturn we have had at lease 7 short sales or
foreclosures out of 29 units - 25% and one potential spec purchase.

It has not been a pleasant experience.  The banks and real estate handlers
don't care or understand what co housing is but want to make a sale.  No
matter how we have tried to get information to the agent and ultimate
buyers most newcomers have moved in without facts, orientation or concept.
We are in catch up mode and have had some rocky patches.

This has also had a devastating effect on our property values since the
comps are so low and will take longer than surrounding condos to catch up
to market rate.  Needless to say it is heartbreaking for the original
buyers to see their property values drop so low and be saddled with large
mortgage payments while newcomers have similar units for a song and have
disposable income to remodel and fix up their units.

We are carrying on and my only suggestion is to keep trying to communicate
with realtor's although our experience has been that they too are kept in
the dark by bankers as to the status of transactions.
-- 
Regards,

Thea Hensel
Yulupa Cohousing

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