Will I be Homeless after a Short Sale
Today, I was working on housing arrangements for some of our Short Sale clients so they would have a comfortable place to stay and could begin to rebuild their life “A.S.S.” After Short Sale! I have to tell you that even though I follow the sales values like a Hawk, Eagle, and Vulture, I almost fell off my chair when I saw what great opportunities awaited them after closing.
For example, in Torrance California where the majority of my business is located, a typical home 1-3 years ago would cost $600,000. Knowing most of the sales were generated on 0-10% down payments and calculating the rates that were offered during this time period, a total house payment including taxes would easily run $3,425 each month. ( I personally know more of the clients’ payments run $4,500-$6,000 but we’ll use the lower number for the example.)
Granted, most of the families I am working with are in 3-5 bedroom homes averaging 1,000-2500 square feet but as I talk to each family about what their “needs” are, 2-3 bedrooms seem to work just fine. With that said, I ran a 10 mile radius of apartment buildings and found some pretty classy places offering short term to long term rents for as little as $1,350 a month for 2 bedrooms! The 3 bedrooms bumped up to around $1,800.
The locations of the places I checked included Redondo Beach, Torrance, Gardena, Lawndale, and hawthorne. Overall, I found the most pleasant opportunities in Torrance due to overall condition, location, amenities, and floorplan layouts.
Can you imagine what a dream come true it would be for most families to think they could actually house their family for less than $2,000 a month?
I realize if the family losing their home was from a different part of Los Angeles County and had stuff that wouldn’t fit into apartment life things may be tough, but let’s face it, we can find a way. I deal with real world people who had nice homes and they all have found ways to adjust for the time begin.
Click here for available apartments, homes for rent!
Eric
