Short sale contract on Riversville

325 Riversville Road is reported to be under contract. The listed price was $1,249,500, but notes that it’s a short sale, and invited buyers to submit their “highest and best offer” by a stated deadline, so it may be selling for more — often a low price is posted for short sales precisely to encourage higher bids.

Whatever the final selling price, it’s unlikely to approach earlier asking prices that ranged from $2.6 in 2006 to as high as $2.999 in 2016, or even the $1.4 asked in 2019 (a number the lender foolishly rejected, and so the price was raised to $1.9 — no buyers stepped up, so the house has remained vacant since).

The only real problem with this house is that (now-defunct) bank recklessly loaned the owner (and the owner recklessly borrowed) $2.6 million for it in 2006, thereby locking in a number that was impossible to achieve again.