I think you're about on the right track, but we need to take a look at your home to give you a better idea. The online estimates are very very rough. In your neighborhood they could in fact be way off as Zillow and the like are sometimes using mortgage balances to determine values. As far as estimates to update, this is hard to tell and will depend on how extensive the foundation problems are. As to the last part of how much house can you afford? The one thing we are missing is your income and any other debts. I'd suggest a couple of places to start. One is to get prequalified with a lendor with the ideas you have discussed. This is a free service and if you need a recommendation, please feel free to contact me. Once you get that and decide you want to move forward we need to do a competitive market analysis on your home and perhaps get some estimates for repairs/updates and see if you want to move forward.
Good luck.

Fri Dec 28 2007, 10:39

Frank,
I would appreciate the opportunity to do a comparative market analysis for you. My partner and I work for Ebby Halliday Realtors here in Richardson off Plano Rd and Beltline. Let us help you with our rofessional service. Richardson has great schools, and is a wonerfull community, I feel selling it won't be a problem, we just need to work out the foundation issues. Feel free to call or email us and we will be glad to schedule a time to meet. Kind Regards....

Fri Dec 28 2007, 08:28

Hello Frank,
I second Susan's opinion that you are not stuck at all! in fact you are more in control since you have decent credit, have equity in a home even if you make the repairs, you are already ahead of the game and you have a house in a desirable part of town.

I would recommend the following before you start spending money on remodeling, or foundation repair:
Meet with a Realtor that can tell you which items you need to address to make the house sellable at a maximum price with the least expense.

Responding to your question about being able to qualify for a 200K house, that would depend on other things such as your DTI (debt to income ratio) as well as your credit score. I would have to look at a full loan application, run your credit and let you know which programs would meet your needs best.

Contact me at your convenience at 214-289-8555 and I'll be happy to assist you.

Fri Dec 28 2007, 00:23

Yes, Frank, you are thinking correctly and NO you are not stuck.

I suggest you interview a few listing brokers to see what they think they can sell your home for with repairs and without repairs. (just don't choose the agent who promises something to good to be true)

Next, talk to your bank and find out how much you can get a loan for with how much down. Look at a couple of different loan options and then go get Good Faith Estimates (GFE's) from the competition. (again, don't choose the lender that promises the impossible)

A lot of people wish they were on your path, best of luck to you.
Susan Walker

Thu Dec 27 2007, 19:56