Walking Away From Your Home.. Smart Business Decision?
There are many corporations in the residential real estate sector and commercial
sector of real estate who have made the decision to perform short sales or let the banks take back the properties... Many say it is a smart business decision on their part.However, a homeowner or investor of real estate walks away, that person is called names but some...
In this market more than ever, you need to look at your personal finances and figure out what your game plan is both for short term and long term.
I tell many people who call me on short sale advice to just try to take all emotion out of this and put pen to paper and logically work your numbers. It may be a very good decision to let some bad investments go - And in some cases it may be your primary residence...
I suggest to all people to talk to others, talk with you family and really put you first if you have gotten into certain projects that have not panned out well...
Here is a start:
Put pen to paper:
Total monthly income.
Your total monthly expenses (ALL EXPENSES - ie - gas, food, entertainment) - Realistically...
Your bad assets (IE- negative cash flowing real estate).
Your good assets
Your future assets / retirement
Life is short and these decisions now may make life less stressful in your future. If you can take the short term emotion out of these decisions and base them more on long term financial logic, you will be happier further down the road. You can be confident in your choice.
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