Quote:
Originally Posted by joesmiley
Has anyone personally sold their home by doing a short sale?I have heard it is a pain in the butt, but is better than getting foreclosed on. I uncle bought a home for $440k and now it is only worth $280k. Can he still short sell it if it is upside down that much? Is it worth it to short sell or should he just walk away?
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You try the short sale. If it does not work you end up in foreclosure. Simple as that if you are not going to continue making the payments.
Short sales have a low batting average but are much better than a foreclosure if it works.
Taxes are not a problem if you were owner occupied. They are if you were not.
In general one should stay in such a house until thrown out. There is no advantage to leaving the house vacant and you might as well enjoy the advantages of getting sold short or foreclosed.
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