Home Selling in Perkasie>Question Details

Philaswarm, Home Seller in Perkasie, PA

I would like to sell my single family house, but would need to bring money to close, what are my options ?

Asked by Philaswarm, Perkasie, PA Mon Aug 8, 2011

I have a single family home in a very nice neighborhood in Perakaise Pa worth low $300's. I would like to move to a house nearer to Philadelphia, in the $200's. Problem is, I haven't been in my home for too long and to sell would require me to bring money I don't have to close. I am willing to take the money in addition to my new mortgage, just trying to figure out what are my options?

Do I cause myself issue by talking to my current mortgage holder as holding a note on me to the excess of the sale of my current house ?

Help the community by answering this question:


Try a Lease Option or a form of Seller Financing.

Have your mortgage covered for the time. And sell for a future price.

Right now, the ability to finance a deal is almost more valuable than the property itself.

Talk with any one of your local Realtors in the area that knows about Lease Option benefits. They can explain a lot more indepth.

I did a deal that will net my deeply under water seller an extra 17k when a standard sale would of had them putting 50k into the deal (a definite short sale)

Closing happened in 14 days.

Loads of benefits.
0 votes Thank Flag Link Wed Aug 10, 2011
Well ... MAYBE you could sell and break even - IF you do a FSBO (for sale by owner). It would cost you nearly nothing to TRY this, other than your time. Figure out if that might work for you, if you could afford it, provided that you avoid the 5% or so commission????

Be aware that if you move to Philly (and don't already WORK there) that you will then pay CITY Tax (3% more on your income than you pay now). There are some places with no Earned Income Tax outside Philly. Good luck!
0 votes Thank Flag Link Tue Aug 9, 2011
Have you had a Realtor® out to give you a CMA to see exactly how much your home is worth? The reason I ask is because many home owners have told me that they knew how much their home was worth and when they had a CMA done, they found out the home was actually worth much less than expected. It does give piece of mind.

As for using a flat fee service.. have you ever heard the expression, "if it sounds too good to be true..it is?" Well, if a flat fee service was the answer to all home owner's prayers, everyone would be using them. Truth be told, flat fee services are not doing well these days just like for sale by owners. Also, what many home owners do not realize is that Realtors® can do exactly what these flat fee services do. They can rent you signs, lockboxes, provide paperwork, charge you for only certain services. This is not anything new. People do not realize that flat fee services actually make out much better when you use them because they could care less if you sell your home or not because they make money no matter what happens to your house. You can also wind up paying out more money by using the flat fee service than you would if you would have just hired a traditional Realtor®.

If you do not have to move and can comfortably pay your current mortgage, I would say stay put for a while. If you foresee issues arising in a few months where it may become difficult to pay your current mortgage then it might behoove you to take the hit, sell the home and move on.

If you would like to to discuss your situation further or just pick my brain, feel free to either e-mail me at reneeporsia@mac.com or call me at 215-669-0589.

Good luck.

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589 Direct
(215) 358-1100 Office (ask for Renee)
Proudly servicing all of Philadelphia, Bucks & Montgomery Counties for over 11 years now.
0 votes Thank Flag Link Tue Aug 9, 2011
One idea is to rent your house out and look to downsize near Phila.
Rob Mahon
0 votes Thank Flag Link Mon Aug 8, 2011
There are options other than short sale. Contact me and we can discuss them.

Emily Landis Torres
RE/MAX Central
1110 N. Broad Street
Lansdale, PA 19446
office: 215-362-2260 ext 1793
direct: 267-640-2327
email: emily@emilyshomeinfo.com
0 votes Thank Flag Link Mon Aug 8, 2011
Hello, Philaswarm,

You probably will have no other options but to stay put or bring $$. I won't ask you to call me, but I WILL offer you the options that I see:

1. Using a flat fee broker is, in my opinion, almost like being a FSBO. I wish you good luck in this market where active full time agents are working over-time to get their listings sold.

2. You don't seem to be in a hardship position; but even if you were, if you were able to be approved for a short sale you wouldn't be able to get another mortgage for at least 2 years.

3. Sometimes you just have to wait it out, so I hope that you will remember that you heard it from me:

THERE ARE NO MAGIC BULLETS, NO MAGIC POTIONS, NO MAGIC ANYTHING. I will bet you $50, at the end of the day you will really only have the two choices that really exist...pay up or stay put.

I hope that my candor will at least make you smile, and I certainly wish you good luck with everything. You can reach me if you would like to chat about your issues.

Carol M. Cei, ePRO, Realtor
Five Star Professional
ReMax Action Realty
215.358.1100 x1223
215.643.9661 Cell
Web Reference: http://www.carolcei.com
0 votes Thank Flag Link Mon Aug 8, 2011
There is really inadaquate information to offer you guidance. There are several options including an unsecured personal note assuming your mortgage company would sign off.
Another factor is qualifying for a new mortgage with a personal note. It may be possible to acheive the outcome you desire, but we really need to sit down and go over all aspects of the situation and see if we can arrive at a satisfactory conclusion.
0 votes Thank Flag Link Mon Aug 8, 2011
@ Ron, It's not necessarily a "HARDSHIP", but I'd like to move to a smaller house with a lesser mortgage, and I do understand your comment to bite the bullet.

@Eli, I do not want to do a short sale - if you cannot provide better guidance then that, I'm sorry but I will not be contacting you.

@Fred, I will be following up later.

0 votes Thank Flag Link Mon Aug 8, 2011
Hi Phil

One thing to do is to use a flat fee broker to list.

There is n law that says you must pay 6 percent.

I have done flat fee for years and can help.

As for your entire situation, there may be some ideas I can help you with but I don't think you'd want to share the answers to my questions on a public form.

Please call me 215.852.4469 or emai me Fred@us spaces.com
Web Reference: http://Fredglick.com
0 votes Thank Flag Link Mon Aug 8, 2011
You can do a short sale. Feel free to give us a call and we can explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
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 Aug 8, 2011
Complicated Phil;
First of all, are you flexible about doing this NOW?
You sound like you could handle the Mortgage payment now, and don't really have a HARDSHIP; you just "want to".

Next; your options would be;
Keep it and rent it out for close to the amount you are paying each month, but,
You can't do that if your Lender is expecting Owner/Occupant.
Do a Short Sale, which you may not get approval, because you don't have a hardship, will take a year and will destroy your credit.
Do a Deed-in-Lieu, whereby you hand the deed to your lender and walk away;
Submit to a Foreclosure; which will take a year and destroy your credit.

You see why I suggest you sit tight and bite the bullet.

Good luck and may God bless
0 votes Thank Flag Link Mon Aug 8, 2011
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