Home Selling in 44301>Question Details

Frank Pilato, Real Estate Pro in Akron, OH

I need to get out of my house but owe more than it is worth in today's market...how can I buy a new home???

Asked by Frank Pilato, Akron, OH Mon Dec 3, 2012

I owe 108,000 and my house in today's market is worth way less. I want to get rid of it to buy a new house, but don't know how to get out of it. What can I do to get rid of this house and buy the new house? I have looked into renting it, but would rather it just be gone. Advice please!!!

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Great question Frank, you are not alone out there. I am here to help. I have helped a number of local people in situations smiler to yours, each and every situation is unique to it's self. Experience shows that we should do a one on one needs assessment to find the options that fits your situation and be done with it.
I may be reached directly @ 330-467-7000
Ken Woods
0 votes Thank Flag Link Mon Dec 3, 2012
1. You can sell it and write a check for the short-fall between sale price and cost of sale.

2. You can apply for a short sale with your lender.

3. You can quit making payments and let the property go into foreclosure.

4. You can investigate renting the property to determine whether converting it to a rental makes financial sense.

If you are able to find a competent local agent to help with the analysis you may find that time well spent.
0 votes Thank Flag Link Mon Dec 3, 2012
Hi Frank, you may need to short sale the home if you really want to move. But you could not buy another home for up to 2 years after a short sale. But a foreclosure would last on your credit report for up to 7 years! So you can stay and make the payments until the market improves or rent it and buy a new home or have a bank short sale. A short sale is where we get bank approval to sell your home for less than it's worth and the bank forgives the remainder debt. I have done many short sales and my contact info is below. Thank you.
Web Reference: http://www.davidc.com
0 votes Thank Flag Link Mon Dec 3, 2012
I am a local agent. I can certainly talk to you about selling your home, however if you need to finance another home to love into (vs paying cash) then the options below aren't feasible because of lending guidlines. You could definitely rent it and if you didn't want to deal with the hassles of tenants you could pay a property manager to do it for you. It's very affordable. I would be happy to discuss your options further. My cell is 330.703.2304.
0 votes Thank Flag Link Mon Dec 3, 2012
Your first step should be to meet with a local and trusted Real Estate agent who specializes in Short Sales. Avoiding foreclosure and giving back your home should be your first goal. A short sale is where the bank will decrease what you owe to allow you to sell it for current market value. The key is negotiating the sale so the difference in what you owed and what you sold it for is forgoven by your bank. I good agent can assist this for you. The other option is deed in lieu of foreclosure where you bascially gove the home bank waiving your right to foreclsoure. You do need to meet with an attorney to make sure you are released in full with no financial liability for the home before you buy anything new. Of you do not know any short sale agents in your area, email me and I can look in my referall list to assist you in finding one. Good luck with working things out.
0 votes Thank Flag Link Mon Dec 3, 2012
Our agent wants us to rent it out with her property investment group, can you send me short sale agents in or around 44301 Akron Ohio. Thanks
Flag Mon Dec 3, 2012
Consult with an attorney who specializes in real estate and see exactly what options you may have; a short sale may be a possibility....
0 votes Thank Flag Link Mon Dec 3, 2012
What is the best way to find real estate attorney's in my area?
Flag Mon Dec 3, 2012
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