Short Selling your Downey Home
It may be tough for you to decide that you must short sell your Downey home. Sometimes you may not have a choice. However you may have received a loan modification…but is it worth staying if you owe hundreds of thousands of dollars more than your home is worth?
What separates successful investors from the non-successful investors is that the successful investor must be detached from the outcome. They know when to cut their losses and move on to another opportunity. The non-successful ones will feel they have to “stick in for the long run” and it will eventually even out. Well, just look at all those people that have lost their retirements during these economic times…
You know it’s tough to look at your Downey home as an investor. However, if you step back and see that you DO OWE $50,000, $100,000 or more than the home’s value… Is it worth it??? Paying for the next 20-30 years thousands upon thousands of dollars on interest an equity you will never see… again ask yourself… Is it worth it?
If you answer “Of course not Paul!” You should sell off that bad investment and move on to the next one. As hard as it may be to tell your family you need to sell your Downey property, remember this: You house is not your Home. You and your family can create new memories and in 2 years you should be able to purchase a new house in Downey – at market price thousands and maybe hundreds of thousands less than what you currently owe today.
