When Should I Consider A Short Sale?

When should I consider a short sale as a Lee County homeowner?

You should consider a short sale as soon as you feel the pinch. If things are tight and you don't see the light at the end of the tunnel, you need to look at your options. If you purchased your property within the last five years and are upside down (i.e., the amount you owe is more than the value of your home), then you need to give a short sale serious consideration.

A short sale of Lee County real estate refers to a sale made by a borrower on a property that was built or bought using a mortgage loan (and the mortgage loan is still not fully repaid), and where the going market value of the property in question happens to be lower than the outstanding mortgage loan amount on it. This is currently the norm for most new homeowners in Southwest Florida. With the number of foreclosures rising property values continue to go down and homes bought in the past five years are often worth far less than what their owners owe on them.