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Northeast OH Short Sales: Even With The Tight Rental Market It Is Still Often Cheaper To Short Sale And Rent

Northeast OH – In most areas the rental market is very tight. Rental prices have been increasing because so many people are losing their home to foreclosure.

But, what is still surprising is that in most cases it is still cheaper to rent than own an upside down home. See, home prices have dropped by 20-50%, depending on the area.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

It was a lot less expensive to rent back in the peak of the real estate boom. After the crash rent dropped in many areas.

It has come back up, but it is still cheaper than a mortgage payment on a home bought at the peak of the housing market. Many people are shocked that it is often cheaper to short sale and rent that staying in their home with a loan modification.

Here are the two factors that make it possible to rent a comparable or even nicer home for less than their mortgage

Let’s take the example of a home who paid $150,000 for a home that is now worth $75,000. Their mortgage payment was around $1,350 a month.

They stopped paying their payments and moved to a rental. They found a much nicer, larger home to rent for $850 a month. (This was after trying for months to convince their lender to modify their loan.)

The lender wouldn’t drop the payments below $1,200 a month. The house they are renting is selling today for around $95,000.

Someone can buy that house for $95,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.

When prices were rising it was actually more expensive to own versus rent. But, everyone wanted to own because their house was supposed to go up in value.

If you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.

That will make it more likely that you will get the reduced payment you need so you can keep your home. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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