Thursday, December 3, 2009

Truth Time! I’ve been forecasting market conditions and telling people not to sell unless they absolutely have to. Thank goodness for us
… we don’t have to. BUT, if we did, we’d have to face the harsh reality that many people are, unfortunately, faced with today.
We’ve owned our home for almost 10 years. We thought we had a great equity position. A recent sale of a property in our neighborhood
was so low that, IF we HAD TO SELL, we’d be affected terribly. IF we HAD TO SELL today, it’s clear that our mortgage balance is greater
than what the market would value our home. What a mess. 10 years of stability is all down the drain, IF we HAD TO SELL today.
Every property is subject to general market conditions, especially appraisals. Even if a Buyer agreed to pay what we wanted, chances are,
they couldn’t get a loan based on the recent sale of that property in our neighborhood. Now what?
Many of us are now faced with this dilemma, even though we want to stick our head in the sand. Through it all, I haven’t changed my
position. If you don’t have to sell now, don’t! If you must sell, you have no choice but to accept the current market conditions and price
your home competitively against the competition or else you will be like too many other homeowners … simply sitting on the market
with no offers.
But what if you owe more than you can get on the open market? Well, if you must sell, you have two choices. 1) Bring cash to closing; or
2) See if you qualify for a Short Sale. Obviously, neither option is exciting, but … if you must sell, you have to face this harsh reality.
In order to help our customers assess their situation, we have teamed up with a large Foreclosure Defense Law Firm and have worked out
a deal to offer our customers a FREE – NO OBLIGATION Attorney Consultation to help them decide what is best. Should they sell now
or later? Should they try and stay in house? Is a short sale a good option? How can they prevent foreclosure? Is it best to simply allow
the lender to foreclose? Is a Loan Modification a possibility? How about a refinance? Should they continue or stop making payments?
Is bankruptcy a good option? Should they stay in house or get out and rent or just do nothing? These are serious questions and our
customers deserve solid advice on these matters; advice that a real estate agent should not give.
It’s all so scary and confusing that most people who lose their homes do so WITHOUT any contact with their lender. We can help and we
will help when you speak to us without ANY obligation or initial cost. Every situation is unique and the rules are changing daily. Please
give the agent who delivered you this newsletter a call and let us help you determine your options.
I’m sorry for the overall negative tone of this issue, but its truth time. If you must sell now, you have to face the current situation. If you
don’t have to sell, be thankful and consider buying. While prices may not have hit rock bottom, they are certainly dragging close to it
and the fact remains that we are selling hundreds of homes each month, many within days of listing and many with multiple offers. The
good ones are going fast and once they’ve sold, they are no longer available. Let’s face it. Florida is a great place to live, and for now,
it’s on sale at 50% off! Call it Black Friday if you want, but there are deals happening now that we’ll look back at and kick ourselves for
not having taken advantage of.
Until next time, may you have fair weather and following seas!

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