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to short sale or negotiate?

Posted in short sale by debt kid on the March 1st, 2007

update 2008 ——> see my guide on short selling my home

I’ve been doing some research on short sales. Great article here:

http://www.inmanwiki.com/Real-Estate/Short_Sales%2C_Preforeclosure_Workout%2C_Short_Payoff

If I didn’t have my 4K in monthly mortgage payments, that would be huge. I have no emotional attachment to the house. In fact, I have more bad memories than good to be honest (I never have really meshed well with my 3 other roommates). I’d be glad to get rid of it.

I just have so much to work on at work and with all this stuff at the moment, working on a short sale seems huge. Would a real estate agent do most of the work in this area? I just don’t have time to be making tons of calls at the moment. Also, I only have about 5 business hours a week when I don’t have employees at the office.

And our walls are paper-thin, so making calls about avoiding foreclosure on my house doesn’t sound like much fun and I doubt would inspire confidence from my employees.

It looks likely that I may end up moving into my office for at least a few months if I go through with the short sale and can get that done. I haven’t been able to make mortgage payments on the 1st or 2nd since December…

I’m tired.

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Comments to 'to short sale or negotiate?'Subscribe to comments with RSS or TrackBack to 'to short sale or negotiate?'.

Casey Serin said,

on March 2nd, 2007 at 2:06 pm

I think you can definately get this debt paid off. Just continue to focus and stay postive. The more you can get your story out there, the more juicy deals you will get. The problem is going through your email and mining the nuggets of great deals. Stay positive. Ignore the haters.

Casey Serin said,

on March 2nd, 2007 at 2:07 pm

Oh, one more thing, get a blue ball for your office.

Lou Minatti said,

on March 2nd, 2007 at 9:20 pm

To answer your question, no, you won’t make it. HTH.

Best regards,
Lou

Lou Minatti said,

on March 2nd, 2007 at 9:25 pm

Sorry, I wish I could edit my prior remark. No, you still won’t make it, but I give you props for working to generate some income. It would be great if a certain person in Sacramento did the same.

JW Thornhill said,

on March 2nd, 2007 at 11:22 pm

I agree with Casey. Your story is very inspirational and motivational for us. Please continue to plug-away at it. I know that at least we will be cheering you on.

http://needtobedebtfree.blogspot.com/

debt kid said,

on March 3rd, 2007 at 4:01 am

i’ll have to look into that blue ball…

but only if I can find a free one at a garage sale of something like that!

Lots of catch up work to do this weekend. Ran my #’s income wise again, will be at around 9K next month. Still 4K Short. Gotta sell more…(and reduce outflow)

Lou, you’re probably right. I probably won’t make it. But I’d be a real tragedy if I didn’t at least try, so that is what I’m doing. I got myself into this mess. Gotta see if I can make it out…

JPK said,

on March 3rd, 2007 at 9:35 am

I read through your entries and I didn’t see a lot of details about how you got to this point. Could you post more details other than the one paragraph in the about section?

You should convert your debt spreadsheet (sins.bmp) into jpg, gif or png. It’s close to a meg in size and if your traffic goes up, that’s going to be a drag on your bandwidth. Also, it would be more efficient to make a thumbnail instead of the full-sized image on each page of your blog.

I’m not a big fan of equating debts with “sins.”

debt kid said,

on March 3rd, 2007 at 2:37 pm

I don’t mean the debts themselves as sins….more of what I did with that credit as equating with my sins…hope that makes sense.

As for more details as to how I got to this point…I am trying to look forward, and not back. I have a counselor if I really want to look back at things. This blog is more just to remind me of my goals and keep track of stuff, not make myself super depressed.

Thanks for the image suggestion, I’m not super tech savvy, but I’ll look into that. Thanks!

Casey Serin said,

on March 5th, 2007 at 12:24 pm

Have you thought about buying a 100+ unit apartment complex? This could give you $10,000 a month in passive income. You really need to make more sweet deals, not less as you need cash in the pipeline.

Also, try juicing for stress relief.

And remember stay positive. Ignore the haters.

Casey Serin said,

on March 5th, 2007 at 12:29 pm

I also notice that all of your credit cards aren’t maxed. You really should get some cash back and max those out by getting cash back.

One idea for the Chevron card. Hang out at gas stations and offer to fill up someone’s tank for $20. Just get their cash and use your card. It’s really win win since you aren’t going to pay the bill anyway.

You can use these ideas for sweet deals. I have a lot more ideas like that so email me. Maybe we can trade business cards and be business partners.

Also, my wife Galina wants to know if you have a picture.

debt kid said,

on March 5th, 2007 at 2:57 pm

Casey,

Thanks for your comments. I haven’t thought about buying a 100+ unit complex…I’m trying to avoid major (and minor) purchases at the moment.

lol…as for the Gas station tip. I think my time is better used trying to increase my business income at the moment, rather than this strange gas idea. Creative though, but not for me.

I’ll post a picture eventually. Thanks!

HYC said,

on March 6th, 2007 at 9:28 am

Bravo!! I am sure you will get out of this debt mess. It may take a tremendous amount of hardship to get out. At the same time, you have learned to be responsible. You care about your employees, you care about repaying your lendors/creditor. You are learning what it means to be cash flow positive. You do not try to commit fraud. You do not spend lavishly. I do not know if it was truly “Casey Serin” or an imposter who commented that you should get a blue ball, get $million complex and cash back on CC. The fact that you ignore those “advice” is a tremdous tribute. Think of it as the Devil trying to lead you astray and you ignored him.

That being said, you still have a long way to go. Stay true to yourself. Once you turn this situation around, you’ll gain a lot more than you realize right now.

Jojo said,

on March 31st, 2008 at 6:59 am

hi:
we are in the same situation, i don’t have answers but the husband believes that good credit will result from the short sale and we’ll have to eat about 25g, but the end result will be greater than living beyond our means now. also, we can put extra cash into the business without so much debt.
good times are ahead for us all i’m sure

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