Home Selling in 11580>Question Details

Cynthia, Home Seller in Valley Stream, NY

Currrently in loan mod process which dropped my credit score to 630. I want to sell and buy another house. Is this possible, or should I wait?

Asked by Cynthia, Valley Stream, NY Tue Oct 5, 2010

I need money from the sale to purchase a new house. Can I sell my house for more than its worth? What steps should i take to get started? Thanks!!

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Answers

9
Hello Cynthia.

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
Office 516-599-5559
Mobile 917-685-0489
ovolfman@yahoo.com
1 vote Thank Flag Link Thu Jan 16, 2014
How are you Cynthia,


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.


Best regards,

Hezrell Vasquez
Lic. R.E. Associate Broker
(646)944-5685
http://www.hvasquez.exitrealtyhillcourt.com
0 votes Thank Flag Link Sun Mar 9, 2014
You should meet with a real estate professional to determine a realistic value of your home and after real estate commissions, seller transfer taxes and other seller expense will you receive sufficient proceeds to completely pay off mortgage/s any judgments etc and still be left with enough money to buy a different property and whether property you want to buy is available at a realistic price in current market. Once you determine the feasibility of this transaction you need to meet with a mortgage professional to see if you would be able to get financing for purchase of home. Since you are in the loan mod process (meaning it is not completed) I am assuming you are late on present mortgage payments and a thorough review of your credit, income, employment etc is necessary before it can be determined with greater certainty whether you could get mortgage. If you need to discuss further my contact information is given below.

Thanks,

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
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)
0 votes Thank Flag Link Sat Jan 18, 2014
Homes typically sell for what we call market value. That is what a buyer is willing to pay. When you buy your next home you would not want to overpay and someone buying your home is not going to want to overpay. As far as the mod goes, your credit would have to be looked at and see what shows up. A loan mod on this home can affect you getting a new mortgage depending on how long it has been.

Sincerely,

Evan Mogelefsky
Associate Broker
Realty Connect USA
516-322-7518
mogelrealtor@aol.com
http://www.searchlihomes.com
0 votes Thank Flag Link Thu Jan 16, 2014
Are you able to get out of the loan mod? If so you may be better off Short Selling your property, it will save you anywhere between 200-250 points on your credit score versus the alternatives. If you can get out of the loan Mod you are probably best to do that an walk away and save your credit score. Better opportunity to start fresh. Typically with a short sale you could be eligible to buy a new home again with an FHA is as little as 20-24 months. Any other route could take you must longer.
0 votes Thank Flag Link Thu Jan 16, 2014
Hi Cynthia! You have asked a question(s) that require many additional questions to be answered by you!
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!
Candi Rosenthal
Prudential Douglas Elliman
516-330-7608
0 votes Thank Flag Link Thu Oct 7, 2010
Hi Cynthia,

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

Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Licensed Associate Broker, REALTOR
Coldwell Banker Claire Sobel
Direct: (516)410-3594
Email: Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Tue Oct 5, 2010
If you overprice the home it might take a lot longer to sell it. What you need is to have is an agent do a walk through and then a CMA report to determin the current value of your home,sit down and ask him/her the pros and cons. What would be the best process and action you should take? Feel free to call me if you need further help.
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group LLC
Direct Line: 347-932-0609
0 votes Thank Flag Link Tue Oct 5, 2010
Without many details--As for selling your house for more than what it's worth--consider, would you buy a property if you knew you were overpaying--keep in mind that in order to establish a value, you need to be aware of comps--recently sold similar properties in the immediate area--review the data and make a determination as to a fair price; that information is also available to buyers, therefore highly unlikely someone will purchase over value--as for waiting--how long in the process are you with respect to a modification--if the modification is approved, will you still want to sell, etc. Feel free to contact me directly if you need assistance.
0 votes Thank Flag Link Tue Oct 5, 2010
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