|
The
"perfect storm" arrives when an investor has taken
some of the equity out of his present home (and this applies
to homeowners too), and then has to sell the home to meet
another obligation. If that same owner took
depreciation in prior years and the home has now come down
in value, and the owner has refinanced the home based on a
higher value, that owner can get badly injured financially.
This
combination of already taken depreciation, a depression in
home values in the area, and a sudden need to sell, can sink
the investor or homeowner, but it can also hurt the renter
of the property if the homeowner took rents that weren't
applied to the underlying mortgage. Renters across the
country are beginning to get eviction notices from lenders
they never heard of because homes are being foreclosed.
Real
estate is a very regional affair, but the ripple effect of
lender failures and home foreclosures is effecting the
entire country. If you are thinking of selling,
whether it is a rental property or your residence, you need
to get an independent look at both your property and the
market around it from someone other than either a lender or
a real estate agent.
We offer
an advisory service that will take a look at your entire
financial picture and see where the real estate portion of
your assets fits into this picture TODAY. There may be
strategies that can improve your overall financial picture;
you need to know them, if they exist.
Call or
email us today. We can help.
|
