Dawna was wonderful! She is very patient, and takes her time to explain the process and concepts that are foreign to those not familiar with the real estate realm. One of the things that I really appreciate about her is that Dawna is very proactive. Prior to the listing, she recommended various actions that helped to promote the property which also made the sale process to go smoothly. Besides her professional knowledge, she is a good person. That made the whole experience even better. We cannot thank her enough!
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Make a detailed current financial statement of your assets and liabilities, income and expense. Consider all monthly expenses, income, and monetary commitments.
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Gather all documents in your possession relating to the ownership, financing, and original purchase of the home. This may include your loan documents, deeds, purchase contracts, disclosures, and condition reports. Get a box; put all of these in one place. This is a hassle, but well worth the effort.
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Meet with a real estate advisor. Get a realistic market perspective for your local area and general buyer sentiment. Get informed about the value of your property as an opportunistic buyer would see it, whether you are considering selling or not. Also learn from your advisor about what to expect from the process of selling a home, both as a distressed property and/or conventional sale, and develop a strategy for resolution. This can vary, depending on your property location, market conditions, news events, your lender, the number of loans on your property, whether you and your property can qualify for federal or lender modification programs, etc.
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Meet with tax and legal counsel regarding consequences of any action you might be considering, bring your documents listed above. This is very important; laws and precedents change frequently.
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Make a well-informed decision about your financial and real estate future given all of the information you have gathered. Questions to consider are: Under what conditions could you keep the home? Do emotional ties to your home outweigh the cost to keep it? Who is affected by a sale of your home? If you are considering a short sale or a deed in lieu, or actual foreclosure, are there moral or ethical issues you have concerning walking away from a debt or having one forgiven? Do your immediate financial needs take precedent over consequences of a distress sale?