As the bandit sign "Kings" of San Diego, my partner and I get a lot of calls from people looking to sell their properties. The classic situation is owned less than 4 years, paid too much or re-fi'ed and property is way over-encumbered. Most think they have a sliver of equity left, but unfortunately they are wrong. The market is in a serious tail spin and the ONLY PROPERTIES THAT SELL are those going for at least 10 percent under market.
What are their options?
Option #1 - Keep making the payments. The market is going down and they'll be more upside down next summer and the summer after that, but if they can hold on and make their payments, they can keep the house. Most of the people that call us who are in distress, are ones that still want this option. I understand the moral obligation to pay a debt - but why? To the point of sure financial ruin?
Option #2 - Let it go back to the bank. If you don't make the payments, the bank will eventually foreclose. Even if you file BK and try to hold it off - the results are the same. Eventually the bank ends up with the house. You end up with trashed credit and get defeated anyway.
Option #3 - Sell the property. Now! The market is going down and you will be more upside down next summer, even if you can hold on and make the payments that long. Most can't.
Of the 3 options above - you are probably shouting at the screen right now - #3!!! But how - I have no equity and a real estate agent can not help me because I can not pay their commission out of my pocket!
Enter the ShortSaleGroup.com . The ShortSaleGroup.com can help you sell your property by negotiating with the lender to accept a reduced payoff, even allowing a real estate agent to make a commission. A short sale is a viable option to bankruptcy and foreclosure. However, it takes a homeowner who is committed to the process, and it takes a negotiator with years of connections and experience in the field. The wrong moves during a short sale can wipe out months of hard work by many people. Most real estate agents think they can do one - but find out the hard way they can not. Inexperienced agents sucess rate is about 5%. The ShortSaleGroup is up over 70 percent, and getting better every month!
If you would like to hear more about a short sale for your property - call or email us! If you have an agent helping you sell your property, have them call us!
Richard L. Worcester
Real Estate Investment Consultant
A Pensco Trust Preferred Professional
Use Your IRA to Invest in Real Estate!
3809 Plaza Dr., #107 - Oceanside, CA 92056
Ph: 760.809.4666 Fax: 760.454.2956
email: Rich@78Homes.com - On the Web at http://www.78homes.com/
Founder ~ North San Diego Real Estate InvestorsOn the Web at http://www.nsdrei.com/
