A bad real estate deal

From: Nancy Slator <neslator@amherst.edu>
Subject: A bad real estate deal
Date: Sun, 03 Jan 1999 18:26:03 -0500 (EST)

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We bought a condo (half a duplex) for $104K in 1993.  The assessed value
immediately dropped to $78K.  At the moment we owe $92K and it's assessed
at $82K.  We have no plans to move, but what would happen if we did?  If
we had to move for job reasons, for instance, and we sold for $82K, I
imagine we'd owe the bank $10K in cash?  Which we don't have.  If we
deeded the place to the bank, would that hurt our credit rating?

- -- Nancy Slator, neslator@amherst.edu



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