Wednesday, 18 October 2017

Need to Move, but Owe More than your Home is Worth?

Written by Posted On Monday, 09 January 2017 16:46

If you are a homeowner who needs to move, but owes more money than your home is worth you are not alone and we can help!

Over the years we have assisted countless homeowners who had to move, but they were unable to sell because their mortgage payoff and closing costs exceeded the value of their home. While some homeowners might have the funds to pay the outstanding balance so they can move forward with selling their home traditionally many homeowners do not.

So what options do homeowners have if they owe more money than their home is worth, but need to move?

Option 1:  Short Sale their Home

What is a short sale? A short sale is a type of real estate sale where the homeowner owes more money than their home will sell for in today's real estate market, so they ask their lienholder(s) to accept less than what is owed so they can move forward with selling their home. My partner and I have been successfully closing short sales together for years and will be more than happy to educate you about the process so you can determine if this is the right decision for you.

Option 2: Rent their Home

Depending on your monthly out of pocket expenses; mortgage, taxes, homeowners insurance & maintenance fees, another possible option is renting your home. Not everyone wants to be a landlord, but sometimes this is the best option especially if the monthly rental income is going to exceed your out of pocket expenses and/or if property value in your area is increasing.

Every homeowners situation is difference, which is why we will be more than happy to sit down with you and discuss the different options if you owe more than your home is worth, but need to move.

I don't just list real estate I sell it too!

 

Originally posted at http://wellingtonhometeam.com/need-to-move-but-owe-more-than-your-home-is-worth/

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Michelle Gibson

Michelle Gibson is a full time REALTOR® who assists Buyers, Sellers, Landlords and Renters throughout Wellington Florida and the surrounding area. Specializing in residential real estate since 2001 Michelle covers Wellington Florida, Lake Worth Florida, Royal Palm Beach Florida, West Palm Beach Florida & Greenacres Florida.

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