Posted by: terryorealtor | February 14, 2009

“Well, I will just walk away from my home…”

How many times we have heard those state who are in distress”Well, I will just walk away and be done with it…..” Unfortunately, a foreclosure may not be the answer and walking away will present another slew of problems. Catherine and I have echoed and I will reiterate again-You really need to touch base with a Real Estate Tax Attorney and/or qualified CPA before making a decision to do a short sale and/or foreclosure. In some cases, foreclosure is the best option while in other cases a short sale will be the best option . Example: We were recently called to list a home in the Richmond area. The owner had not spoken with a Real Estate Tax attorney. Due to the particular circumstances surrounding this home I really stressed the need for them to obtain legal counsel. They insisted I go ahead and list the home. In the meantime they decided to seek advice of an attorney that I had forwarded to them. We received an offer. HOWEVER after speaking with the attorney it was determined that they would indeed be better off in terms of penalties and taxes to allow to go into foreclosure. So we pulled the house off the market immediately and had to cancel out the buyer. Had they proceeded with left the homeowner facing a huge penalty. In another case, we have a couple that was so overwhelmed and being harassed by the collections dept they were ready to walk away. Again after speaking to a real estate tax attorney they discovered that a Short Sale would be their best option to reduce their penalties so we have proceeded with a buyer. There are several factors involved in determining overall what is the best decision. We are not qualified to make that decision but if a short sale is determined to be the optimum route we are more than happy to work with you to list and procure a buyer for your home and oversee the short sale process. Knowledge and educating your self about the process is paramount. If you find yourself in distress and unable to pay your mortgage PLEASE seek legal counsel. This is not the time to base your decisions on friends or families points of view UNLESS of course they are real estate tax attorneys and/or qualified CPA’s.

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