| With the housing market being where it is right | | | | selling price of your home. More than likely, you |
| now, now really isn't the best time to sell a | | | | will have to sell the home at a price that is well |
| vacation home. At the same time, if you are in a | | | | below what you paid for it. In addition, you may |
| difficult financial situation, you may be left with no | | | | not be able to get enough for the property to |
| other choice. So, if you are in desperate need to | | | | cover full repayment of your loan. In this case, |
| sell your vacation home despite the general lack | | | | you might need to pursue a short sale or a loan |
| of interest in these properties, there are a few | | | | modification to help get out from under your loan. |
| things you can do to help increase your chances | | | | Consider Other Options |
| of getting your home sold or even to get past | | | | If possible, you might want to consider other |
| these tough times an hang onto the home if that | | | | options rather than selling the house. For example, |
| is what you really want. | | | | you might be able to rent the property out until |
| Recognize Your Situation | | | | its value recovers. Even if you aren't able to |
| Before you put your vacation home on the | | | | cover the full mortgage payment amount by |
| market, it is important for you to understand | | | | renting out the property, you may be able to get |
| where you stand within today's market. According | | | | enough funds from your renter to make the |
| to a report released by the National Association | | | | mortgage payment more manageable. |
| of Realtors in 2008, vacation home sales dropped | | | | Improving Your Chances of Making a Sale |
| by about 31% last year. In addition to | | | | If you have decided that selling the home is your |
| experiencing a drop in the volume of sales, the | | | | only option and a short sell or loan modification is |
| median price of these homes dropped as well. In | | | | out of the question, you might need to do a few |
| fact, the median price of these homes dropped | | | | things to help sweeten the deal a little. For |
| from about $195,000 to $45,000. Keeping these | | | | example, by offering to cover the closing costs |
| things in mind, you will be better prepared to face | | | | or by including the furnishings with the purchase, |
| the road before you. | | | | you may be able to attract more buyers. |
| Assess Your Finances | | | | Depending upon where the home is located, you |
| The next step is to assess your personal financial | | | | might also want to consider repositioning the |
| situation. Frankly, if you can afford to continue | | | | property. By making a few modifications, such as |
| making payments on your vacation home, it will | | | | installing better appliances for year-round use or |
| probably be a better idea for you to hang onto | | | | by adding more closet space, you can make the |
| the property rather than to try to sell it in today's | | | | property more appealing to those who are looking |
| financial climate. If you are in a situation where | | | | for a permanent residence rather than a vacation |
| selling the property is inevitable, you will be forced | | | | home. |
| to make some difficult decisions regarding the | | | | |