It's A Business Decision

In the last 2 months for Fairfax County and Arlington.  The banks have made 265 business decisions.  265 properties have been short sold. 

Why is this a business decision for them?

If the banks let these homes go to foreclosure and not accept the short sale, they will end up losing thousands of dollars more.  So a short sale is a business decision for them.

Why is this a business decision for you?

If you keep your property that is upside down, you will be wasting away your savings, not building equity, stuck in a home that you might not want to be in for the next 10-15 years and losing alot of money.  So you need to think like the banks and make a business decision. 

I had to ask myself before doing my short sale on my investment condo,  Can I keep losing 5k a year for the next 10 years & what do I need my credit score for in the next 18-24 months.  Done... time to short sale and start over.