Stigmitized Property
Hi there,
I'm wondering what your expereiences have been regarding shorts and stigmitized properties.
Here are the numbers:
$200K first principal ($230 payoff)
$75K second.
Property may have been woth $275-300K before suicide of homeowner (in the property).
I think I have a good shot at shorting the second if executor will cooperate. Second will not entertain offers to buy via assignment.
I'd like to attack the first as well, but don't know how much the situation will sway them.
Any thoughts? Thanks in advance.
I had a distressed homeowner call and leave a message on my answering machine such that he would kill himself before he lost his house... Well, he did, making quite a mess.
That house carried with it a stigma. The stigma exacted an adverse impact upon it's marketability.
To illustrate the potential for stigma... cut some press clippings that cite the property address. Headlines like, "Bloodbath in the Bedroom at 217 Elm Street" will support your Proposal.
In my case, I had Polaroids.