Kevin Martin was traded away from the Kings to the Rockets a little over a year ago. Unfortunately, his Sacramento home was never sold. Kevin has been in default on the $1.5 million dollar loan since June and it was recently repossessed after he and the bank failed to reach an agreement on a short sale.
Martin’s attorney, Michael Hackard has said his client “wants to do the right thing. … He’s not walking away. We’ve got a certain dispute with the lender.”
Hackard said Monday that Martin’s lender refused to approve a $941,000 short sale on the property, though Martin offered to pay an additional $50,000 to bridge part of the difference between the sale price and his outstanding loan.
Brings up an interesting point, should athletes look to rent or lease in the cities they play in since they can be traded, waived etc at anytime? Also, are banks obligated to accept a short sale when it’s clear that Kevin was trying to do the right thing in spite of his work situation?
With the impending lockout looming on the horizon, I expect to see more stories like this. And don’t forget, it looks as if the Kings will be the Anaheim/L.A. Royals next year, that’s going to cause a flood of houses to be placed into the Sacramento marketplace during an economic downturn (or whatever we’re calling it this week)
It’s a beautiful house, the 5,000 square feet 4 bedroom and 4 bathroom home is located in the gated community of Whitney Oaks. I love the light fixtures and open air feeling of the living room.