After the South Florida housing collapse of the mid 2000s, many homeowners accepted the notion that they were stuck with their current property. A large number of people were affected in some way, either by layoffs or salary cuts during this era. Many of those had to take on additional debt to stay afloat, and have not yet fully recovered.
Economic health is much better now that the workforce has greatly recovered. With a steadier economy, home sale values have also increased. The real estate market is not quite at 100 percent, but most properties are selling in the mid 90 percent of market value. Depending on your specific circumstances, deciding to downsize your home might be an option.
Seek counsel in making your decision.
If you are in a financial bind and are not sure that selling your property will sufficiently ease your financial burden, then we suggest you speak with a West Palm Beach bankruptcy attorney. The lawyers at Kelley & Fulton are experts in bankruptcy and real estate law, making them the ideal team to speak to regarding your situation.
The consultation carries absolutely no obligation, and will provide an objective evaluation of your financial circumstances.
If you sell, consider using a professional.
Enlisting a real estate agent with the sale will cost some money, but often homeowners lack the knowledge necessary to make a speedy and profitable sale. Realtors have a much greater sphere of influence and plenty of resources to make the transaction quicker and textbook accurate.
Have a plan before the sale is complete.
Part of the transition will involve making other living arrangements. First, you will need to decide whether to purchase a smaller property or to rent instead. Your decision should be based on your debt to sale profit ratio. If you use the majority of the profit to pay debt, it may be in your best interest to rent while you save money.
If you feel that your debt is too overwhelming, please call our office to speak with an attorney today. Our team of West Palm bankruptcy attorneys and support staff offer a sympathetic ear and diligence in assisting people just like you.