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SHOULD YOU SELL SHORT?

You purchased two, three years ago. You got one of those unbelievably low mortgages, very little down, low starting interest rate. It was a multiple offer situation, you were the winning bidder! The Seller loved your offer letter that had a cute picture of you and your young family. Of course the fact that your offer was the highest one at 100K over list price didn’t hurt.

YOU CAN’T BELIEVE YOUR LUCK!

A few months past…The payments adjust on your low mortgage. A few more months past…now the payments are nearly double than when you first started! You start to struggle to make the payments. You start to fall behind…Then, the unthinkable happens. You lose your job or and your company is moving to Alaska and wants you there by the first of the month. You want to sell your home so you call in a local Realtor for a consultation and learn the value of your home has dropped 20% the last 12 months! In fact the values have dropped lower than what you originally paid for the house!

YOU CAN’T BELIEVE YOUR LUCK!

What to do? Should you foreclose? You heard about those ‘short sales’, is that the way to go?

Believe it or not, the Short Sale is not a new concept. Back in the late nineties, many Bay Area home owners found themselves in similar situations and utilized the ‘Short Sale’ process to seek relief from their mortgage debt.

If you are in a situation wherein you can no longer afford your home payments, run don’t walk to a competent Realtor, one that is familiar with the process. Realtor will give you advice for free, there is no charge. Depending on your personal financial situation, a paid consultation with a competent tax attorney may be in order. The best advice this Realtor can give you, is don’t wait until the default notices pile up.

Help is a phone call away.

Did you know that a Short Sales is only one of 7 choice that you have as a homeowner?

Contact me today and find out what your choices are!