Only 2 houses sold out of Subdivision...Exit Strategy? (Atlanta: short sale, renting)

[Merin]

Originally Posted by scgraham

Safety is a police matter. Instead of passing the buck to the lender, why not work it out with the local government. Once again, if it was the buyer’s cash was on the line, would they just walk away?

Getting extra police patrols in your area is ALOT easier said then done.

[atlantagreg30127]

Originally Posted by Merin

Getting extra police patrols in your area is ALOT easier said then done.

And then you have to factor in the odds. What are the odds that the extra 3-4 times they're driving by your home, they'll just happen to be driving by at the exact moment someone is trying to break in or vandalize it?

Short of again, moving, the only things you can do is to install extra secure doors/locks, put impact resistant film on lower level windows, have security lights on at night, and maybe even invest $400 or so in a basic security camera system. Moving seems cheaper really, but if someone likes a particular home and/or neighborhood enough, maybe they'll think it's worth it.

[JPD]

Defintiely get a bunch of cats, too. It's only a matter of time before there's a full blown rat infestatioon.

[Merin]

Originally Posted by atlantagreg30127

And then you have to factor in the odds. What are the odds that the extra 3-4 times they're driving by your home, they'll just happen to be driving by at the exact moment someone is trying to break in or vandalize it?

Short of again, moving, the only things you can do is to install extra secure doors/locks, put impact resistant film on lower level windows, have security lights on at night, and maybe even invest $400 or so in a basic security camera system. Moving seems cheaper really, but if someone likes a particular home and/or neighborhood enough, maybe they'll think it's worth it.

I can only speak for personal experience. At the end of last year, when the City of Atlanta found money for extra patrols this made a HUGE impact. The other suggestions you made are good ones, but those extra police patrols were great.

[vecchio]

Damn the equity and the credit report aftereffects...if your little voice tells you that you are in danger, GET OUT. It is when we ignore that little voice that we do ourselves a great disservice.

Never buy into a development that is less than 40% occupied. This is my own number - completely arbitrary and totally made up by me. LOL

[netdragon]

Originally Posted by vecchio

Never buy into a development that is less than 40% occupied. This is my own number - completely arbitrary and totally made up by me. LOL

Unfortunately, that's when you often get the best deals.

I would hold the property and move in as a roomate with someone in a safer area until the market turns around and that area starts getting attention again.

[atlantagreg30127]

Well, I know not everyone thinks like me, but a "deal" isn't worth my safety, property, or for that matter, life.

[j0ja]

It's very unfortunate that this has happened. So much overbuilding in Atlanta and elsewhere. I have a close relative in a similar situation, bought a new condo for around 230s (last year) and the remaining ones are now selling in the 180s (and they are not selling). The complex is probably about 25% occupied. There are a row of houses that just have roofs and wood paneling: they stopped building last summer when the builder went under. This is in a desirable area, too, near Alpharetta.

[moving123]

Have her contact the mortgage company and ask about doing a short sale. Advise her to find a realtor who specializes in short sales and helping with this type of situations. Good lock to her.

[netdragon]

Atlantasfinest: Can your friend afford to rent/roomate somewhere else in the meantime? It'd be a shame for your friend to abandon this potential investment opportunity if she can afford it. It's very likely that areas like this will turn around when the market does.

I'm not saying to stay somewhere dangerous, just to hold onto the property for a while while she lives somewhere else.