Is a short sale the prudent thing to do at this time in the housing crisis. If you are in Las Vegas you might want to give it a second look. The situation for real estate here may not change drastically for years. It is still in question as to real estate in Las Vegas is on the upswing. We have seen temporary shifts up in price primarily due to the shrinking inventories and lack of traditional seller with equity. Many people have no chance of selling their home in the next 10 years if they don't consider a short sale. The following article from www.consideritsoldlasvegas.com gives more of the story:
A short sale in Las Vegas? Is it reasonable to consider a short sale? Or can you wait until the real estate market catches up to your mortgage? These are all questions nearly every home owner is asking in Las Vegas. Some people have seen their property values drop nearly 60% and have little hope of ever getting back to break even. This is a heavy thought to carry every month when you are making your mortgage payment or shelling out bucks to do home repairs and maintenance. It is a reality that your house may have become an albatross around your neck. The once thought of sure thing has now become a major liability for most people living in Las Vegas. Selling a home in Las Vegas has now become a pipe dream for most people and the short sale is the only option.
It is unfortunate but it may be the smartest financial decision you ever make. Even if you have to rent for a few years before you could buy another home, you are likely to be saving. If you factor in the upkeep and repair costs and insurance costs it makes little sense to keep paying for a home that will never give you a dime. In the past owning a home was a sure way to plan for the future to prepare for retirement. Real estate was always the best and safest place to keep your money. We have seen that reality get set up side down recently. It is not clear if real estate will ever be the savior of our economy as it was for many years. The past few years have cost many families their entire life savings as well as their kids chance at college. People have tried hard to do the right thing and meet their obligations but the powers that be seem to have no interest in keeping the institutions with the money accountable for their actions. It is really time to make a business decision regarding such a personal investment.
This is extremely difficult but it is the only way out in many cases. The advice "cut your losses" never seemed to apply so well do a situation as it does to a home that is worth half of its mortgage. The morality argument can be thrown out the window. Making a sound business decision and moving on to better things is nothing more than being practical and wise. Tomorrow is a new day and a new opportunity to create the future. It may just take a short sale to give you that chance again.
Chris LaHaie Realtor
List with ChrisPrudential Americana Group,
Las Vegas, NV email@example.com