First, we would have to make sure you do in fact owe more than the market value. Freddie operates a little differently than Fannie, but essentially it is a little tricky to do a short sale when you are current on the mortgage.. I had a customer recently who was able to buy a new home elsewhere and rent their home in Mechanicsville. That could be a real option to you if you are able to get approved carrying both notes. If there is a hardship that will cause you to get behind in the near future, then potentially a short sale would be possible.
Would need to have a look at your property, do a market analysis, and suggest a plan thereafter.... more
Whether or not the upgrades are worth a percentage of the cost is important but may not be accurate. Like Dane Hahn said you can go to Remodeling Mag. and get some idea of the value of your upgrades. Location, condition and price are what sells a house. And in todays market the buyer wants the best of it all. I offer a free pre-appraisal from a qualified appraiser with my listings to insure we are selling the house for the right price. It's important to remember that the buyers lender will also do an appraisal and will not offer a loan for more than the house is worth. Call/email me if I can help.
Century 21/Option 1