I know its harsh...

, normally the first thing I do is look at what they owe compared to what the value is...honestly, I was considering all the fees they were going to owe from being behind, but overlooked that they owe more than it is worth now!

There are several other comparable homes nearby seling for $115k to $150k, including the hosue right next door for $115k(3 br 1.5 bth).

I had a little trouble comping it originally because it's a new build area and there just isn't much to compare it to other than the original sales which are now a year old.

I am doing short sales and have reached out to a local real estate agent in the area that I'm working for comps and I told him I would make him the listing agent in return for comparables.

In my county they have a comparable analysis tool that will give you comps.

I've learned a ton and would do many things differently next time (probably #1 would be not to invest out of state).Because of this, I'm willing to drop my price by nearly $22-$23 per sqft (or $25k off what comparable units are currently on the market for).

I have no idea of what the individual wants for the building, but I was wondering if the same rules apply when looking at a 1-4 unit building as compared to a 12 unit apt building.ie 50% and 2% rules.

When you look up the purchase prices from a year or two ago and compare it with the current market prices...man, it's scary.

The lots are selling for more than a million dollars and people who have already purchased them are having a hard time renting them when compared with past years.