From what I am seeing, the single family market has been very strong. Properly priced homes are selling quickly in the single family home market as I have seen a shift from condo to single family buyers. I currently have qualified buyers that are having a very tough time finding a single family home in Ocean City in certain price points. I hope that helps a little bit and if I can help you out in anyway, please give me a call on my direct line at 609-432-3634 and we can further discuss pricing and current market conditions.
Have a Great Day!
RE/MAX at the Shore
Various attorneys, real estate agents and also accountants may have expertise in this. I have done a few myself but don't pretend to be expert.I'd start locally and begin asking folks who has done a lot of this. Eventually you will reach someone with the needed experience.... more
I would suggest they talk with a lender regarding their qualifications to refinance. I assume that Sally and Dan would need 20-25% equity. They would need to prove hardship and with $75,000 in savings I would see that they were able to save that because perhaps they were paying the minimum of negative amortization or interest only. If I were the lender I would think, hmmm, why should I eat the lose while you benefited.
I would advise them to seek the following council
1) Talk with a Lender
2) Talk with their own lender regarding Loan Modification
3) Talk with financial tax advisor
4) Talk with a Real Estate Attorney
With that information, they should be able to make an educated decision for themselves.
The only time we will know for sure that the market has hit bottom is when it is already started to climb up. However, I do believe we have come pretty close to the end of the downward spiral, but there are still many peaks and valleys in our future, BUT things are far more stable than they have been...
Linda B. Conner-Realtor
Prudential Fox & Roach
Northfield Home Marketing Center, NJ
Serving Atlantic and Cape May Counties
cell: 609-369-2739 fax: 609-677-4477
Who's the next person you know planning to buy or sell?
Call me & I'll take great care of them!... more
Commissions are negotiable. When a Realtor comes to your home, be sure to review all the marketing and services the agent has to offer.
If you would like some assistance, I would be happy to help you.
I can email you some information to review.
Feel free to contact me anytime!
If you can afford to list the property to be competitive with the local short sale and foreclosure markets, selling may be the best route.....there are so many liabilities associated with being a landlord that the loss of money on the sale may just be worth it.