serenajones2, Home Buyer in Chicago, IL

I want to know is there a such way I can sell my home for whatever I owe so I can keep my credit in good standing and so I can move out .

Asked by serenajones2, Chicago, IL Sun Jul 7, 2013

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You have to find a buyer to pay that price. If market value is below what you owe on your mortgage, you can still sell. You would have to do a short sale. Our short sale services are FREE for homeowners. We have been successful in getting homeowners off the hook for the deficiency, as well as, getting homeowners up to $23,000 in relocation assistance. Your credit will be affected, but not as much as it would with a bankruptcy or foreclosure. Feel free to call with any questions.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Mon Jul 8, 2013
If the market value is at or above what you owe, then you should be able to sell your home. Work with a Realtor to assist you.
0 votes Thank Flag Link Mon Jul 8, 2013
Is your home worth what you owe on it? If not you will need to keep it until it is if you do not want to effect your credit by doing a short sale. If it is worth more than you owe interview some local agents and find the one you feel most comfortable working with. Lots of sellers think they will make more doing a "for sale by owner" but statistics have proven over and over again that is simply not true.
0 votes Thank Flag Link Mon Jul 8, 2013
Dear Serena,

Your best bet is to work with a broker who is looking out for you best interest. You want to work with a broker is going to give you a clear and honest market analysis of your home so you can determine the most likely outcome.

However, if your home is worth less than you owe I recommend a short sale. A short sale does less damage to your credit than letting your home go into foreclosure and you can purchase again in as little as two years with a Fannie Mae back loan and four years with a Feddie Mac. Be aware that many other creditors look at this as you being pro-active.

Also you should work with a short sale attorney. Do NOT work with a short sale attorney that charges you upfront. I recommend all my clients to a particular firm that get paid from the proceeds of the sale. So if they get you place to close with the real estate broker they don[t get paid. Talk about good incentive for them to get the job done correctly.

If I can be of any assistance with a recommendation or anything else please feel free to contact me at manuelbrown@imovechicago.com
0 votes Thank Flag Link Mon Jul 8, 2013
Hello Serena,

It depends on the location, condition and what you owe versus the fair market value.

Did you know that the typical for sale by owner home sells for 15% less than an agent assisted sale?

Work with a Realtor to help you determine fair market value and assist you to determine which is the best plan of action for you specifically.

Good luck and feel free to call me should you have any further questions.
0 votes Thank Flag Link Mon Jul 8, 2013
As long as you are making your mortgage payments and then bring a check to the closing then your credit should not be negatively affected.
0 votes Thank Flag Link Sun Jul 7, 2013
This looks like part of the question where you owe $30,000. Did you mean $300,000? Right now the rental market is very strong and a decent property could rent very quickly and cover you expenses, while keeping the property. Find a good rental agent. I specialize in Gold Coast, Streeterville, Near North, there is nothing for $30,000 there except parking spaces.
0 votes Thank Flag Link Sun Jul 7, 2013
Yes I meant $30,000.00 & not $300.000.My home was built in 2005 and I been making pmts every since and never been late or behind cause my monthly mortgage pmts are deducted from my check each month.I just owe this amount so that why I wanted to sell it for that amount or more if possible so that I won't ruin my good credit.It is in good shape.It a single one story family dwelling with 3br and 1 bath &unfinished basement &fence in yard with 3 gates.It has wall to wall carpet,dishwasher,12 x 12 concrete patio & 2 entrances(front & side).
Flag Sun Jul 7, 2013
You need to have the property appraised before you move forward with selling the home. Either call an appraiser or have a broker given you a market analysis. Debbie Bergthold-Smith Classic Real Estate
708-267-5552
0 votes Thank Flag Link Sun Jul 7, 2013
It depends on what the property is worth. If its worth the price, then yes. I would speak with a few Realtors to determine the value of the property. I would be happy to help.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Sun Jul 7, 2013
I live in Lynchburg, va 24504.This is a very nice home with 3br and 1bath&laundry room &washer and dryer hookup & 2 entrances(front & side door)
Flag Sun Jul 7, 2013
My home was built in 2005 &thru Habitat for Humanity in Lynchburg, Va.I was thinking if I can get it sold for the $29,000 that I owe or better than it will keep my credit good.I pay 0%interst.I never been late or behind on pmts.The home is in good shape with wall to wall carpet,fence in yard,corner lot,single dwelling,dishwasher,12X12patio in backyard,unfinished basement.the dishwasher,12x12 patio,fence with 3gates is some extra things I added to my home after I move in.
Flag Sun Jul 7, 2013
It all depends on how much is owed and how much homes are going for in you area. Have you paid off quite a bit so far ? We could also do a quick comparable market analysis as to how much similar homes are going for in your neighborhood. ..Give me a call at anytime Anna with Baird & Warner 773-883-2785
0 votes Thank Flag Link Sun Jul 7, 2013
I live in Lynchburg, va 24504 area.My home was built in 2005 thru Habitat for Humanity.I just trying to figure out how I can get my home sold for what I owe wish is 30,000 or sold for more is possible.I just don't want to ruin my credit but I want to move out into apartment.I am getting to the point where I will not be able to afford to keep making payments and afford the upkeep of my home.I never been late or behind on my payments.
Flag Sun Jul 7, 2013
I can be contacted at 773 934-9924
0 votes Thank Flag Link Sun Jul 7, 2013
Depends on what the house is worth in today's market. Keep in mind that the last 5-6 months certain areas have increased in value by 10-20%.

Jose Hernandez
Coldwell Banker Residential
312-788-7079
0 votes Thank Flag Link Sun Jul 7, 2013
Hi

There is a way you can sell your home and still have good credit. First, you need a Brokers price option to determine the value of your home then compare that to how much you owe to the bank. If you owe more than what your house is worth you may have to do a short sale.
0 votes Thank Flag Link Sun Jul 7, 2013
I live in a habitat for humanity home that was built in 2005.I never been late or behind on my payments.but i am begining to have fanancial hardship due to decrease in household income.I want to sell for whatever I owe which is $30,000.00 left that i need to payoff.It 0% interest.I rather sellit for that price or more if possible to keep my credit in good standing and then I can moveout into an low income apartment.
Flag Mon Jul 8, 2013
Hi Serena, yes it is possible. I will need much more detail, but would be happy to talk to you on the phone for a few minutes to see if I can help. Feel free t o call me Monday after 700 am at 773 732 9123
Dave
0 votes Thank Flag Link Sun Jul 7, 2013
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