REO & Short Sale Alternatives Idaho

REO & Short Sale Alternatives Idaho

There are many home owners today that are in a short sale or even a situation where they find themselves faced with giving there home back to the bank (REO). What if there was another alternative! Would you consider it? What I am proposing is a way to make your payment until:

1. You can afford to make your payment again; or
2. The market changes so that you can sell your home and not loose your shirt (at least break even); or
   
3. Just plain give you room to breathe, so that you can get on your feet (pressure relief)

The idea is to rent your home to someone else. .... NOW before you shake your head saying NO ... realize that this will not be a solution for everyone. However, there are people that encounter this blog that will have some other, albeit short term, options. Perhaps you can:

• Stay with other family (humbling - Perhaps ... a definite strategy - YES)
• Stay with friends
• Utilize non-tradiotional accomodations (non-traditional for YOU!) Consider example A

EXAMPLE A

Your mortgage is $1600 month and you don't have it. The house will rent on the open market for $1200 a month. You find a place like a manufacured home for $400 a month plus the $400 defecit for your payment. You just cut your $1600 a month to $800 a month. This is a strategy to fight another day, it is humbling in that you may be living beneath your perceived means, but it will make you feel in control of your life rather than a bank controlling your life!

The Whole idea here is to be pro-active. DO NOT BECOME PARALYZED in your situation. No decision is INDEED a decision. There are too many people just laying over and "accepting their fate."

There ae other creative solutions out there as well. DON'T GIVE UP!

My partner at Coeur d'Alene Rental Group will also manage your property so that you don't have to worry about the hassle of collecting payments, finding a renter and all of the legal contracts and background checks required. The cost is minimal and the benefit exponential.