[3 questions] If you're thinking of selling your home in Charleston
Maybe you want or need to sell your home in today's Charleston real estate market. It could be that you want or need a larger home or to downsize to something smaller or maybe your financial circumstances have changed. Ardell asks home sellers three important questions:
Why are you selling it
When did you buy it
Did you do a cash out refinance after you bought it.
If you are selling, is it a want or a need. The purchase date is important because of home price declines since 2007 and finally, if you have taken money out of your home already, you may also be "upside down" and need to bring money to closing.
But being "upside down" alone is not a qualified hardship to qualify for a short sale and Ardell makes an excellent point about sellers who are "upside down" on their home.
"Everyone assumes "upside down" homes are "short sales", when in fact many sellers simply walk into closing with a check the same way that buyers do. Even people who are qualified to do a "short sale", often have to bring money to closing. Just because the home sold for less than was owed, does not automatically mean that the difference was waived permanently or temporarily. Sometimes the owner pays it in full, and sometimes the owner pays it in part."
Great advice!
Upside down house "shamelessly stolen" from Ardell's post at Rain City Guide