Home Selling in Toms River>Question Details

Dbreslow, Home Buyer in Toms River, NJ

I've been trying to sell my townhouse for past 6 months but can't...we owe $220,000 and asking $215,000...any suggestions......?

Asked by Dbreslow, Toms River, NJ Fri Aug 13, 2010

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Hi Dbreslow,
here is a site that could help to address your questions about a short sale. I hope this helps you see if a short sale is a option you would want to pursue.
http://homebuying.about.com/od/4closureshortsales/a/shortsal…
1 vote Thank Flag Link Sat Aug 14, 2010
@Diane I think you need to re-access your answer. The statement that " If it is your primary residence, you will not be held accountable (tax-wise and repayment-wise)" Is not completely accurate.
Web Reference: http://robertsuarez.net
1 vote Thank Flag Link Sat Aug 14, 2010
Good Evening,

Just to add onto the options that Jim discussed, you also have two other moves available to you just in case you are extremely motivated to get out of townhouse living.

1) Find a renter for your home and move in to the new construction home. Many lenders will approve you for a loan on an additional house if you have an executed lease on your current home and that rental income will offset the mortgage debt, association fees and taxes of your townhouse. You may have a slight deficit each month between those two numbers. However, if after all that your DTI (Debt-to-Income) Ratio is still acceptible a lender will approve you for a new loan.

2) Depending on your situation and where you are moving too, you may be able to short sale your current home and move immediately into your new construction home. There are certain guidelines for this to occur so to speak further on this course of action I would have to get more details.

If I could be of help feel free to contact me at one of the numbers below.

Best Regards,

Thomas Zdanowicz
Broker-Associate
"THE OCEAN'S SIX GROUP"
http://www.osmls.com
ReMax Real Estate LTD.
C. 732-644-9084
O. 732-920-1900
E-Fax. 888-466-2248
E. tzhomes@yahoo.com
NJAR Circle of Excellence Award Winner '06-'08
1 vote Thank Flag Link Fri Aug 13, 2010
Thats very vauge question. How much is the house worth ?
0 votes Thank Flag Link Wed Feb 16, 2011
Hi there, Jeannie Feenick back to check in to see if you've made progress. Although it is not what you want to hear, I'm sure, I would amend the prior posters response this way - there is ONE reason a house doesn't sell - price. Price is the driver in today's market - and the value unfortunately does not depend on what you paid, or sadly what you owe.

Time to talk to your agent - and your bank.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Oct 12, 2010
There are 2 reasons a home doesn't sell 1. Price have you had your agent run a current CMA to see if in fact you are priced right? 2. Marketing! the key to any successful sale campaign is the marketing I have seen homes priced $20000 below market value and not sell and homes priced $20000 above the market and sell. I'd be happy to get you a current CMA and tell you more of what I could offer you
0 votes Thank Flag Link Sun Sep 26, 2010
Hi, I work with alot of first time home buyers and this is a very popular price range. There are alot of homes and condos under $250,000. I am always coming up with innovative marketing ideas and systems that are successful. If you would like I can email or send you an information packet. CSzieber@crossroadsrealtynj.com Thanks
0 votes Thank Flag Link Thu Sep 9, 2010
If the data supports a market price of 200K, do not hesitate to lower your price. Work with your Realtor to determine the market value. If you have been unable to sell at 215K, and your property has been aggressively marketed, the buyers have determined the price is too high. Lenders understand this when you have data and facts to support your position.
0 votes Thank Flag Link Sat Aug 14, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
You should speak to your lender about doing a short sale. You are certainly not alone in today's real estate market.
It takes a lot of patience and work to get approved for one, and you should make sure you have an agent who is experienced in short sales to expedite things for you.
If it is your primary residence, you will not be held accountable (tax-wise and repayment-wise) for the loss and can be your way out of a home you no longer need or want. The government programs even will pay for your move if you qualify. So, you walk away with nothing, but at least you are out!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Aug 14, 2010
This would require lender approval for a short sale HAVE you considered leasing the property till market turns around AND receive a tax write off confer with CPA

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 14, 2010
Hi there, if need constituted value then home sellers would be in far better shape than they are. But unfortunately that is not the case.

If you have been trying for 6 months with a price of $215,000 without success then you have it priced too high, regardless of what you owe. The harsh realty is that nothing cures a pricing problem.

So my recommendation is this - have a heart to heart with your agent, if you need to sell this home, then get the price right so that you can move it. The sooner you do, the more you are likely to sell for. Time - in the form of mounting days on the market - is not the friend of sellers.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Aug 14, 2010
Hi Dbreslow.
To help you get an idea on what condos rent for in Toms River here is a rough range from the lowest to the highest:
2 bed 1 bath -$1150-$1700
3 bed 2-2 1/2 bath -$1500-&2250
Remember just because the numbers work on on paper, does not mean the numbers work out that way in practice. Keep in mind maintaining a rental property can contain many unforeseen costs. Insurance costs are different. Plus there are many laws pertaining to renting. Meaning a great likelihood of legal fees to review leases or carry out evictions, if needed.
0 votes Thank Flag Link Fri Aug 13, 2010
Hello again,

I would suggest you decide whether to price your townhouse where the market dictates, accept your loss and move on with your life...or...stay where you are for another 3 to 5 years until the market stabilizes and begins to appreciate again. On the bright side, if you decide to sell, you should be able to negotiate back some of your loss on your purchase end! Are you working with a real estate professional?

Jim
Web Reference: http://FlanaganRealty.com
0 votes Thank Flag Link Fri Aug 13, 2010
Make sure you list with the right agent who knows how to market the home. I will be more than happy to meet with you and discuss your options.
0 votes Thank Flag Link Fri Aug 13, 2010
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