Financing in Groton>Question Details

Eugene Desja…, Home Buyer in Orange Grove, TX

My daughter bought a house 4 yrs ago in Ct. Because in USCG. I know. Houses are expensive in CT, but I think it was appraised to high when she bought

Asked by Eugene Desjardins, Orange Grove, TX Mon Apr 7, 2014

It. The realtor was working for both parties. Now after four yrs she must sell the house, but can't because was over priced when bought fours yrs ago. What can she do? When I look at house and neighbors I don't understand how it was originally appraised so high. Now my daughter can't sell it for what she owes and can't even rent it for mortgage payments! What can she do, because being transferred to SF in June?

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Sounds like your daughter will be looking at a short sale. First step would be to talk with her mortgage company and discuss the situation. Second get a great agent that works with short sale properties - in our office Sheldon Haag can help! You can and get answers and suggestions right away - 860-633-3661. Good luck!
0 votes Thank Flag Link Mon Apr 7, 2014
When my daughter asked the original realtor why she had no one coming over or doing any open house like other homes she came up with a lot of invalid excuses and recommended my daughter drop her. My daughter tried to get other realtors , but they all say the house was over priced and over appraised when she bought it and could never sell home to cover original loan or even rent it to cover mortgage. Now the economy is better after four yrs and house should be worth more right?
0 votes Thank Flag Link Mon Apr 7, 2014
In the Groton/New London area, employment has been hit hard over the past few years and short sales and foreclosures are still affecting the housing market. When your daughter's home was appraised it was based on comparable sales of similar homes that sold, typically within the past 6 months. A Short sale is less damaging to your credit rating than a foreclosure and is the best solution, since trying to rent a property from a long distance can often cause even more problems.
Her original realtor, no doubt was trying to avoid a short sale and was willing to try listing the house at a price that covered your daughter's original costs. Often a realtor will give you hope that they can sell a property, just to get the listing. Often its what the seller wants to hear. Basing price on what is owed, instead of what properties are actually selling for in the current market is a sure way to leave a house sitting with no activity. Open houses won't sell an overpriced home. Price matters.
Flag Thu May 8, 2014
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