What do you think of when you hear words like “foreclosure” and “short sale”?? Most don’t think of multi-million dollar estate homes. But reality is that sometimes luxury home owners face impossible situations. Like a home that’s worth only 1/2 of what it was in the peak of the market, or simply “under water” on values and the market won’t support a successful sale.
No one is exempt from tragedies like a medical crisis that can turn your life upside down, no matter what your income bracket. I’ve found my luxury clients face some additional challenges. While many people suffer from lack of resources, on the other hand bad information can come from high net worth advisers.
For instance, a client of mine was given advise by her attorney to make significant repairs / improvements prior to selling based I believe on a Zestimate valuation. It wasn’t a correct valuation and ended up causing the owner to incur more debt instead of simply resolving the bad mortgage debt.