Home Selling in 85383>Question Details

Cmg27, Both Buyer and Seller in 85383

We are looking for a bigger home, but owe more than its worth. What are our options? Do we have any?

Asked by Cmg27, 85383 Sun Aug 16, 2009

We are in need of a larger home, we have family that will be moving in with us permanently, our existing house is underwater, I would guess we owe 100-150k more then it is worth. Do we have any options? It's to bad I can't trade up like they do in the car business and role the difference into a new house which would be bigger and most likely cheaper than what I paid for my current home

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Answers

6
Hello,

There are a few things that you can do! A lot of agents would recommend a short sale but it is hard to get approved for a loan once you go that route. I would suggest trying to rent your current property. The rental market is amazing right now and you can usually get close or at what you mortgage payment is. Our office offers property management, we show/list properties. If you need assistance or would like to discuss the information further, please give me a call. You have more options available than what most would advertise :)

Thank you!
Vicky Raney-Sweeney
Century 21 Northwest
Realtor
520-483-2533 (Pinal county cell)
480-586-1721 (Maricopa count cell)
Office: 6630 W. Cactus Rd. Suite B-113
Glendale, AZ 85304
0 votes Thank Flag Link Tue May 14, 2013
Short sale is the best option in this situation. If you can demonstrate a hardship to the lender then there is a high likelyhood that they will approve your situation. Since your credit will be affected you will be out of the home buying business for a min of 2 years and have to rent during that time. After that you can qualify for FHA loan. Hopes this helps.

Chris Spalding
0 votes Thank Flag Link Mon Nov 12, 2012
The answer to your question is complicated because to answer it correctly, your financial situation must be taken in to account. We don't have enough information to offer good advice. You should use the services of an experienced real estate agent and get the recommendation for a short sale lawyer to get good advice based on the specifics of your situation.

Please call me 623-688-0004 for more specifics,
0 votes Thank Flag Link Thu May 31, 2012
Rental would be the best way to go but your lender is going to make you sign additional paperwork making sure you are not going to "buy and bail". I have friends that got married, purcahsed a newer, larger home and rented their 2 old homes. It is working out great for them. Good luck!

Matt
0 votes Thank Flag Link Wed May 30, 2012
Good morning,

Just to expand on what Mr. Garza mentioned, there are a few options you have. One would include renting or short selling your current home and then going into a lease purchase on a new home. This option would allow for you to move in and live in your new home until you have the ability to purchase again. It may or may not secure your purchase price, depending on how the contract is written. It would save you the trouble of having to move now and again in a few years.

I would be happy to run a quick market analysis of your current home to show you what others are renting for in your area. This will allow you to see if renting is even an option for you based on what your current mortgage payment is and what you could get per month as a rental. Feel free to email me your address and I can run this report right away.

Good luck with whatever you decide to do!

Alisa Grosvenor
Arizona Realty ONE Group
alisa@yourazexecutive.com
http://www.yourazexecutive.com
Direct: 480-650-7941
0 votes Thank Flag Link Mon Aug 17, 2009
Hi,
Options:
If you short Sale you wont be able to buy a home again at least for 2 years.
If you go to foreclosure, worst.
If you live on the property, your family wont fit.
then, Rent it. You might not get the whole Mortgage payment but that could be better than have bad credit.

Anyway, you might not be able to buy another property because you are underwater and lately Lender are requestion to have equity on properties to buy another one.

Could your "Family moving in" apply for a Mortgage and be approved?
Maybe you dont need a larger home, you need another home for your Family moving in.

Good luck.

Benito.
0 votes Thank Flag Link Sun Aug 16, 2009
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