Posts Tagged ‘homes under water’

Housing Currently Undervalued by 14% to 17%

(Source: DSNews 12/6/10)

No surprise there right?  Well it is a BIG SURPRISE if you HAVE TO SELL before the bank takes it back.  If you have bought in the last 10 years and have put less than 20% down payment then chances are your HOUSE IS UNDERWATER.  So what do you do?  If it makes sense not to loose it to the bank for a foreclosure on your record (that will hurt your credit for the next 7-10 years) then you SHORT SALE YOUR HOUSE.  A successful short sale (meaning it is negotiated and closed with a buyer) then you have a chance to restore your credit within couple of years!  I am an advocate of such measures not because I own and run a short sale negotiation business www.LossMitigationSpecialistGroup.com, but my wife and I have had to face the same decision.Be that as it may it is not about wrestling with the past it is about moving toward the future.  Feel free to inquire how to sell your home undervalue!

Keep it Short,

Mike Knows

Mikeo@lmsgnow.com

http://www.dsnews.com/articles/research-firm-says-housing-currently-undervalued-by-14-to-17-2010-12-06

Now this topic / subject is very literal in the Massachusetts housing market.  We have reached historic levels (no pun intended) for total inches of rain.  Even as I write this, we have an additional 4 more inches TODAY!  The reports of homes flooded and under water is ridiculous…

Which brings me to a relative topic.  The under water homes because of value declines and inventory that is flooding the market (because of the foreclosures).  What is important to note is that I just read an article that forecasts when the Boston real estate values would land on dry land.  They are forecasting 2017!!!  This is a very important discussion that should be reviewed by someone whom may be trying to keep their home afloat.  I am specifically addressing those whom are behind on payments and may be trying or have tried some type of program HAMP, CHUMP (j/k)  or some other “save my home” program” that may be out there.  These homeowners may be considering trying to stem an evil tide of debt while really they should just BAIL!  Bail out!?  BAIL THIS!  To each person and decision is based on knowledge and weighing out their options.  But, before they lose it completely they should consider the forecast…..and more importantly starting fresh without going down with the ship.  Again, this is just my experience and perspective, and a choice I had to make (with no regrets) in the same storm.  For more information check out www.Help-ME-ShortSales.com

More on the article: http://www.dsnews.com/articles/how-long-will-negative-equity-last-2010-03-29

Keep it short,

Mike Knows