Real Estate News

Does this topic define you?  Are you feeling trapped in your “starter” home with a growing family and needs?  I know I was.  I dealt with it differently than most, but there are solutions.  You do not have to stay in a home that does not suit your needs any longer.

Buying your first house was always thought to be the greatest hurdle. Now it is those wanting to upgrade who are feeling trapped.  If you are like me, you may have purchased in the Pocono or surrounding areas for what ended up being, “the top of the market.”  Maybe around 2005-2007 or so, give or take a few years.  Homes were flying off the market back then, and everyone could attain financing.  Now, we’ve taken a 360 degree turn, where very few people can attain financing and prices have hit, what has to be, rock bottom.  I know how frustrating it can be paying a 1500 mortgage on a home that your new neighbor is only paying 1000 a month for.   It’s not fair, but when is life fair?  We have no choice but to think out side of the box, and come up with new ways to get out of the home we can no longer utilize, into a home that is the perfect fit!

Ironically, most first time home buyers I’ve been working with recently are skipping the starter home all together!  Considering the low home prices, they can now afford to start with a home they can grow into.  Ah, if only I was a few years younger, I would have been able to avoid the housing crisis all together.

That is not the case for most of us.  As second time home buyers (or possibly renters), we need to figure out how to get into a larger home.  I for one, had no idea how much space is needed for one child, let alone multiple.  My son has filled 3 rooms in our new home, leaving my husband and myself with the living room, kitchen, dining room, and one bedroom.

So how do we go about solving this unfortunate problem?  I’m sure the first solution that enters many people’s minds is a short sale.  Yes, if you would like to put your burden to rest, this is most likely your best solution.  After a short sale, it may be difficult to attain a home loan for a short period of time.  A short sale is not as debilitating as a mortgage foreclosure.  Please read this excellent article, filled with helpful information regarding short sales.

You may also qualify for a mortgage re-modification   This is probably the most difficult avenue to pursue  but with persistence  it can be done.  You may want to speak with your current lender to see if you qualify.  If you are interested in reading up on Obama’s Housing Plan, here is an article I found on The New York Times.

If your home is in a rent-able area, and most homes are rent-able, this may be a solution for you.  The only issue being, would your mortgage payment be met by the amount it could potentially rent for?  Some people now a days, are even renting at a loss rather than walking away, or short selling their homes.  It may be worth it, if you aren’t ready to completely separate yourself from your current debt.   This is the avenue myself and my family took, as I refused to feel trapped by the inflated 2006 real estate market.  We have been renting our home out for over 6 months now, and it is working well.  Although, we do have to put a little of our money into keeping the mortgage, trash and sewer current, it is well worth it to be in a home we are more comfortable in.  The owners of the home we are renting are doing the very same thing, although, they moved because of job locations, not because of outgrowing a home.  There are many reasons why someone may need to move, and it’s unfair that the real estate market is a hardship in itself.

I have even helped buyers purchase a second home, while renting out their first!  It can be done if your income and credit history meet the guidelines!

There are many ways that I can assist you if you are in a similar situation.  Please e-mail or call me directly. ([email protected], 570-620-6999)  or use my contact page .  It would be my pleasure to list your home for short sale, or to assist you by finding a renter for your current home, and finding you the perfect home to rent!  If I could do it for myself and my family, I can surely do it for you as well.

By the way, my photos in listings, are stunning!  Here are a few that I have to brag about!  I hope to hear from you soon!!  As always, I specialize with buyers and sellers, renters, homes for rent, & short sales.  I also run one of the most popular Pocono foreclosure sites.  Poconosforeclosure.com