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Archive for May, 2010

If you voluntarily walk away from a home does that make you a bad person or is it a smart business decision?

I recently had lunch with someone who I consider a very astute businessman who has business concerns all over the world.

Here is his scenario: home was purchased 3 years ago for $600,000 and his mortgage payments are about $4,500, including HOA, etc.  The home is now worth about $300,000 and he is planning on retiring in the next ten years. Now for a little forecasting. Let’s use a 5% appreciation each year for the next 10 years and the home would be worth in 10 years about $465,000.  Still considerably less than the original purchase price and not to mention the $540,000 in additional mortgage payments for the 10 years. Sounds like a no-brainer when you do the math but let’s look at the other issue.

Does a strategic default make you a “bad” person? Read the linked article from a University of Arizona Law Professor advising consumers to stop paying underwater mortgages. We have somehow bought into the myth that buying a home involves other intrinsic values when truly it is just a business decision. Sure your going to take a credit hit, but that is usually completely repairable after about two years.

The decision is yours to make, just make sure it’s a good business decision for you. And as always before you make your decision, always seek competent legal advice.

Categories : Short Sale Tips
Comments (8)

Available short sale listings in the first week of May comprised 44% of our total market for available homes for sale. Traditional homes were up to 45% and foreclosure/reo fell to just 11% of the total available in Las Vegas. Obviously with almost half of the homes for sale falling in the short sale category, knowing some of the basic tenets for success will be important.

Tip #1. Make sure that the agent who represents you the buyer, is a certified or designated short sale professional.  If they are, they will be far better equipped to guide you through the sometimes lengthy and complicated process.

Tip #2. Don’t make the mistake of thinking that you can automatically underbid a short sale price. Do your homework, get the comparable closed home pricing  and listen to the advice of your Realtor.

Tip #3. Right now homes sales are very competitive. Our existing inventory of available homes is down over 50% from last year. Be prepared to be aggressive in your Earnest Money Deposit amount and to let the seller know that you will deposit (EMD) immediately into escrow upon his acceptance.

Although many banks have streamlined the short sale process, we are still seeing an average of 120 to 180 days to closing so be prepared to be patient for the house of your dreams.

Start your Las Vegas Home Search Now!

Call Kathryn at 702-348-7191

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