Short Sale Now- Buy A House Again Sooner and For Less Money Than You Currently Owe

Why should you consider a short sale? What is in it for you? What do you gain out of a short sale?

Well, it's pretty simple. If you short sale now, you could potentially buy a house again sooner than if you were foreclosed on, and you would be able to buy that home for less than what you currently owe on your home right now (which is NOT currently worth what you owe- remember?).

Let's think about this and sincerely consider it for a moment. Let's use an example of a home that was sold as a short sale for $217,000. The owner owed $348,000. The owner can potentially requalify to buy a home again in 2 years (with a conventional loan) to 3 years (with a FHA loan). Let's assume the house he sold at $217,000 went up in value 5% per year for 3 years. This would be FAST appreciation, especially in this current market. After 3 years of fast appreciation, the home would appraise for about $251,000. He could buy the same exact home for $97,000 LESS than what he owed. Or he could buy a home with 1000 more square feet, plus more amenities, for maybe $265,000? That is still over $80,000 LESS than what he owes. Do you see the benefit now?

What if he was foreclosed upon? He wouldn't be able to purchase a home again for approximately 7-10 years, according to current guidelines. In seven years at the same appreciation rate the house would appraise at $305,000. Ten years would be $353,000. Either one of these options, except waiting 10 years, is less than what he owes. But let's consider purchasing a similar home in this hypothetical situation 3 years after his short sale, compared to 7 years after his foreclosure. The same home would cost him $40,000 MORE after a foreclosure than a short sale. Considering it another way, he would LOSE $40,000 IN EQUITY if he DID NOT SHORT SALE!

If he considered a loan modification, at this fast appreciation, he would be looking at about 7-9 years JUST UNTIL HE BREAKS EVEN and is no longer underwater. After 7-9 years, he could sell his home and make zero profit from the sale.

PLEASE CONSIDER WHAT IS BEST LONG TERM! LET'S TALK AND SEE IF A SHORT SALE IS BEST FOR YOU!

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!