Loudoun to Winchester VA – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.) Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.)
Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home. It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic. Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned. Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars. Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?
If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years. That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything. I just want to lay out the benefits and leave the decision up to them.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at cindygreenya@gmail.com.
I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 703-795-5904
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification?
Our Loudoun to Winchester loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Cindy Greenya. Cindy is a Real Estate Agent at EXIT Realty Talbot & Company. Loudoun to Winchester Short Sales Realtor: Phone: 703-795-5904. cindygreenya@gmail.com. Opening Doors from Loudoun to Winchester
Opening Doors from Loudoun to Winchester VA – Cindy Greenya REALTOR EXIT Realty Talbot and Company is one of the fastest growing real estate firms. I specialize in helping investors, buyers, and sellers invest in real estate in Loudoun, Clarke, Winchester City, and Frederick Counties including Sterling, Leesburg, Hamilton, Round Hill, Purcellville, Berryville, Clear Brook, Stephenson, Winchester, and surrounding areas. You will have step by step guidance and access to resources to make the move as seemless as possible. Call us today at 703-795-5904.
Comments(0)