East Valley Team member Dean Ouellette talks about the decision of selling your house with a short sale and why it is the right decision for winners not losers.
If you are trying to decide if a short sale is right for you, these next two videos will help you out. Also make sure you check out the short sale FAQ section of our website along with the video short sale vs foreclosure.
Many people think they are a loser or they are a failure because they need to do a short sale. I am going to explain how doing a short sale does not make you a failure, but a winner.
In our example we are going to look at a house that was purchased in the boom for $300,000. That house is now worth $175,000 in a typical Phoenix East Valley community. As far as value in the future we are going to go with the long term average of the values going up an average of 4% a year. Now if it takes a while for the market to turn around that is going to be very high and the numbers become even better for short sale now vs. keeping your house.
Your house will be worth $300k again in a little more than 14 years! Now let’s look at it if you were to shot sell your house and buy a new house in two years from now.
In two years you spend $180,000 and get the same hosue you had before. 14 years from today and after owning your new house for 12 years your house will be worth roughly $290k. So what makes more sense, to live in a house for the next 14 years and have it worth what you purchase it for with a little equity or buy the same house in two years and have over $100k in equity in the same time.
What if you had an investment, you purchased AIG at $55, it drops to $30, should you hold on to it? What is the wise choice? Well in a home you have a contract and should honor it right? Tomorrow we will discuss that.
Who says you can't teach a rocket scientist new tricks. Since Kristin left her former profession for her new one she has built one of the fastest growing businesses in the East Valley. Kristin is known for her Youtube videos, make sure you check them out. 
After a long career in political consulting Dean transitioned to real estate and has not looked back. Dean is one of the sick ones who enjoys fighting with banks to get short sales approved and to help homeowners avoid foreclosure. Dean also loves making videos on the subject.
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