How to Sell Your House if You Owe Too Much

If you recently purchased property in Westchester County, NY ( Dobbs Ferry, Ardsley, New Rochelle, Portchester, etc.) between 2005 and early 2008, then you probably now owe more than your home is worth. Unfortunately, this is true whether you have successfully made every single mortgage payment on the first of the month or not.

It is an essential truth of the current housing crisis: as property values continue to plummet, about two out of three Westchester County castles are now worth less than they were when first purchased. This is a disaster. Distressed homeowners living in distressed property, with many of them skating along the edge of foreclosure. Because these people owe more than their homes are worth, they can’t move (even if they get a great job offer in another city) unless they are willing to take a substantial loss on their investment. These distressed homeowners can’t open an equity line of credit as a buffer in case of emergency, or improve the value of their property with even a simple remodel to their kitchen or bathroom. What was once thought to be the single most important investment of their life is now sitting idle and rotting in value.

It isn’t fair that that the everyday folks who followed all the rules, got their 30-year fixed-rate mortgages and stayed consistent with their payments are facing the same sort of consequences as those investors who played fast and loose, merely planning to flip property for a quick stack of cash.

The good news is that all is far from lost. Hiring a reputable real estate agent can make your distressed property woes a thing of the past. I’ve been a realtor for a number of years in Westchester County, NY and I’m good at getting the job done. Marketing your property doesn’t end with a sign on your lawn and a listing on the MLS. Once I market a property for a client, I am committed to seeing it through to the very end. There is no better way for a realtor to build a solid reputation, and my reputation is sterling.

If you have a distressed property and owe more than the home is worth, I can help. I specialize in short sales, loan modifications, and ecstatic clients from White Plains to Yonkers. Owing more than your house is worth doesn’t mean you can’t get more than you thought possible.

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