Woodbridge VA Real Estate News You Can Use
Stupid Woodbridge Home Seller Makes Stupid Choice
Just When I Think I've Heard Every Story, A New Stupid Story Comes Along
I recently met a young man found out I help folks sell and buy property.
"Real estate is bad right now. Buying a house was a bad investment. So I just walked away from my house and gave it back to the bank," he said.
(The bank never owned the house. So one may not "give it back to the bank". The bank just provided a loan the lad used to buy the house.)
I said, "You let the bank foreclose? Why? Did you lose your job? Did your payment jump too high to afford? "No, I could afford the payments."
"So why did you walk away and let the bank foreclose?"
His answer was astounding.
"The value dropped to $160,000. My loan was $220,000. I was paying payments on a loan that was $60,000 higher than the value of my house. I told the mortgage company that they should lower the loan to $160,000 to match the value, that it wasn't fair to make payments for a loan that was bigger than the value, so I gave it back."
I replied, "Did anyone tell you that real estate values always bounce back, then grow steadily over the long haul?"
"Yeah, but if it doesn't this time?"
"So where do you live now?"
"Oh, we love the neighborhood, so we rented a townhouse up the street so our kids could keep their friends and go to the same school."
"So your rent you pay, what are you paying in rent compared to your old house payment? Are you saving
money?"
"That's the only bad part... our rent payment is $200 more than our house payment was."
A friend pulled me away from the lad to introduce me to some folks who want to move and need my help. Thank goodness.
Just when I think I've heard 'em all, here comes another one.
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Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA 22079
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