When Should I consider a Short Sale?
If you no longer are able to make the payments on your house and you have exhausted all possibilities such as loan modifications, deferred payments and such... consider a short sale, do not let the bank take your home through foreclosure.
When it comes to your home being in a pre-foreclosure situation remove the emotion and use common sense. If your home is worth $300,000 and you ow $450,000 why would you even want to struggle to make payments on a loan modification that will only save you a few hundered dollars a month. You still are going to be upside down on your house by $150,000 at an average appreciation of 4.5% a year it would take almost 12 years to get your house to a break even point again. On top of it if you should have to sell your house before that period is up, you are still in a short sale situation again.
Consider your options carefully. In many cases you have to ask yourself what is going to change in the next 6 months that is going to allow me to keep my home. If the answer is nothing than a short sale should be your answer. Don't let pride and emotions stand in your way.
Call me at 978-360-0422 if you want to know your options.
For more information on short sales in Massachusetts visit:
Should I Short Sale My Home
Avoid Foreclosure- Know your options including a short sale
Why a Sort Sale?
Free list of non-profits for homeowners facing foreclosure in Massachusetts
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
I pride myself in the quality of my work while helpingbuyers and sellers make dreams come true.
Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury