Home Selling in 30340>Question Details

Pati, Other/Just Looking in Stone Mountain, GA

I have a current mortgage and would like to sell this house and get another one

Asked by Pati, Stone Mountain, GA Tue Oct 5, 2010

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Let's see, Stone Mountain is awash in REO and foreclosure properties, has a history of flips and fraud and Pati has a house to sell in an area with diminished activity. My guess is that she's upside down (tell us if not) so that further complicates things. Can anyone guess how this movie ends?

Good to see that there are folks offering to list the home for free or heavily discounted - just what she needs, that great focus and motivation from an agent working for free.
Web Reference: http://www.hrmiller.com
2 votes Thank Flag Link Wed Oct 6, 2010
I am guessing that you are upside down and want to bail on this one, lose the lost equity, and take advantage of the market.

Good luck. Real people do what is right....so do that...
1 vote Thank Flag Link Tue Oct 5, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Buy Your Next House From Me & I'll Sell Your Current One For Free.
Web Reference: http://www.morgansteam.com/
1 vote Thank Flag Link Tue Oct 5, 2010
Pati. First stop, a trusted direct lender to discuss your plans and financing options available to you. The mortgage lending environment has gone through some dramatic changes - better to be prepared than face disappointment and wasted time later.
Good luck.
1 vote Thank Flag Link Tue Oct 5, 2010
Pati,

Katina has given the correct response in that the current value of your home is the key to a sale. Is the payoff Plus any equity you wish to gain or need within the Price range you could receive in a sale.

I can look at your Numbers and also offer you at least 2 to 3 ways to sell your home whaere compettitive commissions could be the answer. Location and condition are also very important.

For a review and friendly discussion give me a call. I assure you "no hassle" and will only proceed on your invitation.

Respectfully,

Ken Guillen. Associate Broker, REO Certified Specialist
Casey and Associates Realty Co. (on Clairmont Road)
770-316-8072
klguillen@comcast.net
1 vote Thank Flag Link Tue Oct 5, 2010
UPDATE: 30340 is still selling even though most of Atlanta (especially outside the perimeter) is slow. Just sold a really nice home at the $250.000 price mark. It is a good time to buy! SO if you are thinking of selling get a jump on the spring market and list now.
Web Reference: http://englishteam.com
0 votes Thank Flag Link Thu Nov 17, 2011
Hi Pati.
I can get your current home sold and help you find another to purchase. http://www.jerimiles.com
0 votes Thank Flag Link Fri Oct 15, 2010
I see some agents running down certain communities so as to influence buyers to other, or their area of sales. This, I am sure, is unethical and illegal. A buyer who sees a home and likes it should not be discourage from getting that peculiar home.
Buyers should beware of such agents or brokers.

Kindly,
0 votes Thank Flag Link Tue Oct 12, 2010
Yeah Hank - that's some serious diarrhea coming from a few of these fantastic contributors to the greater good.

As Diddy says - "playas, talkin' it, but ain't livin' it."

I would like to see the P&L statements of these tools.

Desari seems like a solid agent in Stone Mountain - talk to some agents Pati, but as Stephanie suggests you need a broader look at finances, loans and lending before you leap into the move up market...
0 votes Thank Flag Link Wed Oct 6, 2010
Pati
The first thing you need to do is get qualified to own two houses. In other words, that you don't need the proceeds from the current house to buy the new house. The underwriting rules are pretty strict and depending on your equity position in your current home. Best of luck! Also suggest you work with a good local agent on the buying side and ask for a buy/sell discount if that agent gets to represent you on each side.
0 votes Thank Flag Link Wed Oct 6, 2010
HI Patti, good luck with the sale. Check out current fha rates at http://www.fha-rates-today.com
0 votes Thank Flag Link Wed Oct 6, 2010
you need to get prequalified first thing. Call Jim at:

Jim Auriemmo
Academy Mortgage
5565 Glenridge Connector NE Ste. 400
Atlanta, GA 30342
P- 404-924-4170
C- 678-448-2257
F- 404-941-2501
e-mail. jim.auriemmo@academymortgage.com


Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.SolidSourcePM.com

http://www.AtlantaHousingSource.com
0 votes Thank Flag Link Tue Oct 5, 2010
Pati,
I would be happy to assist you with the sale of your home as well as your purchase. Please feel free to contact me, and I can let you know how much your home is worth in today's market.
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Tue Oct 5, 2010
Patti, there are indeed "extenuating circumstances" where FHA will waive the 3 years....job loss/transfer and you can't sell your home, extreme medical issue, or divorce where proof home has not sold in a timely manner. Obviously this is why speaking to each client and getting their specific issues are why we need to do so. I was speaking in "general" rules.
0 votes Thank Flag Link Tue Oct 5, 2010
Patti:

Your best option would be to speak with a Realtor so that you can determine an amount at which you'd most likely be able to sell your home and assess your entire picture to better direct you. As for not being able to purchase for 3 years after having a short sale, my sister sold her home in Indianapolis in February 2009 via short sale and is now purchasing another home in East Point with an FHA mortgage. If you have a verifiable hardship, are considering a short sale, and would like to purchase another home; then, my suggestion would be to speak with several area mortgage professionals in order to get a clearer depiction of what your purchasing options may be.
0 votes Thank Flag Link Tue Oct 5, 2010
Don Tepper is correct. If you have to short sell your house (sell it for less than is owed and bank acceptes the short sale) in that case, you could not get a new mortgage for 2 years on a conventional loan with 20% down payment or 3 years on an FHA loan with a 3.5% down payment. If, however, you pay off your old home in full with the sale, there is no reason why you could not get another.

If we have 100% missed the mark on your question, please restate it and we will help any way we can.
0 votes Thank Flag Link Tue Oct 5, 2010
Without many details--Much will depend on your finances, current mortgage amount owed, etc.-- are you planning on selling first, or buy, then sell. Consider a visit with any qualified loan officer(s) and see exactly what options you may have--then go from there.
0 votes Thank Flag Link Tue Oct 5, 2010
Part of the answer (to your unstated question) depends on how much you owe and how much the house is worth.

To oversimplify, if you owe less than the house is worth, then you don't have a major problem. Example: You owe $200,000. The house is worth $300,000. You sell for $300,000, pay off the $200,000 mortgage, pay the other expenses (Realtor commission, miscellaneous costs), and walk away with about $75,000.

On the other hand, if you owe $300,000 and the house is only worth $200,000, you're $100,000 "upside down." You owe more than the home is worth. In that case, either you'd have to come to closing with $100,000 or you could attempt a short sale for $200,000. In that case, your lender would have to agree to absorb the $100,000 loss . . . or it might somehow attempt to stick you with it. (Your Realtor can advise you on these possibilities.) A short sale would also damage your credit and make it nearly impossible for you to buy another home for several years.

Hope that helps.
0 votes Thank Flag Link Tue Oct 5, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Pati,

I’m not sure what you’re looking to do, but I would be happy to provide answers to any mortgage question you have. My contact information is below.

Thank you,

Jonathan R. Cundiff
Home Mortgage Consultant
Wells Fargo Home Mortgage
MAC#: m2166-021
464 Cherokee Ave SE
Atlanta, GA 30312
404.610.1011 Cell
877.302.9968 Fax
jonathan.r.cundiff@wellsfargo.com
0 votes Thank Flag Link Tue Oct 5, 2010
Greetings Pati,
The only thing that you have to worry about is being able to sell it. If you would like assistance feel free to contact us.

Your biggest obstacle will be current market value...is it worth what you owe?

Good Luck,
0 votes Thank Flag Link Tue Oct 5, 2010
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