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I thought Short Sales were dead - I was wrong!

Posted by Connie Gohata on Thursday, July 26, 2018 Under: Short Sale
Short sales are NOT dead, just slowly growing old and tired.  I'm in the middle of one right now, and that is why I know they aren't dead.
If you are in a situation where you bought your home at 100% loan to value (yes, it was possible for a minute in time), and the market turns (and then you lose your job or your property tax becomes due... or you have a family health issue, etc.), you may be in this position, sooner than later.
The market may be turning and if you bought this past year, and have NO or LITTLE equity, you may be in a short sale situation at some point if your income declines.  What to do?  Well, it's too late to tell you not to buy!  So your choices?
1. Bury your head in the sand and ignore this (and cross your fingers)
2. Don't lose your income - in fact, get more income!
3. Sell now while you can
4. Bring in renters to those unused rooms
5. Rent out the whole house with a positive cash flow and buy a smaller place.

OK, these choices may not be satisfactory, but you may be in for a shock if you do nothing and you have no equity right now - if the market turns down, as indications say they will, you may be in a short sale position in the near future.

In : Short Sale 


Tags: choices 
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I thought Short Sales were dead - I was wrong!

Posted by Connie Gohata on Thursday, July 26, 2018 Under: Short Sale
Short sales are NOT dead, just slowly growing old and tired.  I'm in the middle of one right now, and that is why I know they aren't dead.
If you are in a situation where you bought your home at 100% loan to value (yes, it was possible for a minute in time), and the market turns (and then you lose your job or your property tax becomes due... or you have a family health issue, etc.), you may be in this position, sooner than later.
The market may be turning and if you bought this past year, and have NO or LITTLE equity, you may be in a short sale situation at some point if your income declines.  What to do?  Well, it's too late to tell you not to buy!  So your choices?
1. Bury your head in the sand and ignore this (and cross your fingers)
2. Don't lose your income - in fact, get more income!
3. Sell now while you can
4. Bring in renters to those unused rooms
5. Rent out the whole house with a positive cash flow and buy a smaller place.

OK, these choices may not be satisfactory, but you may be in for a shock if you do nothing and you have no equity right now - if the market turns down, as indications say they will, you may be in a short sale position in the near future.

In : Short Sale 


Tags: choices 
null

About Me


Connie Gohata RealtorĀ® and RE Investor Short Sale and REO Specialist Regular Sales, Distressed Sales CA/BRE #01822665 Phone: 714-553-9146

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