If you are unhappy there, you always have options. You could rent it out, however you would still have owners costs like repairs, fumigations, etc.
Or you can sell it. Whether or not you'd lose money is a question that can only be answered by looking at the market and seeing what the home can sell for. I would also question whether or not the previous owner disclosed some of those issues to you prior to you purchasing the home.
Give me a call and I can look over your documents to see what I can find, and we can do a valuation of the home to see what it would look like to sell it.
Starling Real Estate
Good question! I'm afraid I'll need more info in order to answer your question. There are so many variables involved here. Do you have a set of plans? What kind of total square footage are we talking? What are the specs of each unit? Is the work space finished or unfinished? What types of finishes in the living space (basic, mid, or luxury)? What is the overall style (traditional, modern, etc.)? What part of town? This is obviously a question that can't be answered in a post. Please feel free to contact me to discuss further. Thanks.
Ultimate Homes of Utah
The more advertising you do, the more people see your property....
The more people that see your property, the better the chance that you'll find an interested buyer...
The more interested buyers you get, the higher your property will typically sell for...
The problem you are going to run into however, is that real estate agents are experts at grooming, and scooping up people who are interested in purchasing a home.
If you aren't offering any compensation to agents who essentially "control" all of the qualified, interested buyers out there - they aren't going to bring them to your property. So, you are effectively eliminating close to 90% of the qualified homebuyers in the marketplace.
By putting a sign in your yard and advertising as cheaply as you can, you'll probably get a lot of phone calls and door knocks from people who want to rent to own, you to finance their purchase, or investors who want to buy your home at 75% of its value.
You typically get what you pay for at the end of the day...
Hope this helps!... more
Hello foljbr. Unfortunately, since I'm not a Loan Officer I can't really help much with that. I think it probably depends on the type of loan program used, but I recommend talking to a Loan Officer about that one. My clients have always loved working with Tyler Payne w/ Veritas Funding in Murray, UT. His phone # is 801-810-4199. Give him a call and he can be much more helpful than I can.
Let me know if I can help you regarding purchasing a home here in Salt Lake. I'd be more than happy to answer any questions you have. Take care.
Dustin Brohm, REALTOR
Equity Real Estate
Salt Lake City, UT... more
I understand and feel your heartache in your post. Please keep in mind that you will come out of this alive - even though you don't feel like it right now.
First things first, all you can do is all you can do. Do your very best to sell the house and continue to try to pursue a break even sale. You may however need to begin to discuss a short sale with the bank. Do a search on Trulia Voices for "short sale" and you will find plenty of great advice on how to get it done.
In the mean time, go find some work, anything will do in the short term. Deliver pizzas, wait tables, work at McDonalds - this will help stem the tide until you find better work.
Next write out a budget - every dollar in and every dollar out. Prioritize your spending, focus on food and shelter to start and then pay each bill in order of priority, once you are out of money you are done. Those that don't get paid will scream, but remember all you can do is all you can do.
Drasitcally cut your lifestyle - do you have car payments? - sell the car, buy a $1000 beater until you get back on your feet. Do you have two cars and only need one? - sell the extra one. Remember that eating out is a luxury, so is cable, starbucks and the newspaper. Put your student loans on hardship deferral and start clipping cupons for groceries - every little thing adds up to a big total in the end.
It will be painful but you aren't going to crash as long as you are willing to make drastic cuts now in order to save your entire financial situation. Good luck and post back with more questions.
Check out www.daveramsey.com and read one of his books "The Total Money Makeover" or "Financial Peace" - if you can't afford one - check it out from your local library.
Cameron Piper... more
To get top dollar I would suggest fixing it. Most buyers will have an inspection done and will find potential problems and either ask for you to fix it or ask for a credit. So you will end up fixing it anyways.... more
You are looking at around $58 a sq ft for a rambler with an unfinished basement and around $66 for a two story. That is with a good chunk of upgrades. Then you just need to add the lot on top of that price.
Search lots and other homes at Utah's number one real estate website or call me for more info. We help negotiate great deals for buyers when they build.
Century 21... more
If you don't have the money to make up the difference in price on what you owe and the offer amount then you may be in a short sale situation. Perhaps you could counter offer and explain the situation and try to get the buyer to take care of the extra 3 grand?... more
Hello & Happy New Year Voyagerbh,
There are a few questions that will change the way I might answer this question, here are a few to start...
1) What is the extent of dis-repair?
2) What is your current equity position?
3) Is the home occupied or rented?
4) Would you consider hiring and paying a general contractor to finish the work before marketing?
5) Have you considered offering the home for sale with a Lease option or Seller Financing?
6) Are you current on the payment, If so are you facing imminent default? If not how far behind are you?
There is a lot that goes into the valuation and marketing a home for sale in today's volatile market.
As far as Property Tax relief, there may be some short term options available. Maybe it is best to explore liquidating the asset altogether?
Please feel free to call me anytime to get information more specific to your needs.
Kristopher Furrow, REALTOR
-Associate Broker, CRS, ePRO
Windermere Real Estate - UTAH
Salt Lake City and Park City
2348 South Foothill Drive
Salt Lake City Utah, 84109
Email: Kris@NOWShowingUTAH.com... more
You may want to consider doing a short sale yourself, however you need to understand the potentially negative side effects of doing a short sale: your credit will be damaged, you may have a tax obligation for the deficiency, and the lender may pursue or require the negative equity to be repaid or repaid at a reduced or negotiated amount. I can answer all of these questions for you in more detail through a personal interview and review. You may also consider a loan modification if it makes sense, it all depends on your long and short term life plans.
PDS Real Estate
Short Sale and REO Specialist
1415 S Main Street
Salt Lake City, Utah 84115
A short sale should affect credit SCORES less than a foreclosure, however from a standpoint of being able to qualify for a mortgage down the road, lenders treat a short sale identically to a foreclosure and therefore the standard 3-5 year waiting period (depending on program) would apply before the individual would be able to get a new mortgage.... more
Standards differ greatly from state to state. One common thread seems to be that agents functioning as "independent contractors" provides a great deal of individual freedom as well as opportunities for agents to create problems for themselves.
From our perspective, all agents would truly benefit from having access to a management program that closely monitors its agents and their activity.... more
An appraisal from 5 months ago may still be accurate or it may not, generally speaking anytime a buyer is qualifying for a loan thier lender is always going to order an new appraisal. Who did the appraisal when you listed the home and was it for an FHA loan? FHA appraisals are typically good for 6 months when they are assigned to an FHA case number but even in todays market they are often updated after 3. But if it was just an appraisal that you or your realtor ordered to determine a realistic listing price, the lender is not going to be able to use it. Appraisals are now ordered through a 3rd party system, the lender does not have any communication directly with them.
Hope this helps... more