I was speaking with a delightful women this morning about possibly selling her house as a short sale. She is behind on her mortgage, and the home is probably worth $20-30K less than what she owes. Although she had tried to speak with her bank before, after we discussed a short sale, she decided that she wants to try one more time to get her loan modified. This is perfectly fine with me, and I always let people know that I'm happy to help them in any way that I can, but whenever I hear this it always surprises me. I understand being emotionally attached to a home, but what a lot of people don't realize is that if their house is only worth $130K, and they owe$160K, they are basically asking their bank to sell them their home for more than it's worth. If the same homeowner negotiated a short sale, and 6 months later was able to get their finances in order, they could buy the same or a similar house for $130K, or maybe a little more if the market had some appreciation. I know that I wouldn't buy my house today for more than market value, but I guess that it might be because I haven't raised any kids in it yet. As always, selling a home is both an emotional and a financial decision.
If you need help weighing your options, please give me a call today.
Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com
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