The big question is rapidly approaching a large majority of home owners, not only nationally, but right here in Eagle and the rest of the Vail Valley. Many home owners that are inevitably going to have to sell their homes will have questions about the short sale and foreclosure process and what will work best for them under current circumstances. First of all, this is a very unfortunate situation for any property owner to be in, but harsh realities are facing many of us in these tough economic times and it is important to note that if you see the writing on the wall, and you know you are going to be put in a position of having to sell your home "short", there are some very helpful resources out there. New guidelines go into effect on April 5th of 2010 and there is help out there answering all your questions. First start HERE , at http://www.makinghomeaffordable.gov/ to become acquainted with the process and if you qualify. Short sale may very well be the best option for many of you who are upside down on their properties, or in other words, owe more than your property is actually worth in today's market. There is another radical option for many of you as well. If you are so far upside down on your property's mortgage, you may consider simply walking away as an option. This choice seems like failure mentally to many, however, I encourage you to read the following publication from Brent T. White at the University of Arizona. White is a professor of law at the U. of Arizona and has written a publication entitled "Under water and not walking away: Shame, Fear and the Social Management of the Housing Crisis". Once this page loads, click on the SSRN link next to the "unerwater" article to open and read it. This is a very straight forward and honest assessment of reality in today's market and may actually help you with your own current position, read it and learn. Should you have any other questions concerning real estate needs please call me today at 970-376-1244.
