Short Sales

Discussion in Mortgage & House Payments started by klassiter • Aug 9, 2014.

  1. klassiter

    klassiterActive Member

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    I really want out of my house. My family has grown over the years, and we could really use a bigger house. I currently owe more on my house than what houses in my area are selling for. I feel like I am stuck here until the housing market has improved. Has anyone here ever sold their house through a short sale? Right now that seems like my only option of getting out of my house.
     
  2. ExpertAdvice

    ExpertAdviceActive Member

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    Then if you owe more on your house than what other houses in your area is selling for, then, how will you be able to buy another house if you sale your current one? You owe money on your house that's enough to buy another house, why not pay off your house in full and then consider moving? and don't even consider foreclosure, because you might not get what you want in cash from the foreclosed sale. Secondly, the real estate market only response to supply and demand, if supply doesn't overweight demand anytime soon, you will be waiting a long wait for the market in your area to improve.
     
  3. joyful728

    joyful728Active Member

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    I am going to be completely honest here. I feel that it is unethical to default on the loan unless you have a serious problem - like you had a stroke or something - otherwise I think the morally good thing to do, is to either 1) Rent it out 2) Accept the loss and sell it for less and put it behind you and remember that life is just not fair but don't make the bank be the biggest one to get hurt 3) Live in it a little longer and just wait and see.

    That is just my two cents :)