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Monday, December 14, 2009

Strategic Default…It is a fact of life.

Regardless of your opinion the reality is people are walking away from their homes.

They realize the money owed is sometimes greater than twice the value. They understand they may never get above water in their lifetime.

They know a foreclosure or default kills their credit for 7-10 years or whatever. But they understand that in 7-10 years the house will most likely still be worth less.

They are waving the "white flag!"

I am not here to argue the “moral” issue regarding meeting commitments. Is it better morally to not pay someone else so they can continue to pay the mortgage?

No, I am not an attorney, a lender or a philosopher. I am only a real estate agent with a realistic view of the circumstances.

Strategic default is a fact of life.

Some look to put it on the market as a short sale rather than default as this is supposedly less of a hit on the credit. Either way, sometimes it makes sense to walk away.

If you are in Viera, Rockledge, or Melbourne Florida and considering a short sale, please drop me an email at agent@moving2brevard.com.

Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!

Read my blog Florida Homes for Sale and Moving to Brevard County, Florida.

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