Photo Source: Just Jared
You are not alone Even PopStar Rihanna is doing a Short Sale!
Just to shed some light on the subject of Foreclosure & Short Sales…this economy is hitting everyone and this is the proof! Homeowners have many options when it comes to avoiding foreclosure and the one that Rihanna found to be the best is doing a short sale on here $4.5 Million Beverly Hills Estate. Why do you think she did this? In many cases (95% as not all short sales actually close) the short sale will remove all debt from the property and will not allow the bank to come after you for any remainder of the debt after foreclosure.
Many homeowners simply can not afford their current mortgage or simply no longer wish to pay an enormous amount for a home that is no longer worth it’s purchased value. This is where the short sale comes into play and help you remove all your debt and liens from the property- giving you the opportunity to start fresh in a few years.
Enough about short sales – you want more info on; You are not alone even PopStar Rihanna is doing a Short Sale right? Well check out the property description below and the virtual tour of the pictures of her house courtesy of Listing Brokerages Rodeo Realty & Coldwell Banker.
SELLER PAID $6.9M. LISTED AT $4.5M! Developer/Contractor opportunity. 8,520 sq. ft. (per assessor) contemporary estate on approx. 37,500 sf lot (per assessor) behind gates above Trousdale. Beautiful canyon and city views, pool, spa, decks and flat land. Interiors offer incredible scale with two-story high rooms and high-end finishes. More than $7 million invested. Home is a MAJOR fixer with EXTENSIVE water intrusion from (but not limited to) roof, windows, doors and balconies. There is EXTENSIVE damage from moisture AND water intrusion. Also encroachment issues and other problems. The home is being sold strictly AS-IS and will be subject to a short-sale. Seller will consider all offers. PROPERTY WILL NOT QUALIFY FOR BANK FINANCING.
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