Home Selling in Weston Ranch>Question Details

Rey Quitola, Other/Just Looking in Stockton, CA

I live in Stockton and my job has relocated me to AZ. Although my company has a relo program, I cannot use

Asked by Rey Quitola, Stockton, CA Fri Jul 25, 2008

the program to sell my house due to I owe more than what the house is worth. I've taken some equity loan as well. Not sure of what to do. Thinking of doing short sell, what is the procedure of doing so. Any recommendation will gladly be appreciated.

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7
Rey,

Wow - any chance you can get another job and forego the relo? Hold onto the house? What's your income? Do you have liquid assets? These types of questions, once answered - might help.
Web Reference: http://www.tommcgiveron.com
1 vote Thank Flag Link Sat Jul 26, 2008
Have you thought about leasing your home? If you are current on your mortgage/tax/insurance, have income you most likely MAY not qualify for a short sale. . If you work positively with a real estate agent I am assured solutions to all of your questions could be resolved. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Fri Jul 25, 2008
Unfortunaltely Weston Ranch as ( or had) the highest foreclosure rate zip code in the country. The market is controlled by bank owner properties. A rrecent 1900+ SF single story house was listed at 159,900. You can't compete with those prices. Since you have a second loan that will be wiped out in a short sale, you may have a tax problem. Check with a real estate cpa before you do anything! In a short sale the second loan holder has to agree to a short sale as they most likely will be wiped out. All of this depends on how much you owe on the loans and when you purchased your home. Leasing or renting out the property may be a good idea from a tax and business view. Also your current credit comes into play. I am currently working with some homeowners in WR to work out a compromise with their lenders. Due to the severely depressed prices in 95206 zip most lenders go with a foreclosure. As of this afternoon there are at least 167 bank owned properties for sale in WR. Email me at: larry@caldsl.net for more info.
Good luck
0 votes Thank Flag Link Fri Jul 25, 2008
The website below should anser all of your questions and refer you to a Stockton Realtor. Good luck!
0 votes Thank Flag Link Fri Jul 25, 2008
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
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Stockton CA is the worst real estate market in the country and you're moving to another bad real estate market in AZ. Good luck
0 votes Thank Flag Link Fri Jul 25, 2008
Rey
You usually need to be broke to do a short sale.
I would lease it out.
Talk with a Realtor and get some opinions of price and rental income. Then talk with a CPA regarding the tax consequences, particularly what happens when you decide to sell it.
0 votes Thank Flag Link Fri Jul 25, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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I agree with Lynn's comment about leasing the house if possible, it would be the best solution that comes to mind although there are probably other more creative solutions available that hopefully other posters will share. Good luck.
0 votes Thank Flag Link Fri Jul 25, 2008
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