I am still new to Trulia, and learning how to use it properly.
I have been working with Short Sale Properties for about 7 years, and if you are still not working with anyone, please contact me at the phone number below, or by email.
Thank you for your valuable time!
Oleg Volfman, CBR, RSSP
Lic. RE Associate, Office Manager
Quick Deal Realty, Inc
134 Merrick Rd
Lynbrook, NY 11563
I hope all is well and also that you were able to find answers to your question. However if you still thinking about it or need to speak to a Realtor, i can be reached directly at 646-944-5685 for more information.
Lic. R.E. Associate Broker
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
Realty Connect USA
However, I believe I can safely say without asking you any questions, no, you cannot sell your house for
more than it is worth. Your home mostly likely will have to be appraised by the purchaser's lender, and
they are not going to mortgage it for more than 80% of market value. So, unless you have a cash buyer that
is willing to pay over market price, you cannot sell it for more than it is worth.
If you would like to start the process of selling your home you need to call a realtor to get your house listed.
At Prudential Douglas Elliman we have recently completed a joint business venture with Wells Fargo,and
have a company called DECapital. With NO obligation our representatives would be happy to discuss with
you your credit questions. They also have the ability to work with other banks outside Wells Fargo.
Hope to hear from you soon!
Prudential Douglas Elliman
A complete answer to your question would depend on several additional pieces of information. Although you are in the process of a loan modification - how far into the process are you? Are you current with your current mortgage? Do you have any idea of the current value of your home? Based on your current home's value and your current mortgage, how much money would you realize, after the expenses of sale, if you sold your home? Do you owe more on the mortgage than you think your home is worth, thereby making any sale a "short sale"? If you sell your current home, assuming it is not a short sale, how much of a down payment will you be making on your next home and what price home would you be interested in purchasing?
As to whether you can sell your house for more than it's worth - consider that while a seller sets the listing price of a house, it is the buyer that determines the selling price and the market that determines the value. We have been, and currently still are, in a "Buyers Market" meaning that there are few qualified buyers willing to purchase a home while there are many homes for sale. Additionally the average price of homes nationally has been, and still is, decreasing. Pricing a home is a strategy and inevitably a high market price leads to a long time on the market and ultimately a sale price far less than what the home would have gotten had it been priced right at the outset. I would welcome the opportunity to explain this to you in depth.
Please contact me so that we can discuss all of these questions and develop a plan so that you can make an informed determination concerning in which direction it would be best fo you to move forward. In the meantime, please contact a mortgage broker to determine how much your credit score of 630 will impact your obtaining another mortgage after you sell your current home. An excellent mortgage agent that I know is Robin Silverberg. You can reach her at (516)972-1687.
Good luck and regards,
Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Licensed Associate Broker, REALTOR
Coldwell Banker Claire Sobel
Licensed Real Estate Agent
Century Homes Realty Group LLC
Direct Line: 347-932-0609