Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So, the War of the Roses lives....truly. If I laid out the happenings in this divorce of a friend, I would be accused of making things up. Since there it appears active litigation is a sure bet, caution is called for and the salacious details will come out as permitted. It's a damn shame children are caught up in this mess. Both parents should lose their parental rights.
So, here's the fight de jour....they've been divorce now for 6 months. There are two real estate properties jointly owned. He's got the one house, she lives in her own home. He's going to buy her out of the house he is living in....but there's a kicker. There's a beach property they both own and has been on the market for 6 months. Not one nibble, nary a tire kick. She wants her cash out of the home and wants to move on and she feels he has it priced too high. His position is these properties take longer to market and reducing the sales price in unwarranted in a market that has an average of 18 months to market a vacation home. The price has not been reduced since being listed last fall.
Where we are headed - she's firing shots now, with attorney letters starting up drumbeat that it's time to reduce the price, requesting a 12.5% reduction right off, and it looks like, asking for scheduled stepped decreases at regular intervals. He says that can't happen, because once the stepped price drops are known (or announced within the real estate community), it will give them a false low value - buyers for 2nd homes are not regular visitors and stretched thin, as it is. He equates what she is pushing for as a fire sale and claims he will appeal (and win).
So my question to those experienced in divorce.....this is most certainly go before a judge. I'm curious what results others have experienced....maybe as a predictor of how this will go.
(I've tried to be as neutral, as possible, with my opinion kept to a minimum, attempting not to sway anyone in any way)
The wife is probably right. 6 months, no nibbles, it's overpriced and probably does need a 10% price reduction or more. They will probably call a real estate expert or an appraiser and if there comps by an accepted expert the judge will probably rule in favor of the facts.
It's the beach, and it's May. People start taking their vacations now. They should do a reduction in order to get all the new bait in town into the property. It might take 18 months on average, but their situation doesn't call for an "average" pricing. They need to price it to sell and move on.
The wife is probably right. 6 months, no nibbles, it's overpriced and probably does need a 10% price reduction or more. They will probably call a real estate expert or an appraiser and if there comps by an accepted expert the judge will probably rule in favor of the facts.
Quote:
Originally Posted by FalconheadWest
It's the beach, and it's May. People start taking their vacations now. They should do a reduction in order to get all the new bait in town into the property. It might take 18 months on average, but their situation doesn't call for an "average" pricing. They need to price it to sell and move on.
Agree with both of these. They both need to order independent appraisals, then drop the price by 10% to entice a buyer.
I've seen a judge order price drops every 30 days in a situation very similar to this one and a mandated window of percentage to asking that had to be accepted.
Drop the price, especially with the season about to hit.
A price reduction every two weeks can be a good thing. It hits a new market of buyers every two weeks and has the chance to be bid up well past the previous list price.
The market dictates the sales price. The list price does not dictate the sales price.
In this situation they need to get it quickly, so they can't wait to "average" 18 months...
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,317,496 times
Reputation: 6471
Quote:
Originally Posted by Silverfall
Agree with both of these. They both need to order independent appraisals, then drop the price by 10% to entice a buyer.
Yep! Both hire independent appraisals. Take the average. Run the marketing like a bank REO.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
