Should I Short Sale My Residence
Hello and welcome to the Group 4610 blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale Specialists. We have closed more than a couple hundred short sale deals since 2008. With a higher success rate and more experience than nearly any other realtor in the Arizona Short Sale world, we are the premier short sale agents in the county.
We would like to talk about a sensitive topic these days. Should you short sale your home? The strategic default, or as we refer to it, the business decision, is a extremely hot subject lately. You may be a property owner out there that is upside down on his mortgage. For instance, you may owe $400,000 on your mortgage, but your home is only worth $200,000. You may be in a situation where you are getting ready to stop working or you are preparing to relocate. Perhaps you have the capacity to pay your mortgage, but you are doing this at the determent to your family. Essentially, you are throwing money at a bad asset or investment.
We have had a lot of people come to us and say ‘What am i doing here? What should i do?’ The short sale, foreclosure, or keep paying the mortgage are all options that property owners are considering. We will not tell you what you should do, but you ought to make the right decision for you and your household. Lots of people believe that they have a moral obligation to make their payments.
While that is a valid point, there are some things in your mortgage agreement that give you the right to stop making payments. Equally, the bank has the right to foreclose or agree to a short sale. You have to evaluate what is most important to you. If that means that you have to walk away from your house with a short sale, you ought to strongly reflect on it.
There are a few things you should always remember. This is a private decision for you. Don’t permit anybody to tell you what is right or wrong. Your mortgage is a agreement that has options for you to think about. Look at what your residence is worth at the moment. How long will it take you to get your mortgage back to equal? There are consequences to every choice that you have. E-mail us today and we can help you ponder those consequences.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
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