With today’s blog update we present Santa Clarita Short Sale Myth Number Ten! As mentioned in previous posts, we have been systematically going through hundreds of posts and updating our content.It is our intent to only provide accurate and current information to our real estate clients, friends and consumers. Today, we have a short video by Certified Distressed Property Expert and iRealty Santa Clarita Real Estate Agent. Matt Gregory. Matt leads our Gregory Real Estate Group and has helped many friends and clients to avoid foreclosure by short selling their homes. You may contact Matt directly at Tap Here to Call Matt directly at 661-347-6955.
Santa Clarita Myth #10 Update 2014!
It’s now 2014, and it’s been quite a while since this blog was originally posted. It’s interesting to note, Short Sale Myth number 10 is still as true today as it was in 2010 when this post was originally published. It’s still a better idea to short sale a home as opposed to allowing foreclosure, or even cash for keys. So, the only difference in the video from then to now is, Matt is no longer with Keller Williams! He is still following his real estate passion, but is now a broker and realtor at iRealty Valencia, right here in Santa Clarita.
Watch the video and read below as Matt reveals Santa Clarita Short Sale Myth Number Ten. If you or someone you care for are struggling with a mortgage, contact us and schedule a confidential consultation.
Short Sale Myth #10 – A short sale is not worth worth the effort – False!
This part of the original post is somewhat outdated. Still, it may apply to some, so we are leaving it as is, but as noted!
Looking at this from a future wealth point of view, think about this: Say you bought your home several years ago when prices were much higher. Obviously, with today’s market values the value of your home is way below the amount of your loan. If you short sale your home now, you will be relieved of that loan obligation, however your credit will take a hit. Not near as much as a foreclosure though! After a short sale, if you keep your bills paid on time and do all the things necessary for a good credit rating, you’ll be able to obtain a new home loan in one or two years. We don’t expect home prices to go up much anytime soon so you’ll probably be able to obtain a home similar to the one you sold, but at a much lower price. After several years Santa Clarita real estate will most likely appreciate and you’ll be ahead of the game and will have made a profitable investment. Things might not look so good now, but in a few short years you can be in a much better position if you avoid foreclosure and short sale your home. There are never any guarantees about the future real estate market, but just look at the history.
Update Note: It’s interesting to note, as we approach 2015 home prices have gone back up but not near as high as they back before everyone took the big hit. Today, it’s more difficult to obtain a home loan and it takes more to qualify for a loan. Lenders are being mandated to not repeat the mistakes of the past, and much more careful to approve home loans!
This concludes our Santa Clarita Short Sale Myths series and we especially hope you found helpful, Santa Clarita Short Sale Myth Number Ten. Please contact us today to schedule a free confidential meeting. We’re happy to help everyone explore their options and find the best possible solution!