Real Estate Auction worth a shot!!! Goto RealtyBidNow.com for more information.

Thanks ,
Amy McBride
amcbridesells@gmail.com
678-698-8500

Renting, while an option hinges on a couple of key issues:

1. Will doing that result in an "out" at the end - in other words will the market recover and the home sell at a price that justifies the rental process?
2. Will the renters trash the home and require TC to put money into it to get it presentable? Count on putting something in no matter how well they care for it.
3. Are you prepared to be a landlord and deal with all of that? If not, you'll pay for management and still pay for issues that come up.
4. Do you kinow how to properly find, evaluate and decide on a good renter - and understand their motivations and track record? You might find out about hostile tenants and the eviction process instead.

Renting is often talked about but unless key factors line up it's rarely a good option - you will still need to dispose of the home at some point.

As far as owner finacing.....that still assumes the home will sell and if a buyer can't secure a loan should you be looking at him? Even if it's a second, the primary lender will be first in line if foreclosure comes along and you'll be standing there with empty pockets and no home or collateral.

Good ideas but once you peel back the layers you find many potential issues. Homes that are selling are the ones priced and presented to attract the few qualified buyers.

Hank

Another option is to sell that property with seller financing.

Rent the house out at a cheaper price for now. It's not an even win/win but you are not losing as much paying the full mortgage on your own. That can at least buy you some time to keep thinking without emptying your pockets completely and no closing costs to worry about yet. Give it a thought. The favor you pass on to someone renting your place may return in your favor, as they may become your buyers (if they can possibly save up for the purchase while renting).

All good answers - let me add:

1. Get an appraisal. If your agent comped it he/she may be slow to lay it out bad news. Bottom line is that any offer will be based on the data an appraiser looks at.

2. What is the definition of "almost fully renovated"? If it's not sale ready then you might have issues getting a lona (FHA can be rough). You might also turn away buyers not in the mood/able to finish it - also might have problems getting a loan with work outstanding.

3. I agree - a yard too big?

4. Staging is like putting ketchup on a boot - if it's not priced right, not completely squared away and not well marketed then it's a waste of time. Staging might work but only if all other things are lined up.

5. Any short sale options have to be run through your lender, they can be miserable as you almost have to be a deadbeat to get something done. Options might be there but every situation is unique.

Post the listing, you'll get more direct opinions.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276

Hello AH! A win/win situation for you would be to look into a short pay refinance, if you are underwater on the home (assuming you said "no equity"). This would allow you to refinance for 90% of the current market value of the house. This would lower your payments, and if you are still wanting to sell after that, maybe you can walk away with a little equity payout? You'd have to take it off the market for 30 days before starting this kind of process. It would be more beneficial and less of a headache then if you were to try and loan mod it. As long as you're keeping it for a while, you might as well try to make the most of your situation.

The sticky part is wondering whether or not you'd find a buyer the second you pulled it off the market...

Good luck! Contact me if you'd like. I'm not an agent or broker, just a mortgage specialist.

Have you talked to your bank about a loan modification on the property ? I know many people that have successfully completed the process with properties that were not their primary residence and have been able to cut their payments by as much as half. Call your bank and discuss your options.

TC
I would suggest talking with your Realtor about your situation, and if that does not help, then the Realtor's broker.

A couple of observations:
Look at the link below. Just based on the information from Trulia,
The good news is that homes are selling. The other good news is that they are selling, on average, for 6.3% more per square foot than last year.
The bad news is that there are a lot of foreclosures. A foreclosure will sell at rock bottom price, so if YOUR price is based on the amount that you owe, then you are in trouble.

In a typical market a well-prepared, priced, and marketed home will sell closest to asking price in about a month. The longer a property sits on the market, the greater the gap between the asking price and the selling price. In my market the difference is 101.3% within 30 days, versus 96.3% at 120 days.

Properties that sit on the market cause buyers to ask "what's wrong with it?"

On average the buyer that purchases your home is represented by a REaltor. So if REaltors are not showing your home, you will get no offers. Realtors are not on vacation, they are out showing properties and writing offers on properties that offer the best value.

IMHO if your Realtor gave you a list of all the homes, like yours, that sold in the last eight months, you could then clearly see that value is the problem. Lowering the price is the easiest way to add value. The easiest way to lose value is long market time, which your home has.

Sit down with your Realtor and their broker. If you really need to sell, then have them layout your options.
Note that there is a big difference between selling and moving. If you need to MOVE out of the area, that is one thing. If you need to sell due to other conditions and remain in the area, that is a different issue.

Good luck.

I DON NOT want to get between you and your agent but, I have to say that assuming all sellers are in a position to take advantage of a short sale is a mistake. Not all sellers qualify to dispose of property through a short sale. Just like when you bought the property and verified you could afford the payments, when you do a short sale you must now do just the opposite, and that's, prove you can't afford the payments. In essense you must be broke and nearly bankrupt. Recommeding a short sale, or indicating it's even possible, without knowing the financial condition of the seller is somewhat misleading.

You should share your financial position with your agent and he/she should be able to let you know if you're even a candidate for a short sale at this point. If you are, proceed - if that's the course of action you feel is in your best interest. If you don't have an agent, this discussion must take place with your lender. However based on the limited information you've provided it sounds to me like a short sale, at this point is a long shot . . . at best! Your focus should be on getting the home SOLD, even if that means writing a check at closing. STOP THE BLEEDING AS FAST AS YOU CAN . . . It will only get worse.

Here are a few random thoughts, Tc. If you are already represented, please disregard them. My inclinations are one is rarely screwed in this business unless you want to be or have left yourself absolutely no other options. Eight months is not an incredibly long time to be on the market during this economic tempest. Our old broker wouldn't let us take a listing for less than nine months without her approval. Since it is "almost fully renovated" have you looked to see if it's now overpriced with the other neighborhood comps and solds, or have they all been refurbished like yours leaving you in the middle? Getting no showings is obviously a very bad sign, unless no one is looking at any homes in your area. And if that's the case, you should consider marketing it to move ASAP, whatever it takes, regardless of any other issues. Or rent it and consider using the negative cash flow to offset income tax liability, if your tax attorney agrees. The old rule of thumb was that a short sale adversely affects your credit for two years and a foreclosure for seven, but that's better answered by a mortgage lender, not a Realtor. Lastly, if you deep six the old security note, how do you know the lender(s) will not come after your current assets? Best wishes, regardless.

Price and condition dictate sales in this market. Your homes needs to be in the best condition and in the bottom 10% of the comps to sell quick. Get with your realtor and review the comps, go out and see your competition to check your condition competitively, and review your marketing strategy. If you do not have a realtor hire a strong one who knows your market. If all else fails...short sale is the way to go for the least damage to your credit.

Chuck

Here are a few additional thoughts!

Get another set of eyes on it. I have a hard time believing that a yard that is "too big" is the only objection. Location, price, condition...something is out of whack.

Look at the financing piece. Offering closing costs or interest rate buy downs can really set you apart from the rest of the market.

Review your marketing plan. Make sure your agent is maximizing your local and on-line exposure. Pictures are so important for the on-line shopper.

I hope this helps. I'm happy to review anything with you in more detail.

Stacy Carter
Home Appreciators
at ERA United Realty
678-641-6631

In today's market the homes that SELL are those that are in the BESTcondition and also the LOWEST price. Knowing that, at this point, the rest is up to you (and your agent) to determine the best course of action for you to take. I agree with David, if at all possible, you should not attempt to represent yourself as a seller in today's volatile market. Good luck, and think outside the box to make it happen.

julie and David are exactly right - if you have an agent, discuss this with them. Your current agent should be all over you about a short sale.

Julie and I helped a buyer (my client) and a seller (her client) get rid of her residential problem with a short sale in 60 days this Summer.

Wouldn't it be nice to have your problem over by 2010?

A short sale is your ticket.

None of us know enough about your specific shortcomings with this property, but one thing is for sure - you are not getting the job done now and if you have an agent, feel free to blame them.

Once done, look at yourself in the mirror and realize that "if it is to be it's up to me."

Get your real estate on...

You're biggest mistake was having two homes. I know, I know, you thought it would sell. Well, unfortunately, it' hasn't. There still is very few details here for any agent to offer any type of responsible advice, and if you are currently listed with real estate, it would even be unethical to comment on your listing. Check with your current realtor and discuss all the options. That's why you hired him/her to begin with. If you don't have a realtor, this is not the market to be trying this on your own. Good luck.

Short selling is probably your best option - I know you didn't want to hear that. However, a short sale only affects your credit score by about 100-150 points. It's nothing like a foreclosure.

Let me know if I can help.

Julie Brittain
JEZEBEL Magazine “Realtor of Distinction” 2006 & 2009
Top 5 Individual Residential Agent 2001, 2002, 2003, 2007, 2008 & 2009
Top 5% of Keller Williams Realty Agents Nationwide Since 1999
#1 Team 2004 - 2005, #1 Individual Agent 2001 – 2003
Keller Williams Realty First Atlanta
Mobile: 404.966.3328
E-Fax: 404.601.6024
http://www.TeamBrittain.com