Millionaire debt?

REALTORS can be very sensative people we take what we do seriously and to heart. We are like the rest of the world we really don't like to fail our customers and we love to get a win-win where everyone gets something valuable and walks away from the closing table happier than when they arrived. Today's world is different than even a year ago.

Buyers are more serious and cautious than they used to be. Some have bought into the media hype (even in Texas where we have two of the most stable areas in the country-Dallas and Houston.) They have simply closed their minds to owning a home any time soon.

 I say things like let's talk about the benefits that you may not have considered: If you are putting money in the stock market and you have a big win! You will be paying the IRS immediately-there is no sheltering that kind of win. On the other hand if you buy a property and then there is a market adjustment over time perhaps you do a much needed upgrade and the value of the property rises because of your good stewardship then that gain can be sheltered by using what is called a 1031 exchange and moving the win into another property without taking out any cash. Repeating this process is a basis of books written about how to become a millionaire. Another benefit to the buyers is the increase of shortsales on the market and if a buyer is in good shape from a FICO standpoint they can get some really good deals in the Metroplex. Lenders are still lending and still offering some creative financing options. It may be worth investigating if you have a thought for giving up that landlord relationship and start to enjoy the benefits of tax savings of the housing interest.

Sellers on the other hand are pretty anxious today in some cases to get the house sold-mostly because they find themselves in jeopardy of foreclosure, bankruptcy or at the least short sale.  They are ready when we offer solutions to an uncomfortable situation. It's almost a blessing to stop by and suggest a listing. It still is hard sometimes to say what the right numbers may be to get it sold and the only hope we can offer is to avoid the foreclosure. While it may be hard for the Agent to say, it is much harder for the owner to hear. It is a strange truth that the same people who would have never discussed their financial problems in the past are opening up to stangers to try to find any solutions and learn about the process. It may well turn out over the next year that the people who go towards the short sale or bankruptcy may be the ones that benefit in the long run. (isn't that strange to think about?) Paying the offered amount on a credit card and then learning that it might have been better to just file for bankruptcy and keep the half payment offered for food and gas in the future, is tough to think about. It is a confusing time for many and so far there has been no clear path for them to take. Each case is a bit different and good advisors are important. You have heard the saying-get good help? Now may be the best time to listen well, to that old advice! Loss mitigation consultants can help you-if you respond in time. The most important point-do not wait! Open the packages from the bank when they come in the mail and ask for help-early, when you first suspect a problem may come along.  Being the ostrich and putting your head in the sand will not work this time. So don't bother keeping your head down, don't spend a lot of time feeling bad, or like you have failed your family-do make a call and get it taken care of. Be the hero! You aren't alone. When you run the numbers it's pretty easy to see the direction to take and how to fix the situation.  As a nation we have been born with hope in our genes-it's still there! Reach for it while you reach for the phone.