Home Selling in Macomb>Question Details

K.J., Home Seller in Sterling Heights, MI

I have a condo in Sterling Heights, Michigan that I would like to sell. I have lived here for 4 years and I

Asked by K.J., Sterling Heights, MI Sat Jan 31, 2009

love it, but I'm getting married now and we would like to purchase a new home together. I owe more than my house is worth, and houses are not selling in my area, what should I do?

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2
KJ,

You have a couple of options that I can suggest.

One would be to rent it out, if you can get enough to cover the mortgage, taxes and insurance.

You can also list it for sale. If you have money to pay the difference, between what you owe and what is due, then you can sell it outright. If you don't have the money to pay the difference, then you can attempt to do a short sale. This is where the bank accepts less than is owed. The banks are looking at what kind of financial hardship you may have that would prevent you from repaying the debt. Typically this is something like job loss, medical bills etc, not a desire to move to something different.

If you need someone to take a look at your condo and give you an idea of where it might sell and let you know more about your options, I would be happy to talk with you.

Maureen Francis
SKBK Sotheby's
248.430.4450
0 votes Thank Flag Link Sat Jan 31, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
You should speak with a local Realtor about your situation. Unfortunately, your situation is not an uncommon one these days and most Realtors can either answer your questions or point you in the right direction. It doesn't cost anything to speak with a Realtor and they are an excellent resource.

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
(203) 470-9818
0 votes Thank Flag Link Sat Jan 31, 2009
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