Home Selling in Saint Louis>Question Details

Fullertone02, Home Buyer in Omaha, NE

Selling for less than you owe

Asked by Fullertone02, Omaha, NE Thu Apr 19, 2012

We have to relocate for a job and have only lived in our house for 2 years. In meeting with our realtor it looks like in order to sell we will have to come to the table with nearly 25,000 dollars because we will have to sell for less than we owe due to the market and then closing costs. We do not have the money to do this. It doesnt look like we would qualify for a short sale either. We really do not want to rent the home. Additionally we will have to pay back the $8000 tax credit we got because we will move shy of the 3 year requirement. Any suggestions on what to do?

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You should make absolute sure you do not qualify for a short sale before any other discussions. If you do not qualify I have a few rental magament companies who might be able to help...
0 votes Thank Flag Link Fri Apr 20, 2012
Is your house in St. Louis? If so what part?
You might still qualify for a short sale. Call me so I can get more details.
Debbie Jacobson
Coldwell Banker Gundaker Town & Country.
0 votes Thank Flag Link Thu Apr 19, 2012
Frank made some good points. If you did want to lease your house and not hire a management company, I would be happy to offer you some suggestions and strategies. I have many clients who are only interested in an agent finding them a suitable tenant and not paying a management fee.

Best of luck
0 votes Thank Flag Link Thu Apr 19, 2012
You may have a couple of options but I think renting may be the best option.

Is your current loan an FHA or VA? If it is then it should be an assumable mortgage. You could offer it for sale, no money down to a qualified borrower on the current rates and terms which you have (even if the rate is not as low as current rates, the old mortgage insurance factor could result in real savings). If the potential buyer is not currently credit worthy (The loans are qualifying assumables meaning the buyers must meet credit guidelines) it would make a could lease option deal.

Since you are out of town you will want to engage a professional property management company who can assist with finding a propsective tenant as well as collect rents, handle maintenance issues, etc. I would highly recommend you contact Deca Realty (314) 631-3306 (ask for Marty, Jim or Angela) and they would be more than willing to provide you with some valuable guidance.
0 votes Thank Flag Link Thu Apr 19, 2012
I would 1st make 100% certian you do not qualify for a short sale.
0 votes Thank Flag Link Thu Apr 19, 2012
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