I was speaking with a potential short sale client today who lives in Viera Florida. He was considering selling his home for less than he owes (definition of a short sale). This would require lender approval.His reason for a short sale - job change with income loss! He felt bad but was realistic about his circumstances. As I left his home he said something that really hit a nerve...
This financial disaster has taught me something I should have learned long ago....pay as you go!
He was now living on a cash basis. Sure his credit was in the tank. He does intend to pay his debts but he can only do what he can do...and now it is just a survival game!
His circumstances are not much different than others I have met while working in this real estate market. Some are angry. Some are looking to blame others. Some are looking to find someone to sue. Some though, accept that mistakes were made. Some are glad they have learned a difficult lesson while younger so they will not make it later in life!
The easy credit markets combined with skyrocketing real estate prices created a dangerous environment for those (most) who were not extremely cautious.
Hopefully a lesson has been learned by all!
If you are in difficult financial circumstances and considering whether a short sale is an option, please give me a call. Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.