Good luck to you...it's going to be a tough road no matter what you choose...and I wish you much happiness in your upcoming marriage!
All the Best,
Susan Crawford, ABR, Broker, e-PRO
Triangle Home Crew Realty, LLC
I do not agree with some of the previous advice and I do not want to confuse you any more.
The fact is that you are not yet married so you will be looked separately and independently for now. The definition of a short sale is simply that the bank would agree to accept less than you owe them once the home is sold. Here are just some of the criteria used as an acceptable hardship:
1. Loss of job
2. Business failure
3. Damage to preopty
4. Death of a spouse
5. Death of family members
6. Severe illness
9. Mandatory job relocation
10. Medical bills
11. Military Service
12. Payment increase or mortgage adjustment
13. Insurance or tax increase
14. Reduced income
16. Too much debt
You sound like a person who is trying to do the right thing and not skip out on your responsibilities. Please do the research before making a move!
I would love to come out and give you another opinion as a Realtor. I have been selling homes in the Raleigh market for the past 18 years and have sold over 1500 homes. I own a local branch of a national franchise and have been training real estate agents for the past 13 years and was one of the first agents in our market to specialize in distressed property sales (short sales, foreclosures, REO's). I also have the SFR (Short sale and foreclosure resource) designation through the National Association of Realtors which means I have taken additional training in distressed sale properties. There are so many options that it is most important to find an agent with experience and knowledge to assist you in making the right decisions and to know that you are working with the best advise possible. As the trainer of agents I know that many have great intentions but without the experience needed may not be able to assist you with such a complicated situation. I also love working with newly married and engaged couples because it is a great opportunity to get started in the right direction and as an agent I hate to see a house be a stumbling block to your happiness.
As you know from meeting with the other 1 agents there is no fee associated with getting another opinion so feel free to give me a call or send me an email through Trulia if you are interested in getting another CMA on your properties and a suggested gameplan.
Real Living Realty Experts
My second reaction was a short sale. These are becoming very popular and have mixed results. I would reccommend you call your mortgage lender and discuss the situation you are in and see how they will work with you to resolve the problem. I have seen banks give a personal loan to the seller that allows them to get out of the high payments and sell their home. Will the mrtgage company do this? Well, every bank is different and every situation is different so you will just need to ask. I have helped several clients on both the buyers and sellers sides with a success rate of about 65%.
Congratulations on your marriage and good luck!
Mary Jo Ryan - NC Realty Solutions - 919-274-1330
And since you are not married yet, I would have many questions as to the value of each home; how far underwater each of you are separately; what your other assets are and so on. If you "realtor" is not well versed in distressed properies, you would be wise to ask her to point you to someone who is. If you are under contract with her, that could be a little tricky, but if she is looking out for your best interests, I'm sure she will help you.
I'm not sure what you mean when you refer to "stomach paying the difference".... so hard to answer that portion.
For further help, check out the CDPE website. There is very valuable information with direct answers to your questions from people who deal with this daily.
Hope that helped.