Many of us do not get a choice when we realize we have to sell our home. Job loss or relocation, illness, and divorce are some of the reasons that come to mind. But there are times when we do get a choice, such as 2nd home, want to buy up, or looking to reduce your debt. Whatever your reason, you will need to analyze whether you should keep your home or sell it.
In a distressed situation you may contemplate a loan modification, short sale, deed in lieu of foreclosure, standard sale or foreclosure scenarios. Each has its advantages and disadvantages. No one can offer a blanket statement about any of them and have it apply to everyone’s situation. Because each person’s case is unique, it requires a case-by-case review by select professionals that are on your side. I cannot stress this enough. The impact of your decision will affect you in many ways and may come back to haunt you, years later. Whatever you do, do not wait till the last second to contact a professional for guidance. The “clock” starts ticking the moment you miss a payment.
If you are not in a distressed situation, ask yourself if the reason you want to sell makes sense. Most of the time it does make sense, but there are times you should have stayed where you were. I am sure all of us know someone who sold and, in hindsight, recognize they should have stayed put. So when you believe it is time to sell, make sure you sit down with the very best Realtor you can find. Explain your circumstances and discuss your options before putting the “for-sale” sign up. You make the ultimate decision, but you should know all the options available before doing so.
Keep in mind, many real estate agents will tell you they do not give financial, tax, or other advice unless related to real estate, and they should not, because they are not a professional those fields. What a real estate agent should do is explain your options, heed warnings to you and give you guidance, not only about real estate aspect of it, but about the other aspects as well. This is why a highly competent and experienced agent should be sought. One with enough knowledge to guide you to explore all your options, not just those learned from a short “under $200″ course taken to pass the state’s real estate exam with a minimum of 70% or C- passing grade.
We have been in the business for over 10 years and have received much more advanced training as part of our continuing education programs. Contact us and let us listen to your situation. It is free and we are here to help. Real estate transactions can be a hair-raising experience and not for the faint of heart, so make sure you pick a great team to guide on this path.