Market Conditions in 32801>Question Details

Scott Snow, Other/Just Looking in Orlando, FL

Huge decline in Property Market Value

Asked by Scott Snow, Orlando, FL Sun Mar 29, 2009

I purchased my first home in 2007 in Orlando Florida for $185k. I was 23 when I bought it and I have no troubles making the payment at the present time. Here is the problem, I need to move in the next year for work and my house is only worth about $120k at the current time. The HOA and property taxes are insane ($350 a month and $4k), so renting is not really an option when I leave since I would probably be at a $700 dollar loss each month. Does anyone have any ideas? I know there are short sales out there, but I really don't want to destroy my credit. I thought I was doing everything right, but the economy has surely kicked me down and I really don't think property values are going up for many years. Thanks for any advice.

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You are one of the lucky ones that may qualify for the gov loan remodification program. Stephanie below has some good links. This program is for homeowners just like your self, that are current but need some relief. This should help make it more affordable to possibly rent and break closer to even. Take advantage of all the gov has to offer. You should try and avoid short sale if at all possible.

Like Rick, I suggest if you do go the short sale route, please make sure you work with a Realtor that has experience in the process. At my office we enlist the support of a Short Sale Express Program that handles the entire process for us at a small ($60) cost to you. You know you are not allowed to take any profit from a short sale.

I hope this helps and if you need more info please check out my website and if you want more info on our short sale express program give me a call.

Gay Middleton
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0 votes Thank Flag Link Mon Mar 30, 2009
You are certainly a victim of the Market! A short sale does have a negative impact on your credit but not as bad as you fear. It will not be destroyed,
I am guessing you have 1 loan and if so I would suggest you contact your lender to discuss the options available to you. Communication with your lender is an important 1st step.
Start there and if you need to go the short sale route consult with a short sale specialist. There are Many and we have a guy in our office that is a short sale Guru.
Realtor Rick.
0 votes Thank Flag Link Mon Mar 30, 2009

Have you checked to see if you can refinance at a lower value, click here to be directed to my website and look for the debt forgiveness link:

Have you thought about a trade? Find a home in the area you are looking for and work a trade, it's a bit out there but it's being done.

If you don't want to rent then a short sale may be another option and moving is a reason to approch the bank.

Take time to explore my website also if I be of further help just call or email me,

Dave Lowe, broker
GRI – ePRO – GREEN (Designations)
Two4One of Orlando (Orlando Website) (Corporate Website)
Customer Testimonies
Dave’s Bio
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0 votes Thank Flag Link Sun Mar 29, 2009
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