Home Selling in 68105>Question Details

Lkred16, Home Seller in 68105

we are wanting to sell our house but our realtor doesnt think we can get what we owe. what do you suggest. we filed bk 2 1/2 years ago

Asked by Lkred16, 68105 Wed Jan 18, 2012

ive had several options from letting the bank take the house, to short sale, to short-refi. we have outgrown our house and need to get out into a bigger one. our payments are on time every month. we owe about 113,000. i have no idea what its worth, but we would need to sell it for about 135k in order to come out even. PLEASE HELP!!

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The first thing I would suggest is finding out exactly what your home is worth. This can be done by asking for a couple of reputable realtors for a market analysis or hiring an appraiser to do a full appraisal. Then you will have "good" information to base you decision upon. If you find yourself "upside down" oweing more than it is worth or you can sell it for then you need to look at the other options. You should also talk with a lender to see what and if you will qualify for purchasing another home. Gather all your information FIRST before you make a hasty decision so you can move forward with confidence knowing what your best options are.
1 vote Thank Flag Link Wed Jan 18, 2012
thank you everyone who has answered. you have answered alot of my questions. I have checked my credit score and they are both in the mid 600's. I am definably going to be getting a second opinion and getting a market analysis will be my first step. I did talk to the bank and they said we can get a new loan.
1 vote Thank Flag Link Thu Jan 19, 2012
Are you planning to buy a larger home or rent one? If you plan on buying, a short sale is probably not the best choice.

If you plan to buy, the first thing I suggest you do is talk to a lender to make sure you will be approved for a loan to buy the type and size of home that you plan to move up to. Getting a loan today is not easy and it would be horrible to go through all this, find a buyer for your home and then be no better off afterwords.

Even if you have been offered a refi with your current lender does not mean that they will approve you for the loan on the home that you would like to buy.

If you are already represented by a Realtor good luck. If not and you would like to discuss ALL of your options please feel free to gvie me a call at (402) 706-7532.

Brian Birkel
Prudential Ambassador Real Estate
1 vote Thank Flag Link Thu Jan 19, 2012
You shouldn't have $22,000 in closing expenses. Adam and Gene both provided excellent advice. You don't have to sell. You want to sell because you have outgrown your house. To maximize your value, fix things that a buyer may find offensive. This way you will maximize your value.

Inviting realtors over and asking for them to provide a market analysis, is your best recourse. Appraisals are great but they cost money and they wont tell you the market value of your property. If you wanted to refinance that would be a good option, but you stated you wanted a bigger home.

Short sales will keep you from buying another home, but could be a possibility depending on your overall circumstances. As I mentioned yesterday, I would be happy to sit down with you and discuss all these things in person. Having 31 years in the business, I've lived through the 18% interest rates and understand the challenges. FHA allows gift funding for your down payment, so maybe you look to a relative for support. I was with a military judge last night who had to get the entire down payment from her sister's husband. It wasn't easy asking, but it allowed her to buy a home. Congratulations on the growing family. We have 9 ourselves. Good Luck. I'm here if you need me. Ken Landolt 402-880-7000
1 vote Thank Flag Link Thu Jan 19, 2012

You have gotten a lot of good advice from various agents. Here is my two cents. Any and all agents should be happy to come out and assist you with your real estate needs. Every agent may tell you they are the expert in that area - I think that is bunk. Any agent worth their salt will bring you up to speed with their expertise and knowledge about the market in your area and will do so themselves very quickly.

Getting to know your Real Estate Agent, the area and the market will allow you to make a more educated decision regarding the type of property you will ultimately be selling and or buying. I have a two step process that I follow and it has served me well when helping sellers sell their homes.

When I help my clients buy or sell their home or property, my goal is to make the experience as informative, enlightening and enjoyable as possible. I want each of my clients to walk away feeling the experience they have had with their real estate transaction has been a good one. Below is my contact information if you would like to discuss your situation further. When a past customer, friend or family member of mine has referred me to a client, I consider the referral the highest form of compliment given. Please feel free to call me with any questions or concerns you might have as you and your family decide to move further with the home buying and selling process.

With an extensive finance background, an analytical mind and being a skilled negotiator, I can prove to be a very beneficial team player in your quest to sell your home and purchase your next one. Thanks for allowing me the opportunity to put in my two cents. I wish you well.

Best regards,

Gene Riehart
NPDodge Real Estate
Mobile: 402-490-5233
Email: griehart@npdodge.com
Website: http://www.npdodge.com/generiehart
1 vote Thank Flag Link Thu Jan 19, 2012
I would start with finding out what your home is worth. Contact a few agents that work in the area. Good way to find one is by driving around to find a few for sale signs. Your question also says you only owe $113,000 but need $135,000 to come out even. If you only owe the bank $113,000 but have extra cash invested in the home you may not be looking at a short sale like stated by others but more of a loss to your cash. Call me on my cell and I can stop by to look at your home and give you some advice. Just sold a home for $125,000 in 68105 and I am listing a new home for $140,000 in 68105.

Adam Bacome
DEEB Realty
1 vote Thank Flag Link Wed Jan 18, 2012
Have you checked your credit score (CS) recently? This is the first thing that comes to mind given what you have shared. I've kept in touch with those who have had to file bankruptcy and they are finding things on their reports that are inaccurate. I would suggest taking this vital step before moving forward. Good luck to you!
0 votes Thank Flag Link Thu Jan 19, 2012
I would be happy to do a risk free mMarket Analysis for you. You can reach me by phone at 402-669-9600 and we can set up an appointment. Thanks so much! Respectfully, Sue Henson
0 votes Thank Flag Link Thu Jan 19, 2012
If you are unable to continue making your mortgage payments I suggest you consider a short sale. If you are financially secure and have the available funds you can sell the property and pay the difference at closing.
0 votes Thank Flag Link Thu Jan 19, 2012
If you are not working with a Realtor, I would also like the opportunity to market and sell your home. When you are interviewing agents, call me, Jan Nicola
0 votes Thank Flag Link Thu Jan 19, 2012
Invite me over and we can discuss your options Ken Landolt 402-880-7000
0 votes Thank Flag Link Wed Jan 18, 2012
yes we do have a non conforming bedroom in the basement. we are off of 39th and vinton.
0 votes Thank Flag Link Wed Jan 18, 2012
I think you would be safe around $125,000 and come out even after closing cost. Are you near 42nd and center area? Do you have a non conforming 3rd bedroom?
0 votes Thank Flag Link Wed Jan 18, 2012
when i meant that we need 135k to come out even i mean after all the closing costs. we have a 2 bedroom and 1 1/2 bath. we have remodeled entire house including kitchen. we have a detached full size 2 car garage with a fenced in yard.
0 votes Thank Flag Link Wed Jan 18, 2012
An appraisal in our area is $450-$500 it really depends on your local market. A market analysis done by a
Realtor with the prospect of obtaining a listing is usually $0 as well as their valuable consulting advice. You may want to start there with at least 2-3 agents opinions and your can figure what the average is from there.
0 votes Thank Flag Link Wed Jan 18, 2012
so how much does an appraisal cost
0 votes Thank Flag Link Wed Jan 18, 2012
I would suggest talking with your Realtor and your lender about a possible short sale. The bank does not want your house back and they may work with you to get it sold. It will affect your credit score, but not as bad as a foreclosure would. Try to work with the lender before just walking away. Good luck to you.
0 votes Thank Flag Link Wed Jan 18, 2012
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