Should I Stay or Short Sale? Looking for West Sacramento short sale information? You
have come to the right place. Mike Rigley Certified Default Advocate,
Distressed Property Expert and your short sale specialist here thank you for
joining us.
Lots of talk these days
about West Sacramento Home prices going up. In Sacramento
County alone prices went up 22% from January 2012 to January
2013. That increase allowed a number of families to sell and avoid a West Sacramento Short Sale. But can we expect
further gains like these?
The experts are telling
us no. Average appreciation is 3-5% a year. Even if you include the run up and
crash of 2000 through 2012, average appreciation was still only 3%.
So should you Short Sale or wait it out? Obviously that is
a decision only you can make however the fact remains that the Debt Forgiveness
Act of 2007 does expire at the end of 2013 and no one is expecting it to be
extended again. If you are foreclosed on or Short Sale after that date you may owe
income taxes on the forgiven debt.
Chances of seeing
another 20% price increase in West Sacramento home prices is remote. There are
nearly 25,000 homeowners in the greater Sacramento
Region that are seriously delinquent meaning they are 91 or
more days late on their payments. The cure rate as defined as the number of
households expected to become current or modify is 5% giving us over 23,000
homes that will become either foreclosures or Short Sales keeping appreciation closer to
historic levels of 3-5%. This represents a nearly 2 year supply of homes for
this region.
Should you stay or short sale? While a very personal decision, if
you are more than 25% upside down in your home you will have 10 or more years
at average appreciation to get back to even. Short Sale would seem the smarter thing to
do.
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out. We also offer a short sale lease back program for those who
qualify allowing you to short sale and stay in your home. Call me
for details
To get a better idea of when your West Sacramento home will be worth what you owe,
log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did.
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