“Still Lots of Homes Upside Down”
This client has owned her home for nearly 10 years. During my original conversation she felt the property was worth about what the remaining debt was, but apparently not.
Unfortunately a sale and new purchase is not possible at this point. The client has great credit and won’t do anything to jeopardize harming that in any way.
The plan is to rent her home as it can rent for more than the monthly payment and then rent another home for a couple of years.
The only reason she needs to move is because her husband has Alzheimer’s and can no longer sleep on the second floor so they need to have a home that is on one floor.
The wonderful part is that she is so upbeat and always says, “It can always be worse.”
Joe,
Thank you very much for referring Luisa XXXX. I met with her today and showed her 99 E Robbins Ave XXXXXXXX for $189,000. She likes the home but it appears she owes about $150,000 on her primary residence that is worth approximately $95,000. I shared with her the negative effects of a short sale. Let me know your thoughts on the possibilities of financing her purchase.
Image courtesy of nattavut-freedigital photos
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