Home Selling in Vermont>Question Details

Josh, Home Seller in Vermont

will a Corporation help on selling home.?

Asked by Josh, Vermont Wed Nov 17, 2010

My father lost his job like a few hundred others due to a corporate outlet closing down and we were forced to relocate. The house has been on the market for 6 months with no offers. I read somewhere that Corporations may help by buying the home and then selling it. Is this true? It is appraised at 89000, we owe 27000 and need money to buy a new home.

Help the community by answering this question:

Answers

5
Donna Johnson’s answer
Some corporations offer aggressive marketing packages as part of severance. When hiring some offer aggressive marketing packages as a relocation. I agree with Roy that you may need to find out what the tax ramnifications are so that a seemingly benefit doesn't become a headache. Be cautious because sometimes you are better off listing and/or selling your home than using a corporation. Some including the public sector may buy your home at a significant discount and resell for greater profit. If you have 2 weeks and no showings or if your home is on the market 2 weeks with 10 showings and no offers, your price may need to be adjusted downwards. Like the stockmarket, the market doesn't care what you need from your home. What value do you place on getting your home sold and moving on towards your new life? Sometimes it may have to cost you more than you originally intended. Good Luck.
0 votes Thank Flag Link Wed Nov 17, 2010
As part of the seperation package, your father may be elligible for corporate relief. However, he needs to get good tax advice on this because this "benefit" may be taxable when the Company sells the property for a loss.
0 votes Thank Flag Link Wed Nov 17, 2010
Where is your home listed and is it in an MLS or is it for sale by owner? The market exposure for your home is critical to a fair market value sale and should be actively marketed in an MLS network. From what you indicated, your parents have nearly $55,000 in equity. They are in a position to market their home aggressively and still have equity for their next purchase. Good luck!
0 votes Thank Flag Link Wed Nov 17, 2010
Wow, if I read your numbers correctly, it seems that you are under water in value or upside down. Like so many other Americans across the country. I'm not sure what you may have read, but there are Corporations that assist in real estate transactions. Frequently, that is a benefit offered by that corporation. That benefit is usually part of a relocation package that is discussed with the employee. When I say the term, "benefit", I really mean that which is offered along with a sign on bonus or 401k matching or medical insurance.
If you are currently in debt on your mortgage in excess of the value appraissed, it is unlikely that you will realize any return that might proceed to the next purchase. You may need to discuss a short sale package with your current lending institution.
Good Luck to you.
Arvelyn Lewis
Associate Broker
http://www.arvelynsellsatlanta.com
0 votes Thank Flag Link Wed Nov 17, 2010
The "cororations" you sound like you are inquiring about are most likely going to be private investors interested in "flipping" the home - buying low and selling high.

With that much equity in your home - you should be systemacticly reducing the price slight every 10 to 15 days to generate the activity necessary to get an offer
0 votes Thank Flag Link Wed Nov 17, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer