We get houses ready to sell or rent by performing repairs and maintenance. A house with a fresh coat of paint and inexpensive window coverings along with a nicely manicured lawn will rent out quickly. We service the East Valley, call us if you decide to pursue this option and we'll work with you, your realtor or your property management company to determine what will improve your homes appeal. Good luck with this tough decision! Gina
Second, most lenders today require you to be a minimum of 2 or 3 months delinquent before they would consider a short sale...again this is a general rule. So not only do you ding your credit for selling under what you owe but you also ding your credit for three 30 day lates, two 60 day lates, and one 90 day late. Then you take on the short sale itself which will hit your credit almost as bad as a foreclosure.
Simply put, your credit will suffer tremendously for up to 7 years. It will negatively impact your ability to not just purchase a home, but get auto loans, credit cards, and other lines of credit. It may even affect future job opportunities as they are now starting to do credit checks. Now those who have no options this will always be better then foreclosure but only should be used as a last resort.
I express deep caution in bailing on your home. It will affect you in many more ways than one may think.
Consider alternate options if needed, rent the home. I donâ€™t know the market in Mesa, but I know many places rent has climbed significantly the past couple years. You may be able to rent the home for around your monthly payment (and you may not). But then consider buying one of the less expensive homes as an investment. If prices have come down that low you may be able to pick up a couple of good rentals to offset the losses on the home you are in.
There is no one answer to your situation. All I can recommend is you do not short sale on your home unless you have no options. Second, if the opportunities are that good in your town, consider doing the opposite and pick up a couple of investment properties. Look for those who are selling their homes via short sale and make some low offers.
Hope this has helped in some way. Itâ€™s a tough market to sell but a GREAT time to invest.
This is the situation of many home owners today. There are options, if you havn't checked with your bank please do so. If they can give you a much lower payment it would be a better option.
No one knows what the market will be like in five years, hopefully your house value will be back.
Please know all your options! Feel free to contact me at your convienience and we can go over this!
Windermere Central LLC
Will your home be worth what you owe on it in 5 years?
If not will you be able to come up with the difference at that time?
Are you ok with damaging (trashing) your credit for a few years?
I would like to speak with you in person about a couple of other items that should not be discussed publicly on a forum such as this.