Unfortunately the housing industry in the United States is suffering a slowdown.  In the eastern portion of South Carolina, we are lucky to have kept moving, at a slower pace that the previous year, but still the buying and selling process is on a slower move.

When I am showing homes to clients, I make a point of asking about what they can afford on a monthly basis because I have found that most prequalifications do not take into factor some of life's necessities: eating out occasionally, new clothes, medical bills, etc.  So when you are prequalified, ask what the monthly payment will be and then sit down and figure out what you are most comfortable paying.

Short Sales are on our horizon because of several factors: most buyers assumed the housing market would continue it's strong uphill march, they would not lose their jobs, it will only be a small stretch to keep up this payment and they can refinance before the 3 years passes.  And some were just plain put in a house that they do would not normally qualify for.

Short Sales are those homes- approaching 11% in some areas- which are upside down on the owed portion vs. what the home can be sold for.  Some homeowners are behind in their monthly payments and fast approaching foreclosure.  If you find yourself in this paragraph, do yourself a big favor-do not deny that you are in a short sale/foreclosure situation! And act quickly for your own benefit.

The best approach to try to resolve this issue in advance of foreclosure.....contact your bank immediately to attempt a refinance.  If this does not work, find a realtor you can trust! Be honest!  Work diligently with your agent and the bank to sell your home!  You can be held responsible for the financial loss if your home sells and the bottom line comes up short from what you owe.  Realtors need lead time to organize, advertize and prioritize actions to assist in the sale of your home.  We also understand that no one wants to admit they have a financial gillotine over their heads but being honest is the only way to accomplish the common goal among the clients, the realtor and the bank.  Keep in mind, that even though you do not want anyone to know your financial business, that very fact can help move your home more quickly if you have the mindset that you are selling your home to eliminate the negative mark and impact that a foreclosure will leave on your credit. 

Plan of action: contact your bank for assistance in possibly refinancing or if that is not possible then, find a realtor you are comfortable working with, make your house neat, tidy and clean-remember-you are selling-so pack for a move and put your home in the best possible light for resale.  Spruce up your yard, repair or replace any broken items, scrub kitchen and baths, remove up to 50% of items in your rooms, document any improvements made to your home (roof, dishwasher replaced, etc) and be ready for having your house shown anytime.

I am available to help you make some of these decisions.

Thanks- Doris