Home Selling in Cleveland>Question Details

johnnytorres…, Home Seller in Cleveland, OH

I need to move because of my job but I can't sell my house because it's underwater. What can I do, what are my options? I'm desperate!

Asked by johnnytorres316, Cleveland, OH Thu Oct 31, 2013

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Too many people found themselves in this unfortunate situation, life on hold. If the house is underwater I am assuming you are going through the short sale process. If not you need to speak with the mortgage company as well as your attorney to figure out the next move,

Wishing you the best.
1 vote Thank Flag Link Thu Oct 31, 2013
Consider consulting with an attorney who specializes in real estate, most professionals offer a free consultation; a short sale could be an option....
1 vote Thank Flag Link Thu Oct 31, 2013
Without knowing all your details it seems like you may want to look into renting you property or talking with your lender about a possible short sale. Talk with a professional Realtor in your area. Good Luck!
0 votes Thank Flag Link Thu Nov 14, 2013
I would suggest considering renting your home. Keep in mind that if you decide to do this and are looking to buy a second home, you may need to qualify for a total payment of both homes as some lenders do not count any rental income as personal income until it has been coming in steady for 12 months.

Another option is a short sale. Many people qualify for this and this can prevent a foreclosure. Note also that if you opt for a short sale, you may not be able to purchase another home for 18-24 months.

Give me a call with questions.
Micah Riley, REALTOR
Cutler Real Estate
330.338.5130 cell/text
0 votes Thank Flag Link Thu Nov 14, 2013
You should definitely try to rent it out. It's a good rental market right now. You could list it with a Realtor to increase the marketing for it. You could potentially look into a property management company to handle it for you but it will cost.

Depending on your new job, you could just keep the home empty for a while and keep making the payments until you decide on a permanent solution. Short sale is an option but it may take a while and it will harm your credit. Typically with a short sale you will need to show hardship.

It's a problem many have faced. It's challenging and requires a complete look at your finances, life and situation. Weighing up the best route to take. Perhaps you could try word of mouth with family/friends and get someone in there to rent it for a year or two. Home values have increased and they may continue in the future. You may be in a better position to sell later on. I hope it works out for you!
0 votes Thank Flag Link Thu Oct 31, 2013
Rent it out. Too much negative impact if you do a short sale.
0 votes Thank Flag Link Thu Oct 31, 2013
JohnnyTorres, The Best suggestion I can make is to TALK to your Lender and explain the Situation. They may have suggestions that could work for them and you as well. Make the call.
0 votes Thank Flag Link Thu Oct 31, 2013
Hi Johnny,
You do have some options, among them are doing a short sale or renting the house out (if you want to be a landlord). Do you know for sure that you owe more than it's worth? Feel free to give me a call and we can discuss all of your options and determine the market value of your home.

Jon Oberman
RE/MAX Traditions
0 votes Thank Flag Link Thu Oct 31, 2013
Consult with a real estate professional regarding the possibility of a short sale. If you don't know any agents that specialize in short sales in Cleveland email me and I will put you in contact with one. My email address is leecountyrealtor@earthlink.net and I have an agent there in Cleveland assisting someone else I personally know and they are doing an excellent job.
0 votes Thank Flag Link Thu Oct 31, 2013
No need for great desparation. Since 2008 this has been a common issue and one for which solutions have been developed and implemented.
What you must do is call, (if you are serious you will pick up the phone and call) a Cleveland, OH Realtor (r) who has a track record of closing distressed property sales, namely short sales, this year.
To accompish this, the REaltor(r) will need to be multi-dimensional, with the resources to truly compresss the selling time line.
Such Realtors (r) will raise their hand right here in the Q & A section of Trulia. If they provide a telephone number..call it. If the don't skip them. If they don't answer the phone, go to the next one.
What they are going to tell you is TRUE. You will think it an exageration and come on Trulia to second guess your agent by trolling for opionions from strangers on the itnernet. Don't do that. That will only compound your confusion and dissappointment. It will be a wild and frustrating ride. There will be no good faith parner on the other side. You must trust those you hire, and follow their directions to the T and immediately.
You are about to enter the Short Sale zone.
Buckle up! It's a wild ride.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the FRONT OF THE LINE (http://FirstLookHomes.us)
0 votes Thank Flag Link Thu Oct 31, 2013
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