Moving to another area of the country today to accept a new job requires a lot more thought than it used to because so many home owners are “upside down” on their mortgage – they owe more than the home is worth. Workers who do not have the cash to bring to closing to sell their home must consider becoming absentee landlords and often renting at a loss or consider a short sale or as a last case, foreclosure. Giving the house back to the bank. We are finding that sellers faced with this situation are having more and more success negotiating a short sale with the bank.
From the NPR website:
“More and more people could face the dilemma of choosing between a job and a house — especially if the job market improves faster than the housing market.
Joblessness is a drag on the housing market, with many people no longer able to afford their homes. But the reverse is also true; a house that’s lost value can prevent someone from taking a job that requires a move.
Although recruitment has been down over the past few years, some experts say the inability to unload homes could become one of the biggest obstacles to matching talent with the right job. Experts say more and more people could face the dilemma of choosing between a job and a house — especially if the job market improves faster than the housing market.”
Ann Arbor area real estate www.Piperpartners.com
{ 0 comments }
