You or your spouse get laid off. It has been a few months and you have not found a job. You have enough savings to last a year. Do you start a short sale now or wait until you have used up your savings? Does the time it takes to do a short sale influence your decision? Do you take money out of your retirement plan? Do you take money out of your childrens college fund? Is it OK to do a short sale and still have some money left to start your new life?
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003
Matt: Those are some tough questions that probably too many folks are asking themselves right now. I guess a lot would depend on what was owed on the home vs. market value. , which market the person was in, what field the people were in, and the unemployment rate in their area.
Sep 24, 2009 04:33 PM
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407
Do not EVER count on short sales! EVER!
Trust me on this one. I've been there!!
If they close, then just consider it icing on the cake.
But if you have to come up with a plan, PLEASE take the short sale OUT of the equation.
But keep moving on looking for more sales while you wait to see if the short sales are going to close at all.
Sep 24, 2009 06:39 PM
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Agreed that it should not be counted on that one can short sale --- the person needs to consider their future without the possibility of a short sale -- and then if that happens, well it is just a blessing. Our 2 cents.
Sep 24, 2009 06:52 PM
StepStone Realty LLC - Austin, TX
StepStone is Real Estate without Limits!
I work a lot of short sales and usually tell clients to only move forward with the short sale if foreclosure is inevitable otherwise. When a client decides to do a short sale at that point why put any more into the house... they will get nothing out so they should save their money. Good luck!
Sep 25, 2009 11:44 AM
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