Deth, Both Buyer and Seller in Pleasant Grove, UT

Purchased condo in '07. Now 65K underwater. We are outgrowing our home. We can't rent b/c rent will bring in $400 less than mort &

Asked by Deth, Pleasant Grove, UT Sat Mar 19, 2011

HOA. Any ideas? We have a townhome that we purchased in 2007. It's a 2 bedroom townhome and we have added to our family since purchasing. We are quickly outgrowing it! We purchased for $190,000 and comparables are selling for $135,000. We can't rent it out because rent would bring in $400 less than our mort and HOA.
Is short selling an option? We are not behind on payments. We have savings and no credit card debt.

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Answers

4
Hi Deth

there are many options available to you - we are currently working with a number of clients who have similar challenges and would love to discuss your options with you - no string, no obligations - just honest council!

our offices are in PG - so call, text or email me anytime, we could pop in to see you or meet at the office if that worked better.

regards
tony du preez
principal broker
RESE Realty Inc
801.360.6424
0 votes Thank Flag Link Mon Mar 21, 2011
You're not alone!

Almost 1 in 5 home owners and 3 in 5 condo owners are underwater here in Utah.

While a Short Sale may be the answer - there are actually 7 ways to avoid it and I can show you which one might be the best for you and your family. While each situation is different you need expert advice and guaranteed results.

It sounds like you are bursting at the seams, right? What used to be a cozy condo is turning into a stressful home environment because everyone feels like they are on top of each other with no personal space. I understand this and have solutions.

Remember whatever course of action you take - don't go delinquent while doing a short sale! This would cause serious harm to your credit and will prevent you from qualifying for that larger, new home within the next 2-3 years that you want to buy.

Many homeowners that are facing your situation have found that there a number of solutions that are available while not having a credit melt down. We have helped hundreds of homeowners overcome this problem with the least amount of pain and in a dignified way.

I would recommend you seek out a Certified Distressed Property Expert to help you look at your options to determine which one is the right one for you and your family.

Without knowing the exact address or details of your situation, it would be hard to give specific advice - there are just too many variables. Just know that there are solutions - you need to talk to an experienced Broker.

Please feel free to contact me for a confidential 20-30 minute consultation outlining your options. This can even be done by phone. There is no cost or obligation for this Expert advice, but you will have peace of mind and have a clear course and direction - I guarantee it.

Derek Seal
Broker/Owner
Realty Executives Experts
801.921.4900
Web Reference: http://www.UtahExperts.com
0 votes Thank Flag Link Sun Mar 20, 2011
Hi,m In order to do a shortsale you need to be current with your payments anyway. The most important deciding factor is can you prove a hardship that is acceptable to the bank. I recommend contacting your lender and speaking with them directly. I'm sorry you have to experience this, it is a sad reality for many these days.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sat Mar 19, 2011
I am really familiar with the condos in your area. My office is located in Pleasant Grove and I have had lots of success selling properties in the condo and townhouse complexes. I currently have a short sale that is under contract near you in The Gables.

A short sale may be an option for you. Please keep in mind that every scenario is different, however typically if a property is worth less than what is owed and a homeowner needs to make a move, a short sale is a great option to consider. Additionally, there are some programs available (depending on the type of mortgage that you have), that may qualify you to get up to $3000 once you complete your short sale and the lender will sign a non-recourse. With a short sale, there are no out of pocket expenses for you either and all closing costs are taken care of by the lender in the short sale negotiation.

The best suggestion I can give you is to set up an appointment with a qualified short sale expert, such as myself, to help you navigate the pros and cons of a short sale for your potential situation.

I would love to assist you. Please feel free to contact me at the contact information below to schedule an appointment. Also, I have a great website designed to answer many of your questions.

My short sale and foreclosure website: http://www.HouseHelpUtah.com

Have a great day and please let me know if there are any questions I can assist you with.

Sincerely,
Kristine Partridge
Broker
Simple Choice Real Estate
801-228-1683
http://www.iSellUtahCounty.com
0 votes Thank Flag Link Sat Mar 19, 2011
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