Hi Lori,

If you have not sold your home yet, please contact me. I specialize in short sales and use a professional negotiator to work with the lenders. I have closed many short sale homes with two loans on them. Email me so we can discuss your options. If your home has sold-Congrats and good luck in Florida!

Lori Rossi
Coldwell Banker Res Brokerage
Lori.Rossi@Nemoves.com

Hi Lori,
I hope you already sold your home. If you didn't, then here are some options. First of all, you should contact your banks regarding doing a short sale. This means the bank takes less than their owed, but it is less expensive than going to foreclosure. Banks have recently learned that its better to get half or 1/3 of a "loaf" than no "loaf" at all. In fact foreclosure can cost them $20,000 - $60,000 PLUS the loss of the money you owe them. Secondly, find an attorney EXPERIENCED in short sales. Time is money so the more experienced attorney can expedite this type of sale much faster. This will mean less destruction to your credit as well as this elephant off your back. I can suggest a few, if you like.

Maybe you should look for another realtor who is more willing to drop the price. Look at your contract with them. You usually can let terminate the contract if you give them notice in writing.
Have you thought of renting it out with the understanding it is a month to month situation while your waiting for a buyer? Your realtor should be able to handle this for you too or do so for a small fee.

Hopefully you have sold your house by now. But if not.... you may have to lower your price quite a bit in order for someone to jump in and buy it. The houses that are selling quickly are priced right and/or have great features with location being one of those features. Unfortunately, this market (economy) does not lend itself to profit taking for many sellers. You are asking the potential buyer (one with cash and great credit) to take the noose from around your neck and bail you out. I hate to be so blunt but you may be a victim of bing in the wrong place at the wrong time. Many people are suffering right now and fewer people have access to cash and top credit. Sometimes you just have to bite the bullet, take your loss and move forward with a new plan. If you sell this house now for a loss, chances are you can buy one in a cheaper state for less money as well. The longer you wait- the more frustrated and angry you become and that will cloud your thinking. Also what you may think is an awesome home, someone else may think your home is just okay. They may want to make changes to suit their needs and may not have the money for that after taxes and the cost of the changes are factored in to the equasion. Remember- it sounds like you over extended yourself to get in to this house in the first place. Thank our esteemed politicians for allowing the banks (in some cases demanding the banks) relax their lending requirements for people. Your house, taxes and insurance used to be no more than 25% of your gross income. That left you with pelnty of money for a car, food, bills, savings etc. Somewhere along the line that formula was relaxed to no documentation and the sky was the limit.

I truly hope you sold your house by now. Wakefield is a nice area.

Have you considered renting? Some homes rent for the mortgage payments per month and then relist when the market changes. This allows you to retain the value you've worked hard for. The market it starting to increase and within a year things will be better. If you are interested in finding out about renting the property ask you realtor to call me. I always have several renters interested in all areas. She or he will know the amount of your mortgage payments and will be better able to tell you if renting is an option. If you home is really nice and in an upscale neighborhood you can fetch as much as $3000.00 per month.
Katie Smith
Weichert Realtors
Westerly, RI
401-322-7437 Home

A short sale may be the answer. It all depends on if you would qualify. Feel free to take a look at:
http://www.watermarkrealtyri.com/professional6.shtml

I have helped many sellers in the same situation.

If your contract is up, I would be happy to help. Please feel free to contact me with any questions.

Lori
The fair market value and the price at which a home will sell have nothing to do with how much you owe.

If you are unable so lower the price to the point where it will sell, then you probably have three options:
1. Try do conduct a short sale - this will hurt your credit, but not as much as a foreclosure
2. Rent it out. I'd ask your Realtor to run the numbers for you, talk with your CPA about the tax consequences
3. Depending on how "short" you would be if the property sold. I'd try to figure that out with your Realtor. Could you borrow the money to make up the shortage?

In most areas home prices have been declining so the longer your property sits, the less it is worth.

Good luck.

Check out your option. Selling may not be your only choice. There may be a home owner in FL with the same situation want to move to RI. Than exchange is the way to go. How about offer your house for lease with option to buy? Or refinance to get a lower payment? Good luck. Tony Tam.

The only other option is a short sale. The home is never going to sell if buyers are not seeing the value. You must be priced with or below your competition.

Hello Lori,
Hang in there and discuss with your Realtor if a short sale is possible. If you have any questions your Realtor can not answer, please feel free to contact me privately.
Brenda

The market is improving and there is a tremendous amount of job creation from Groton to Newport. I would request a new CMA for the property illustrating the prices per square foot and assessed value ratios for all current listings and recent sales. This would give you a good idea where you stand in relation to comparable properties in your area. Also, how many showings have you had and what has been the feedback from the buyers? What type of web activity have you had and where are you placing the property on the web?
Please let me know if I can be of any assistance.
Keep Hope Alive!