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take just to keep his credit score perfect. Most homeowners would just walk away from this home and give it back to the bank, but not this seller. He said "Mark, my name and my credit is everything to me and when I bought this house I promised to pay the loan off, and I will do that at whatever it costs." I was inspired by his dignity. Just to give you an idea of how bad the market is in Metro Detroit, check out this deal. The location is considered prime by most residents in Birmingham. It's located west off of Woodward Avenue. The home is surrounded by $500,000 & up homes! Charming and totally updated on a great street. Walking distance to downtown, schools and parks. New kitchen. Hardwood floor have all been refinished and look new. coved ceilings. Bath has been updated and looks new and modern. Living room had bay window. Huge master suite. Partially finished basement with storage.
The Owner paid $232,000 back in 2004 and lived in the house for awhile but business got real bad and he picked up his family and moved to Florida. He is in the granite business and as you know not so many people are upgrading their house with such luxury amenities as granite. The SEV is $116k, putting a value of $232,000 according to the city of Birmingham. Get this we started off listing this around $200,000 and we have been lowering the price every month trying to generate an offer. WE ARE CURRENTLY LISTED AT $154,900. After all the costs associated with selling the home, the owner will lose over $100,000. Just to keep his credit score.
If you truly can't afford your home then you have no other choice but to foreclose. But there are a lot of homeowners that are just foreclosing because "It's the cool thing to do in todays world." I even hear people bragging about foreclosing on their home. To search for bank foreclosed homes in Birmingham click on the link.
gary
I admire this person's integrity but sometimes you do have to just call it a day. Someone is going to get an incredible bargain when they opt to buy this home. I just cannot believe the seller is sticking to his gun. I wish them the best. This country would be better if more people had their integrity. We do not see this from too many people. http://www.choicearizona.com/arizona_mortgage_loan.php