Hi, Terry.

The cold hard truth about selling is that, in ANY market, the only reason a house doesn't sell is price. In the present climate, you must focus on two main points: price below and shine above your competition. Having said that, if your mortgage balance and associated selling expenses total more than a buyer in today's market will pay for your home, then a short sale is your resulting option. Once the short sale is behind you, you can work to rebuild your credit and purchase again in the future.

Well, this was almost two years ago. I ended up doing a short sale in July of 2008 before all of the loan modification programs, etc. were going on.

Thanks for your answer, though. Unfortunately, not an option for me.

Hi Terry,
You should try contacting your bank about the new Loan Modification Program, they should be able to work out a payment option for you, if that does not work try selling and find a smaller home that you can afford.

Hi Terry,
My advise to you is that you might have to sell for less. In that case you will be applying for shortsale, through your mortgage company. I can tell you that this is not easy, it is alot of work, but I can help.
My information is listed below. Feel free to contact me as soon as possible, if you are not incontract with anyone.
Gloria Henry
Keller Williams Gr. Oh
614-579-8889
email:gloriahenry.yourkwagent.com/home

Actually, we went through a dissolution. My ex-husband refused to pay any part of the mortgage or costs of the house. I agreed to it because I wanted out. He did, however, allow me to retain any of the equity that might be left after the sale. I'll be lucky if there's anything, since we bought the house for more than it appraised for---and that was only a year and a half ago. It's now listed for about $7000 less than we paid for it. So...it's feeling very much like a lose/lose situation. I'm managing okay---but I REALLY want the house to sell. I did a lot of work on it when the ex moved out, but I don't have the funds available to do anything major, nor do I want to. I'm already probably going to lose what I put into it....along with all the equity. So...that's why I'd really like to stay in it, but it doesn't seem to be an option....unless I win the lottery.
I appreciate everyone's advice---I don't want to go the short sale route or the foreclosure route, if at all possible. I want to protect my credit, and that of my exes----he did a quit claim deed, but his name, of course, is still on the mortgage note. He's pressuring me to sell it or refinance it because he wants to buy again, however, he left me in the situation so I'm trying not to let that upset or influence me.
Any more advice is always appreciated...

Terry
I am not an attorney (disclaimer).
In a divorce the assets need to be divided per the agreement. You do not mention what was divided or how. My suggestion would be to discuss this question with your attorney. Depending upon how the decree was finalized, you might be able to re-negotiate. If the value of the propery has decline, and your spouse agreed to his "share of the proceeds from the sale", or something like that, it could be that "his share" will end up being paying part of the closing costs if the amount of equity will not cover them.

So, in other words, if you can review the distribution of assets, maybe the best thing is for you to just keep the property.

Now, moving onto a short sale or foreclosure scenario is a possibility. You can read my blog on the short sale/foreclosure process, that might give you some ideas.

Terry,
I feel for you.. way too many women wind up in this fix. My first question is whether or not you have any equity. If you have almost no equity then you may need to consider a short sell. It will save your credit and get you out from under huge payments.

If there is equity then you are in a better financial position. If you have parents who could help you qualify you could put them on title for a short time until you get the home refinanced. Then after a year you could have them quit claim the property back to you.. they would still be on the loan but the property would again be in your name. Then in the future when you are able to qualify by yourself you could refinance and take them off the mortgage completely.

If that is not a feasible solution you do not want to chase the market down. By chasing the market you could lose all your equity. Now is when you need to sit down with your agent and have a serious talk about the market, your home and price. If the price is good and the condition need help talk about the things you can do to make your home show better for the least amount of money.

If the home is in good condition and your price is too high.. then you are going to have to bite the bullet and set the price where it has a good chance of selling. Taking a $15k hit all at once is usually better then having to taking a lot of $5000 hits and seeing home prices continually declining more then your level. Look at pending sales.. see where the homes like yours are selling and price you home slightly below the last sale. It will be cheaper and save you more money in the long run.
Good Luck!

Hi Karen,
It looks a lot better than when we bought it a year ago----i really worked to strip wallpaper, paint the walls a nice neutral color, replaced the kitchen flooring, and we'd put new carpet in the family room. I got rid of any clutter (there wasn't a lot) and it has great curb appeal....I'm getting really good feedback about how it shows, that it "looks great", but it's a 4 level split, and it seems most potential buyers don't care for the layout. The front room has a great cathedral ceiling and fireplace, and there are hardwood floors (some exposed) in the upper two levels. It's very roomy, with a great yard. BUT, the windows are original, the kitchen is dated and so is one of the bathrooms. However, the negative feedback I'm getting is primarily about the layout, small bedrooms (built in 1962). The garage and kitchen are on opposite sides of the house---a feature I didn't really notice until the first time I brought groceries home after we bought it. we keep hearing that it's priced well...and I have no room to negotiate (or very little).

I'm getting a lot more showings this winter than I did in the summer, but still no offers....

I'd love to keep the house---but I haven't figured out a way to make that happen.

Thanks for your advice!

Hi Terry,

What condition is the house in? Perhaps one reason it's not selling is condition. Buyers today are very particular and don't want to have to necessarily do anything to a home before they move in.

Did you have the home staged?
Did you get rid of clutter and extra furniture?
Have you given the interior a fresh coat of paint?
How is the curb appeal? Does the outside also need a fresh coat of paint?

If a home isn't in great condition, buyer's will just go up the street and buy one that is in great condition.

How is your price compared with similar homes in the area? Maybe it's still priced too high. The main reason a home doesn't sell is usually price.

January is typically a slow time for selling. If you can hang in there until Spring, things will hopefully pick up and you'll get it sold.

Good luck!

Karen Disbrow
Real Estate Consultant
Real Living HER
379 W. Olentangy St.
Powell, OH 43065
Direct: (614) 218-8861