My condo is at the lowest price before i try short sale. (original put 40% down - now a loss)

Asked by R. Davis, Miami Beach, FL Thu Apr 2, 2009

I cannot pay mortgage and hoa because i got laid off. Bills now over a month late. How long
should i wait before trying shortsale. If i sell as the listing price now i could at least make
a few thousand out of it, but how long should i wait?

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4
Wenceslao Fe…, , 33140
Wed May 13, 2009
Of all the answers, Lyn Sims has it best. How long should you wait? In a word: DON'T. You must act NOW and act decisively.

As soon as you know you may be in trouble, is the exact time you must seek assistance. There are many ways out of the situation, depending on your willingness to do some or more work, patience level, etc.

Counseling agencies operating under the guidance of federal mandates may be a great resource to you under certain circumstances.

However, if you feel you must sell and you understand what it means to sell "short", you should be talking with Realtors who are Certified Distressed Property Experts ALREADY.

Based on your profile, Mr. Davis, it appears as though your property is likely to be in Miami Beach. Seek a local expert but also seek the advise of a real estate attorney and a tax professional. Both have levels of expertese in their fields I cannot answer in spite of my experience.

As a local market expert and CDPE I would be glad to sit with you in my office and provide you a complementary consultation. At that time, I can also provide you information of other experts you should be speaking with and explore possible alternatives with you.

If you have not received a Lis Pendens (notice of Litigation Pending) from you lender via the courts, you may have more time to get through this than if you have received such document and either must respond soon or have missed the deadline for a response.

From experience I can tell you judges will likely work with you and grant you an extension (or even more than one), IF they see you are proactively seeking a resolution. Otherwise, they will side with the lender and proceed to a speedy process.

Your actions TODAY are imperative.
0 votes
Keith Manson-…, , Milwaukee, WI
Thu Apr 2, 2009
EACH MARKET IS DIFFERENT AND DEPENDING ON THE SUPPLY OF CONDO'S ON THE MARKET AND THE NUMBER OF CONDO'S SELLING EACH MONTH WILL TELL YOU THE LIKELY HOOD OF HOLDING OFF MAKES SENSE. IF YOUR CASH FLOW IS SUCH THAT YOU CAN NOT HOLD UNTIL THE NUMBER OF LISTINGS ARE REDUCED, I WOULD AGREE THAT YOU SHOULD LIST THE PROPERTY. IT IS ALL ABOUT STAYING POWER. THE LONGER YOU WAIT TO LIST THE LESS LIKELY YOU WILL GET A DEAL AND IF NEED TO GET LENDER APPROVAL IT MAKES IT MORE DIFFICULT TO GET THEIR APPROVAL.

GOOD LUCK!
0 votes
RN, , Miami, FL
Thu Apr 2, 2009
I agree with Lyn. We are in a depreciating market, and with condos, it will still get worse for a while before it gets better for sellers. If you need to sell, get it on the market now.
0 votes
Lyn Sims, Agent, Schaumburg, IL
Thu Apr 2, 2009
Vernon, You should have started the program with your lender and a good realtor right away. The longer you wait the worse the situation will become. You will need to try & sell your home with an unknown market time. Good luck and don't wait.
Web Reference:  http://www.LynSims.net
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