Home Buying in Upper Darby>Question Details

Elizabeth, Home Owner in Lansdowne, PA

We bought a house in Lansdowne (now rezoned Upper Darby) for $66,000 in 2002. Close to $60,000 still owed on mortgage and house needs work...some

Asked by Elizabeth, Lansdowne, PA Thu Apr 28, 2011

cosmetic, some major such as new kitchen and roof repair. Considering the asking price of a similiar property in much better shape, $77,000, is there much profit to be made on the house.

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Joseph Mullica’s answer
If you are looking to sell your home, ther may be enough equity there to satisfy all liens, mortgages, transfer taxes and settlement costs. The big question is "Where do you go now ?" If you are trying to make additional profit to gather additional funds for your next move, this may not be possible. When pricing your home, do NOT consider what another home down the street is going for. There is a strategy to pricing your home properly to market it for maximum profit . Check out this link to gather more information to help yourself.
0 votes Thank Flag Link Fri Apr 29, 2011
Good evening Elizabeth, no! In todays market, a large portion of the mortgages are FHA with the seller contributing 6% of the sale price toward closing costs. Add to that the seller side closing costs, approx 8% of the sale price and it appears that you will need to bring a check to closing. A potential alternative is a Loan Modification or Short Sale, if you are behind in your mortgage payments. Please feel free to contact me if you would like to discuss these alternatives. Steve
0 votes Thank Flag Link Thu Apr 28, 2011
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