Hi Jeanine,

In order to make the decision on your best option, it is a good idea to have a broker do a market analysis of your home and show you what comparable properties are selling for. In addition to determining what you owe on your current home and what it would sell for, you need to see which neighborhoods would benefit you on the buying side of your transaction.
My partner and I can offer you the advantage of local knowledge, as we live in Centreville and know this market well. I am a licensed broker since 1989 and have a Bachelor's Degree in Finance. Please feel free to call me at (703)408-3266, so that we can provide you with all the information you need to make an informed decision.

Tue Apr 29 2008, 07:41

You have gotten some good answers to your question from other agents. You have to look closely at the reasons you are looking to sell and the impact it will have on your credit. If you are an adjustable rate mortgage and your monthly payment has gone up you should start with calling your bank and seeing if you can negotatiate a lower rate to help you out. If you can stay put for a few years that is the best thing for you to do. If not then call the loss mitigation department of your bank and ask for a short sale package. Once you have the package and have gathered all of the required documents call a local agent to help you list your home for sale.

Mon Apr 28 2008, 19:41

Jeanine, the answer depends on your current situation. If you have to sell your home for less than you owe to the bank (assuming the bank agrees to that), it will be all but impossible to qualify for a loan to buy a new home. You'll almost certainly have to rent for at least two years before you'll be in a position to get a mortgage. As Jim mentioned, a short sale (selling for less than you owe) will do significant damage to your credit; you'll not only have trouble qualifying for a mortgage in the future, but for other credit as well.

I would have to agree with Jim on this one ... if you can afford to stay in the home for now, that's probably your best option.

Mon Apr 28 2008, 14:28

Jim said it correct.step one is to see if you can come up with diffence or no. Step two, you may actually call bank to do a work out plan for your loan where they may lower your interest rate. for my client's exprience, bank employee may ask you that you are not behind to so they may not do a work out yet for your loan BUT Gisel, a work out specialist helping my clients readjust morgages, told me it is lot easier to get the interest adjusted or else if the homeowner is not behind. Step three is hire right person for shortsale so it works out for you. Step four for my clients who's short sale are not aceptable to bank, the mitigator I hire helps them do Deed in Liu of Foreclosure, where you hand the keys to bank. Also, On your buying end you should start looking if you qualify before starting short sale, while your credit is good. Feel free to ask if you have any other Short Sale related Q. or concern. Monika 703 626 3327

Mon Apr 28 2008, 14:21

As stated before, can you make up the difference between what is owed and what it will sell for out-of-pocket? I know its a tough decision to make, but on the slight upside, as much as it may hurt to sell in this market, you then get to be on the buyer's side. I had a seller who lost $20k from when he purchased his house but then made up around $50k when he purchased.

Mon Apr 28 2008, 14:08

The questions are; can you afford to pay the difference out of pocket? Can you afford to stay in the home? I would advise waiting it out; unless you absolutely cannot afford your home anymore.

If you must list as a Short Sale; you will need not only an agent who has done short sales - but you will need a lot of luck. Short Sales are very difficult and do significant damage to your credit.

Mon Apr 28 2008, 13:35