I know that the market appears down right now. A lot of people are saying it is a good time to buy a home and they are right. It is a great time to BUY a home... But what if you want or need to SELL your home?
There is a bright side to that as well.
1. Most home owners have been able to write off the interest they pay on their mortgage. This has been a little benefit that your home has given you that most forget all about until tax time.
2. Your home has housed you or your family for quite some time. Even if you do not have a lot of equity and only break even... you essentially received free housing while you lived there.It is a though you borrowed a house.
3. Let's say you are not able to break even. You can do a short sale. In a short sale the bank will take less than is owed on the property and at this point in time and in most cases forgive the difference and you owe,& you may not have to declare it on your income tax returns.
4.Once you are out from under your home you can still take advantage of the market. Even with challenged credit you can do owner financing or find a lender who will not only help you repair credit , but may be able to find a loan for you that will fit.
5. You have been through a Sellers market and now a Buyers market and you are savvy.
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