Neither option will help you directly, but the prior one would hurt your sale more.
Unfortunately, since you mentioned you have to sell now, you have to choose between the least damaging of a few options: rent, sell via a swap, sell with creative financing, sell via short-sale, or foreclosure. Each option comes with its own caveats, and you already mentioned that you'd prefer to avoid the associated penalties from the latter 2.
If you wait too long to take decisive action, then the decision will be made for you (as it has for some other sellers).
Don't rush to make your decision, and don't stall hoping for 'better' options to present themselves.
There is much talk about the flood of foreclosures coming. I have been hearing this for more than eight months. They are coming on the market daily, however, I am also seeing a large increase in buyer activity and closings. This will help to counteract some of it. Of course, the less inventory, the higher the demand. And unfortunately, I have seen a rather large decrease in condos period, but $37,000 sale price? Something sounds fishy.
We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
My 46% is based on what a recent unit sold for a few weeks ago. I bought my unit for $80,000 a property recently sold for $37,000 which included $2,000 in seller concessions. (model match: same size, room count, condition, views, etc.) Taking into consideration the seller paid concessions, my property actually decreased $45,000 or 56.25%. Unbelievable numbers in my opinion. I know the price point isn't near what luxory homes are losing, but on a percentage basis, as low-middle class citizen it is mind blowing! I see you are an agent in the area, how do you forecast property values? I mean interest rates are only going up and unless the foreclosure moratorium continues, the area could potentially be flooded with new inventory. Increased supply surely can't be good for values.
This is an all too common situation for so many. I am curious as to where you got your 46% figure. Have you had an appraisal or a CMA or have you determined this by some other method?
Another option is for you to do a property swap with another seller. This option also has its own caveats.
Please feel free to contact me.
BY the way NO one is entitled to anything in life. Short sale could be your better option HOWEVER most likely prevent a lender allowing you purchase another home for 2 years .
Confer with you bank contact a Realtor
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I'm sorry for your circumstance. Unfortunately you don't have many options. The only one that comes to mind is to lease it out. If their is no financial hardship many of the government programs are of no good to you. If I were in your situation I would lease it until the market in your area recovers. Also depending on your equity, you can dump it to get out quick.
Again, sorry for your circumstance.
All the best,
Remax / Lakeland
If you sell as a short sale , your credit gets hurt no options, unless you bought it a LLC or a C Corporation
or can find Lawyers that can help you .
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