Well, would you believe… greatest real estate unsold? Sometimes the best thing is Not to Sell!
Clients of mine bought a home in the Verdugo Hills community of Sunland about 10 years ago, built a charming master suite addition and created some very attractive hardscape in the backyard. In the process they refinanced and, at today’s prices, now owe a little more than what they could net if the sold today.
My clients, I’ll call them Jane & John Doe, called me a couple of weeks ago with some bad news – they’re going their separate ways and they wanted to put their Sunland house for sale. So Sad! Jane & John had struck me from the moment I first met them as the “Perfect Couple”. Charming, energetic, young, hard-working – it’s very sad that they are now going to separate and move on. It was even sadder to think that they were also going to have to give up their house and, most likely, ruin their great credit in the bargain. During our “Real Estate Counseling 101” we talked about money, the length of the process, the cost of having poor credit among other considerations.
During our consultation we carefully went over all the ramifications of a “short sale”, foreclosure & bankruptcy. At the end of our meeting I strongly encouraged “Jane & John” to talk with their financial advisor and possibly attorney for their input.
It’s to early to say for sure but it looks like one of them may be able to keep the home after all. Hopefully, they’ll be able to work it out.
Sometimes the best thing is to ring up… NO SALE!
Stay tuned. Hopefully, “Jane & John” will avoid putting their Sunland home for sale.