Are you an upside down seller? If you need to sell–or simply want to sell–your current home and you owe more on your house than the house is actually worth, then the answer is “Yes.”

As an upside down seller you have several alternatives: foreclosure; short sale (under which you, the homeowner, can negotiate a sales contract on a foreclosure property and the lender will often agree to accept less than the full amount owed); or simply bringing cash to the closing of your home to equalize its price with its value.

All of these options are appropriate in some situations. But there is another possibility that can be a winner in the right circumstances. If you are moving now and selling is not a good option, consider putting your home into property management. The tenants can help pay the mortgage until the market improves. And in a couple of years you may see enough appreciation to cover your mortgage, saving you tons of money and salvaging your credit.

And more good news! ReMax Executive Realty in downtown Hollywood has its own property management department on site. Unlike many property managers who handle only home or condominium associations, ReMax Executive Realty Management specializes in the management of single homes, condos, apartments and apartment buildings for individual owners.

Channel 6 ran a story on upside down sellers last night. You can view a transcript at Fallout Foreclosure: Upside-Down Homes.

For more information, contact me at ReMax Executive Realty by phone at 954-862-2631 or by email at ellenbithell@remax.net, or visit my property management website, www.sunshinepropertymgmt.com.

To keep up with the latest real estate news, please visit my website, www.homeinsouthflorida.com. You can find your dream home, or see what your current home’s value is.