Joanne Pezza…, Home Buyer in 19148

Hi Need help getting back to the City of brotherly love

Asked by Joanne Pezzano, 19148 Wed Oct 3, 2012

Born and raised in South Philly, I made the move to NJ a few years ago and want to come home. Since I could never get the amount I paid for my home, an agent told me the best/fastest way to get out of it would be sign a deed in lieu of forclosure and find a seller that is willing to work with me as rent-to-own in the City. The reason for renting would be due to the fact that I will not be able to obtain another mortgage until after the 3 year waiting period, which is fine. I just want to move once though. I want to find the house of my dreams with a seller that is willing to work with the rent to own contract. Any advice???

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Contact a nearby investor. They maybe able to assist you. Much success!!!
0 votes Thank Flag Link Sat Oct 6, 2012
Thank you all for your input, it is very helpful. I guess we have to do more research on the short sale process. It is sort of a hardship for us since both me and my husband work in the City and the commute is killing us mentally, not including the price of gas . . . we are not in an area that is close to public transportation to the city. We can afford our house, but not much else. We are up to date on our mortgage. Since we are in our late 40s now, my husband wants to make just one more move in our lifetime so we have to make sure its our final answer. I'm sure we will be in touch with someone here over the next few months once we make some determinations. Thanks again!
0 votes Thank Flag Link Thu Oct 4, 2012
Well to start a deed in lieu may not be available to you. Just because you want to move doesn't mean that you are going to be able to not pay your bills. If you want to contact me please call me so I may talk to you about this and give you some help in making choices that will affect you for years to come. Did this agent tell you that by law you MAY still have to repay any unpaid debt and additional fees before you do anything you need to talk to a Realtor that does Short Sales in your area, I think you're getting some bad advice. Please call me 215-725-5700X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
Office.(215)725-5700 X49
Web Reference:
0 votes Thank Flag Link Wed Oct 3, 2012
Joe, it's not that simple. Banks have inventories which are gigantic. They really don't want your home, and it is quite a difficult path to do the deed in lieu of foreclosure. You will certainly have to demonstrate a serious hardship and NOT just the desire to come back to PA.

Your best bet is to go the short sale route; when you can't get a buyer, in about a year, the bank may then offer you the deed in lieu opportunity. Until then, in my opinion, you will be swimming upstream.

Carol Cei, Realtor, ePRO
ReMax Platinum Club and Hall of Fame
Five Star Professional
ReMax Action Realty
Web Reference:
0 votes Thank Flag Link Wed Oct 3, 2012
OK Joe, Have you tried the Short Sale process to sell back to the Banks? This depends on how many Liens are on your Jersey Home. Oye.... Jersey Taxes Are a killer too. But , with a Short Sale..... your showing a satisfied sale on your credit record and in turn... your Credit will recover in 18 months.
Banks are co-operating more with a short sale vs the Forclosure Process. There are Buyers out there willing to go through the Short Sale process. Just make sure your Jersey Agent is SHARP. Too many just dump it on an attnys lap. Make sure you interview.... and look at Agents Track record.

Im an old South Philly Boy.... 10th + Shunk

All the Best, John Curci RE/MAX 215-757-2889
0 votes Thank Flag Link Wed Oct 3, 2012
No I have not done anything yet. Thought it was best to search for the seller/home that is best fit and willing to meet my needs first.
0 votes Thank Flag Link Wed Oct 3, 2012

Have you signed over your deed yet? When do you have to be out of the house?

Lease-purchases are a decent idea if you can find a willing seller. Most sellers need the proceeds from the sale of their home to move on to the next home. The only other options are to do a contract for deed or find a seller who is willing to hold a mortgage for you at a higher than market rate.

There are options for you its just going to take some time and digging. Let me know if you'd like to discuss your options further. I am licensed and practice real estate in both New Jersey and Philadelphia.

Best of Luck,
Barbara Smith
Weichert Realtors
NJ & PA Licensed
Direct: 609-980-5793
Web Reference:
0 votes Thank Flag Link Wed Oct 3, 2012
Jopezzano, have you already done the deed in lieu of foreclosure on your current home in South Jersey? If not, please give me a call. There is another option that may help you. Are you familiar with short sales? I'll be glad to help you with your housing needs.
Trina Wallace
Keller Williams
0 votes Thank Flag Link Wed Oct 3, 2012
Best to look for a local Real Estate Broker under "Find a Pro in the header of this website.
0 votes Thank Flag Link Wed Oct 3, 2012
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