No one likes short sales. Not the client. Not the agent. Not the bank.
It would obviously be better if all of our real estate purchases increased in value. It would be fantastic if no one ever lost their job, got sick, divorced, or ran into hardship of any kind. But that’s just not reality.
Things happen. There are good times, and for most of us, there are also some rough times. But that doesn’t make you a good or bad person. It doesn’t mean you have succeeded or failed. It’s called life.
In this life there are tools available if you seek them out. There are ways to overcome adversity in almost every situation. In real estate that tool is called a “Short Sale”.
No, volunteering to sign away ownership of your home and damaging your credit for a few years isn’t a fun thing. But it is a lot better than the foreclosure alternative, and most likely your credit is already pretty damaged by now anyways.
For those of you out there struggling, don’t sit by idle because of pride or ignorance. You are not ignorant, so kill the pride. Don’t go into foreclosure when you don’t need to.
In most cases, you can be back on the buyers market in only three years after your short sale. Rent for three years, save some money, and bounce back better than ever!
Seek the assistance of the right real estate professional, as well as an attorney, and tax advisor before you make your decision. But don’t wait for things to happen to you.