Home Selling in 08734>Question Details

Rae, Home Seller in 08734

Bought my house 3 mo ago. Need to sell. I have to pay back $10k for first time buyers grant. How do I sell my house to make enough to break even?

Asked by Rae, 08734 Thu Aug 11, 2011

Help the community by answering this question:


Ron Thomas
I never heard of an agent who types in ALL CAPS and does not know how to read...
Where did you see loan has to be paid back in 3 months???
Really? VIP on trulia? How did you pull THAT OFF?
2 votes Thank Flag Link Fri Aug 12, 2011
Hi Rae,

Send an email or give a call, lets do a market analysis of the home in your area. You need someone that will give you an honest opinion on your home and what the current market value is, then we can discuss the options from that point.

There is not too much that can offerd on your question without a consutation on the house and the market.

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
1 vote Thank Flag Link Fri Aug 12, 2011
Kind of wondering what's wrong with the house that you need to run from it so fast. As I understood if you lived there for so many years there was no payback, so why not just live in the home & then try to sell hopefully in 5 yrs things will be looking alot brighter. I saw the listing & wondered what happened a many buyers looking will also wonder too. I wish you luck but honestly I think there's more to this story we're not hearing.
1 vote Thank Flag Link Fri Aug 12, 2011

Depending on what you owe on your home, adding the $10000 grant money that must be repaid, closing costs and attorneys fees (if applicable) and what the house is worth today, you may not be able to break even. Overpricing will not make you break even - because a buyer isn't going to pay for an overpriced home. Finding out what the house is worth today is a good start.

Good luck,

Gina Chirico, Sales Associate
Lattimer Realty
1 vote Thank Flag Link Thu Aug 11, 2011

In my view, you need to be speaking to an accountant an/dor finance professional to determine your options before speaking with a Reattor. Remember a realtor's goal is to gain your business first and foremost. If u are uncomofrtable with speaking to your current financial pro, email me through Trulia or @ Francesca@PatrizioRE.com and I will set u up with individual that can most appropriate direct you.

Francesca Patrizio, Broker Sales Associate
Glloris Nilson REALTORS, Real Living
732.606.2931 (Direct/Cell 24/7)
Web Reference: http://www.PatrizioRE.com
1 vote Thank Flag Link Thu Aug 11, 2011
Unfortunately, your home is only worth what a buyer is willing to pay not what you "need". You don't mention why you need to sell, Have you lost your job? Are you relocating? Consider contacting the original listing agent and inquire if there were other buyers who also wanted to purchase the house but "lost out" to your successful offer. If they haven't already purchased a home they may still be interested in purchasing your home.
Have you considered renting your home? If you must stay there yourself, have you considered taking in a room mate to help with your expenses? This will at least help with some of your expenses while you sort out your next move.
Joanne Bernardini
Sales Associate
Casa Bella Realtors
0 votes Thank Flag Link Mon Aug 6, 2012
I have worked with many homeowners going through the same situation as yourself. It is a little difficult to try to list a home with a realtor and break even while trying to afford to pay a commission. A short sale may be an option, but you will have to wait to purchase another home in the future due to credit issues. You may want to consider a lfat fee listing. Your property will be listed in your local MLS, and the most you will pay will be 2-3% commission if a realtor is involved on the selling side. Please feel free to contact me to discuss your situation.
0 votes Thank Flag Link Sat Aug 13, 2011

There are are many factors in play here and to analize yor situation you need to be a little more specific . How much you paid for it? Did you improve it's condition? What was your down payment?......Also , I have not heard of a first time buyer's grant lately or are you talking about a "seller's concession" that goes incorporated to your loan.....Maybe you are on a "Short Sale" category and that's all you need, otherwise if you can afford the cost ypu should stay in the house and wait till the market recovers.

Oscar Alban CDPE
0 votes Thank Flag Link Sat Aug 13, 2011
In this market, you'll need a literal miracle to sell a house at a high enough price to reach breakeven after closing costs, if you just bought 3 months ago. Most likely, you'll have to come up with a significant amount out of pocket if you do sell. Have you considered other options?
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Aug 12, 2011
Rae. Please let me know if it was part of the smart start program. Or the first time homebuyers tax credit.
Laureen Coup
Weichert Realtors
Forked River Office
0 votes Thank Flag Link Fri Aug 12, 2011
I agree with Francesca - unfortunately "need does not constitute value" -- if it did, market conditions would be far different.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Fri Aug 12, 2011
Rae... Unless you bought far below market value it is very unlikely you will break-even if you try to sell after only 3 months. Even without the first time homebuyer's grant, it would be difficult to break even in the current market. Check with a couple of realtors in your area and see if RENTING the home is possible. If you can find a tenant and the rent will pay the mortgage and taxes, you can make your investment work for you. I don't see how an accountant or financial professional will be able to help you sell your house. Your first step would be to ask an agent to do a market evaluation for you. Knowing what your house will sell for is the first step, and frankly what you NEED to sell it for is not part of the equation.
0 votes Thank Flag Link Thu Aug 11, 2011
Thank you all for your help. Francesca I will contact you through e-mail.
0 votes Thank Flag Link Thu Aug 11, 2011

I think you need to meet an agent in your local area and see what they can do to help you.
Good Luck!
0 votes Thank Flag Link Thu Aug 11, 2011
I bought the house in April for the accessed value. I received the first time buyers grant from NJ housing and mortgage finance agency in the amount of $9,668. It is 5 years forgivable meaning after 5 years it doesn't have to be paid back. But if you sell before that time you have to pay it back. I did not put any of my own money down on the house. Its in Lanoka Harbor, NJ. Thank you all for your input.
0 votes Thank Flag Link Thu Aug 11, 2011
0 votes Thank Flag Link Thu Aug 11, 2011
Let me ask a couple of questions?
Who or what agency gave you the first time buyer grant? Are there other penalties and/or hardship escape clauses?
Did you put any other money down?
What State is the house?
If you purchased a home at a very good price that when sold would allow you to pay everything back then you might be ok but after 3 mos. I would be surprised.
There are investors who buy distressed property.
I do not have any real great answers for your problem, Sorry.
0 votes Thank Flag Link Thu Aug 11, 2011
a lot depends on how you bought it, did you pay below accessed? is there something special about this home that would enhance a quick deal?
if you contact me, i can do some research for you, come look at the house and see if what you need to do will work in your favor.
write : bwaller@crossroadsrealtynj.com or call :732-600-5959
0 votes Thank Flag Link Thu Aug 11, 2011
Hi Rae,
I'm sorry I dont have better news for you - - the market isn't appreciating.... it's going to be very hard for you to break even if you have to pay that back and pay real estate commission and the real estate transfer tax....
good luck,
0 votes Thank Flag Link Thu Aug 11, 2011
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