Even the treasury chief had to do a Short Sale! This is why the rich stay rich and the poor pay the bill….
Ex-Treasury chief Paulson loses $1 million on DC home
The rich knows how the game is played and they play it well. Most rich folks who were given the option to do a short sale took it without blinking an eye!
As former President George W. Bush’s top economic adviser, Paulson played a lead role battling the U.S. housing downturn and deep financial crisis it sparked.
But last year it got personal.
Paulson sold his three-bedroom home in a tony Washington neighborhood last year for close to a third less than his initial asking price and more than $1 million below what he paid for it more than five years ago.
The villa-style home near the official vice president’s mansion and the National Cathedral sold for $3.25 million on December 21. Paulson put it on the market for $4.6 million in April, later lowering the asking price to $4.15 million, according to real estate industry records. He paid $4.3 million in August 2006, according to government records.
They know that trying to keep a property that has loss so much value is ludicrous—they are the smart ones.
“The loss is not likely to have much impact on Paulson’s net worth…..estimated to be as much as $700 million….”
“Perhaps his house had a treasury chief curse. His successor at the Treasury Department, Timothy Geithner, was unable to sell his five-bedroom New York home for $1.6 million….”
This is one thing I admire about rich people—they are not very emotional when it comes to letting go of a losing proposition. We all know that anyone that purchased a house or refinanced during the height of the real estate bubble (between 2005 and 2008) with a toxic loan is fighting an up hill battle.
If you are rich like Mr. Paulson, you have nothing to worry about. Losing a million bucks to him is a drop in the bucket. Yet, he knows well that it’s better to cut your losses now instead of later.
Do you Owe More than your Property is Worth?
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Is your home worth less than you owe?
DON’T JUST WALK AWAY!
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Hector Reyes, Short Sale Specialist
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