Eastlake Chula Vista, CA – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)
Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.
It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic.
Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.
Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars.
Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?
If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years.
That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything.
I just want to lay out the benefits and leave the decision up to them. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Henry Pailles.
Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:
Phone: 619-517-6791. henry@houseinsandiego.com.
Are you at risk of losing your home? ...We can help!
View My homes for sale at http://www.houseinsandiego.com/.
Henry Pailles Moore specialize in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Henry Pailles's personal views and do not reflect the views of houseinsandiego Realty.
This information on Eastlake Short Sales: If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home? is provided as a courtesy to our viewers to help them make informed decisions.
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