WOW!! What a year to build character. I do know, however, that people in the real estate industry tend to be exceptional. There are a few rules in this type of market that can help us, our family and dear friends. Here are a few guidelines I have picked up in over 40 years in this industry:
- When things are tough and we feel the need to “warm our hearts”, we go buy something, “You deserve it.” Because of our current economy, we tend to buy with a credit card. DON’T DO IT! If you have cash, go for it!!
- If your monthly income isn’t adequate, either lower your monthly expenses, work twice as hard or both. (I’m doing both).
- Most difficult for me is lowering my lifestyle. I pay off my credit cards monthly which saves approximately 8-10% of my income. Also, dealing with all of the real estate loans I am personally obligated & feel a moral obligation to pay monthly as long as I have the income.
Most of you have seriously considered modification, short selling your property or allowing the lender their right to foreclose. (I lost 2 properties in the 80’s to foreclosure). There were long lasting, unexpected consequences; therefore, this should be the last resort.
In my search to lower my monthly outgo I ran into a short-sale company that is local, helpful and most importantly does not want any of the commission. They collect a small amount from the “debtor” (the seller) and may collect from the lender. The short-sale company does all the work and takes on the legal liability at no cost to you!
The name of the company is:
SHORT-SALE CLOSING EXPERTS, LLC
11811 N. Tatum Blvd., Suite 3031
Phoenix, AZ 85028
www.sscellc.com
Call today for information and speak with a transaction coordinator AT NO COST, 602-953-7744!
Your friend,
Dave