Home Selling in Panama City>Question Details

Chase Adkins, Home Seller in Panama City, FL

What are my options for selling my house ASAP.?

Asked by Chase Adkins, Panama City, FL Fri Dec 26, 2008

My wife and I currently own a home that we bought 3 years ago. My wife and I are both in the military but my wife is getting out in 2 months and we are getting orders within the next 3 months. I have spoke with a local agent who stated that are house is now only worth 120,000 but we owe 147,000. Once we get orders I will no longer be able to pay my mortgage and support living expenses somwhere else. I have read about short sales but need an expert to help me out.

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Hi Chase,
I hope you and yours had a nice Christmas.

Chase I looked your home up in our MLS and from what I can tell it looks like you purchased it in the height of the market. It also looks like you probably do not have much equity in the home.

Given your circumstances it looks like your best bet may be to rent the home out. Our company does provide rental services. You can call them and ask them what the home might be able to rent for. If you could rent it for a year or two you get help with off setting some of your expenses and you may be able to give yourself a chance to sell in a better market.

With regard to the short sale...in most cases you have to already be delinquent on some of your payments before the bank will consider you for a short sale. If you want to try and go the short sale route you should get with your lender as soon as possible. They should give you their short sale guidlines.

Unfortuantely in our market personal experience has shown us that buyers are actually trying to stay away from short sales and are more interested in foreclosures. For buyers short sales present hurdles that many buyers do not have the patience for.

If you are still working with Nathan I am sure he can help you with your questions regarding short sales.

Chase we wish you all the best and hope things work out for you. If you have any questions please dont hesitate to contact us. We are very easy going and easy to talk to.

Thank you for your service.

Kind regards, Mike and Vivian Foate
1 vote Thank Flag Link Sat Dec 27, 2008
Hi Chase:

As a Home Retention Consultant with Titanium Inc., I come acros these types of issues all the time so, let me share just some of your options however, I must disclose that I do not practice in your state so, it will be best to speak with a Realtor in your home area.

1. Don't Sell: I know this may be very hard because you are both in the military but, if you can avoid selling, then do it. Some ideas are......
A. Speak with your mortgage servicers and prove to them you are both in the military. Most likely they will work with you. In case they don't, here are some more options.
B: Rent the home out.
C. Leave it vacant and hire a property manager to take care of it for a nominal monthly charge.

As for Short Sales, this may not be an option for you. Banks don't just simply approve a Short Sale. Most of the time it requires extensive documentation proving you have a financial hardship. Banks don't see military orders as a financial hardship because, it isn't that you are making less money and can't afford the home.

Don't forget, Short Sales aren't typically approved until you are at least 3 months behind, again proving you are having a financial hardship.

If anything, they may let you sell short and then sign a promissory note for the remaining balance. Good luck.
1 vote Thank Flag Link Fri Dec 26, 2008
Congratulations on getting your home under contract.
I hope all goes thru on your sale. I sympathize with your situation and have paid attention to your home.
Best of luck to you and your wife and thanks for serving in our military.
Melana Weems, Broker Associate 850-814-3173
0 votes Thank Flag Link Wed Jun 17, 2009
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