Home Selling in Ashburn>Question Details

Themrs, Home Seller in Ashburn, VA

We have a house we no longer want.

Asked by Themrs, Ashburn, VA Tue Jul 7, 2009

We just want out, we'd prefer to sell to an investor or someone who can just take the property. We have no extra money to assist with closing or realtor fees or anything, sad but true. We are starting to feel trapped in our house and would just like to get it sold and move on. What are our options? We live in Ashburn, in a townhouse/condo, 3bdrm, 2 1/2 bath, 1 car garage - we would like to just break even at the end of the day and move on.

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13
Themrs,

I'm sorry to hear that you feel trapped in your home. There are many people that feel the same way you do. There are ways to take advantage of some of the government's latest programs and the pressure they're putting on banks to work with troubled borrowers.

Yes, you can sell it on your own (For Sale By Owner) if you'll break even. If you won't break even and don't have money to make up the difference, you can try to do a short-sale.

If you have questions regarding how to go about doing a short-sale, check out my blog post entitled, "A Seller's Guide to the Short-Sale Process" (link below) and/or contact me.

http://loudounforeclosures.com/2009/06/a-sellers-guide-to-th…

Danilo "D" Bogdanovic
http://LoudounScene.com
http://LoudounForeclosures.com
1 vote Thank Flag Link Tue Jul 7, 2009
Themrs,

Please contact me, I know an investment group that could help depending upon the situation. This is not a joke, I have seen them help folks in your situation. Contact me through my website if interested.
Web Reference: http://www.abemills.com
0 votes Thank Flag Link Mon Aug 17, 2009
how about renting and keeping the house until you see better days? any chance of doing that?

Michael
(202)350-5217
0 votes Thank Flag Link Mon Aug 17, 2009
I am and investor and a Realtor who specializes in helping people in precisely your situation. I want to stress that I am not your traditional Realtor. While still pledged to and bound by the Code of Ethics, I have a fast and flexible approach with a suitcase-full of creative options and ready-willing-and-able cash buyers lined up. I am not necessarily interested in making a commission in this type of situation.

If you haven't already sold your home, I recommend you check out the site below for a FREE video on "How to Get and Instant Home Sale". Also, you should click on the box that says "Get Cash For Your Home Now" and fill out the Creative Homeowner Solution Request form.

Best of Luck,
Marc
0 votes Thank Flag Link Mon Jul 27, 2009
Regarding investors--I'm one myself and I work with several networks of investors--most would be interested only if there's equity in your property. For example, let's say your townhouse would sell for $300,000 in good condition, and needs $5,000 in repairs. The most an investor would pay would be about $190,000 (Maximum offer=(After Repair Value * 0.65) - Repair Costs)

Using the same example, some investors would consider acquiring your property "Subject To," then renting it out or finding a tenant-buyer for a lease option. For example, suppose your mortgage is $1,200 a month and fair market rents in the area are $1,600. An investor would have you sign over the deed, with the mortgage remaining in your name. The investor would find a renter for $1,600 (or a tenant-buyer for maybe $1,800). Then every month the investor would pay your $1,200 mortgage and pocket the difference. At some point in the future, the investor would sell the property, removing you from the mortgage. The key here is that the rental rate must be higher than your monthly PITI.

Other than that (and a few more esoteric techniques), your options really come down to requesting a loan modification from the lender, trying a short sale, or foreclosure.

Hope that helps.
0 votes Thank Flag Link Thu Jul 16, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I am looking for a 3 bdrm house. Depending on the price I could possibly pay all cash. Would be willing to do without realtor etc. I just sold my house and have no where to live so would like to do it as soon as possible also. What is the address?
0 votes Thank Flag Link Thu Jul 16, 2009
Very sorry to hear about your situation. As you have heard from the other responses to your question, there are many options to help you perhaps get you out of your situation. If these have failed, I do have a network of investors that may be willing to purchase your home from you. You would not have to pay any commissions or fees to sell. Give me a call or email to discuss if you are interested in hearing more about this option.
0 votes Thank Flag Link Mon Jul 13, 2009
Themrs

I am truly sorry to hear of your situation. You do have several options that you may/may not be aware of. You can send me an email or call. My partner and I have helped many families in your circumstance, sell and/or keep their homes. If we are unable to help, we will refer you to someone in our large database of professionals nationwide.

Carol
The Real Estate Cafe
203.676.0135
Carol@therecafe.info
0 votes Thank Flag Link Wed Jul 8, 2009
Themrs,

I do not know your personal situation, however did you consider Refinancing or Modification?
The LTV was increased to 125% on July 1, 2009 for Refinancing.
You might be eligible for Loan Modification, as well.

There is FREE, HUD-approved counselling available. Visit my blog for details:

http://viviannerutkowski.wordpress.com/2009/03/07/homeowner-…

Good luck.
0 votes Thank Flag Link Tue Jul 7, 2009
What you are feeling is a growing trend in our area. There are a couple things to keep in mind when listening to some of the advice you are receiving. First off, being a Realtor is a profession, and despite what some anonymous posters put all over the Internet , a good agent is worth the money spent. I understand that you are cash strapped, and paying for representation is out of the question...but don't let posters fool you into thinking that listing without an agent means you get market value for your home. 99% of buyers who approach homes where the seller is selling it on their own rationalize their offer by saying - Well you don't have an agent so you are not paying the fees - and make a low offer.
I see that some have mentioned the Short Sale option...it is increasingly becoming a viable option as banks have started to realize it is cheaper then a foreclosure. However...you have to qualify for one. There are three basic qualifications that you must meet for banks to accept less than what is owed - Financial Hardship, a Monthly Shortage, and Insolvency. These are key to getting a short sale done successfully.
There are many agents who can handle a short sale...and there are many who think they can and mess it up. Make sure that you consult with a Realtor, consult with a Housing Counselor (they are free), and consult with an attorney. Our team offers free legal counsel from the attorneys that handle our short sales and professionally negotiate our short sales. We can help, and so can other agents in the area. Compare what agents do to handle short sales and find the ones that best fit what you need. Anyone charging you anything for a short sale is not worth the time. There are no fees that the seller is responsible for in a short sale. Also, you can not profit from a short sale - so anyone telling you that you will get money in this transaction is lying to you.
At the end of the day, please do not give up - you have taken the first step to solving the problem and there are people out there that will help you. Don't push off the problem with band aid solutions.

Jimmy Mulhern
0 votes Thank Flag Link Tue Jul 7, 2009
Hi Themrs,

Many others are feeling just like you right now. Unfortunately in order to answer your question to the best of my ability I would need to ask you a few questions. For example, do you owe more than you could sell your house for? If so, perhaps a Short Sale could be an option for you. However, you would not break even, as you would walk with no money at all. Another question needing to be answered would be whether or not you are late on your mortgage payments and why you no longer want your home. I am working with several investors who have hundreds of thousands of dollars in cash to invest in real estate with, but I would need to know the condition of the property, price you are looking for, etc. There is also something called deed in lieu of foreclosure which is another option, albeit not great on the credit report, that we could talk about.... Alternatively, if your house is worth more than you owe, you could also list your home as a FSBO (for sale by owner). But keep in mind, that most FSBOs do end up listing with a realtor simply because we are experts and we know how to list and sell properties.

I am sorry that I can not fully answer your question on this message. However, feel free to call or email me and I would be happy to help you. And best of luck with whatever you decide to do.

Thanks,
Janice Copeland, REALTOR
540-931-5050
janice@janicecopeland.com
0 votes Thank Flag Link Tue Jul 7, 2009
Hi Themrs - there are many different investment scheme options in today's market place - but if the market value of your home is less than the amount of your mortgage, there is really no way around losing money as far as I know. Even with a short sale, the bank will still make you sign a promissory note for the deficiency most of the time. If you foreclose, the bank can sell the deficiency to a collection agency and still come after you for it. Most investors will offer to buy it from you for less than market value. Some will have rent to own programs where you may still be the owner of the property.

If you would like to do a short sale, I would be happy to speak with you about it and see if it looks like the math will work out. If you want me to hook you up with an investor, I can do so, but please contact me privately.

Thanks,
Sonal
0 votes Thank Flag Link Tue Jul 7, 2009
You can try listing it on Realtor dot com to see if you can sell it. No commission is required to list, just a small fee to set it up.
0 votes Thank Flag Link Tue Jul 7, 2009
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