Void Foreclosure Short Sale Michigan Credit Ptotection,[link widoczny dla zalogowanych]
By Clint Maki, Real Estate Broker,[link widoczny dla zalogowanych], GRI
People reading this or watching the YouTube video ( Youtube/RealtorClint/When Will My House sell Foreclosure short sale ) almost always have one thing in common. They are almost ALL struggling with the one question: will Real Estate prices come back? I am not always glad to answer that question because people ask that one for their own purposes. Usually, they ask because they want to know when their house or commercial property will be worth what they paid for it or worse yet,[link widoczny dla zalogowanych], what they owe on it after the refinanced ad drew off their to refinance other debt.
A lot of people went out and refinanced their car and credit card debts in the period of 2001 through 2007. Plenty of people bought homes during that peak of the market period using 100% financing and other forms of purchase. Then, in 2008 we saw the market climax and the burst in Real Estate. The market crashed and people lost their values in the amount of 30% 50%, depending upon what they bought and where they were located.
It happened to YOU too. It wasn something that affected everyone but YOU. I did not happen to YOU and not everyone else! EVERYONE went upside down at the same time.
So, the statement I hear most often is: don want to lose money on my house BRUTAL reality is that YOU ALREADY LOST YOUR EQUITY. IT GONE. It happened to EVERYONE at the same time.
Trying to sell your home for more than market value in order to get out from under the debt is probably a waste of time and effort because of the fact that most buyers know we are in a deep recession. I don want to be negative, but it is vital that people really assess their position.
Values dropped like rock and they will grow like a flower. Find out what your home will SELL for, not what you WISH you could get to pay off your debt or what it would be worth Be HONEST with yourself and subtract from that number your total closing costs and then you will have your real value.
Add to that number a 3% factor for appreciation per year (or whatever the CURRENT number is in your locale) until your value reaches what you owe. ( See my YouTube video for a graphic explanation )
Most of the time if you MUST sell your home, a short sale makes sense. That is a process where your lender(s) agree to accept an amount SHORT of what you owe. It may be your only way out of your predicament. The risk to your credit rating is MUCH less than a foreclosure and the upside is that you can buy another home fairly soon. When you do buy another home you can be fairly sure you bought at the BOTTOM of the market and you can gain equity again.
The least acceptable response is to surrender your home to your lender. The long term consequences of this are pretty financially devastating. See my YouTube Channel: RealtorClint and watch the Video titled sale Expert Avoid foreclosure It gives the Do and Don of foreclosures.
My goal in writing this article is to help you out of a bind if you are in one. Please feel free to contact me any time no matter where you are from. I can help,[link widoczny dla zalogowanych].
Clint Maki is a Realtor in the state of Michigan and specializes in helping people avoid foreclosure,[link widoczny dla zalogowanych], short sales REO properties and credit rating protection strategies.
Clint Maki contact information:Clint Maki is a Realtor in the state of Michigan and specializes in helping people avoid foreclosure, short sales REO properties and credit rating protection strategies. ur Real Estate problems and save your credit Reputation. "Hier ist das Deutsche Fernsehen mit der Tagesschau",[link widoczny dla zalogowanych], sagt der Fernsehsprecher, und wir hren die Tagesschau. Aber welche Art von Schau das ist wer wre ims . Though there were avenues to sell products online even before classifieds appeared on the internet, theres been a hug . A persons ankles combined with shins should be unden .
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