You really need to speak to a credit specialist and/or mortgage broker to see how a short sale will affect your credit versus a bankruptcy. Both can keep you from obtaining financing for several years. Also, you would have to contact your mortgage company to see if they would cooperate with a short sale, some do not.... more
You can obtain a market analysis of you home from a local Realtor. This market analysis will be based on recent sales in your neighborhood. In most if not all cases, the analysis is free for the asking; but you may want to also consider hiring a local certified appraiser at a fee.... more
I would be very careful to ask an attorney and tax professional for advice, since it appears you have refinanced your home to pull out equity. Purchase money is non-recourse in California. You will receive a 1099-C (Cancellation of Debt) from your 1st and other lien holders. The IRS will require you to pay taxes on that :income" -- unless you can offset it with an insolvency declaration. I have someone I work with that can advise you along those lines. There is no real "advantage" to your daughter and her finace to buyng your specific home -- they can buy whatever they qualify for. It would be lender fraud if you mis-represented the sale and did not disclose the relationship to the lenders. Please do the research and look into a loan modification as well. Good luck in your decision.... more
Send me your address and I'll be happy to do a comparative market analysis for you. We can talk about what your house has to offer and adjust the price to the comparable sales. I can also let you know about some lower cost alternatives to a standard 6% listing.