Home Sales In A Declining Market

One of the challenges facing a home seller in our market today is the fair market value of their property versus the mortgage still owing on it. As home sale prices decline, sellers are facing a tough question... how can I pay off my mortgage(s) from the proceeds of the sale of my home? Well, there are a number of choices, and yes, that's just what they are, choices. You can choose to write a check from your personal banking account for the difference, arrange with the mortgage holder to accept a lesser amount and charge off the difference, commonly referred to as a Short Sale, do nothing and let the lender foreclose on the property, or possibly discuss a deed in lieu. Unfortunately none of these choices are going to make you feel any better. But, if you really DO have a <B>hardship</B>, make sure you discuss it with your Realtor before you list your home for sale. They will be able to assist you in the correct procedure to accelerate the paper work. The housing market is not all doom and gloom, but it is different than it was. <BR><BR>One thing to remember about short sales ... no two are alike. Some go smoothly and the sellers walk away with the weight of the world lifted off their shoulders, while others, for whatever reason, just go from bad to worse, then finally end up in foreclosure. <BR><BR>If you've got a success story, share it here if you'd like.<BR><BR>