As a local market conditions, I think rent is a better option than a sale. The property is nearer to Birchwood & your loan is $213,000. You should get a net operating income from renting the property by the expected sale price of the house.... more
It may be more difficult to convince a lender to do a short sale when the home is not your primary residence. Plus you would have to show some hardship and not just that you are losing money every month you hold onto the property.
And yes, it's possible that if the bank allows a short sale that you might be liable for capital gains on the banks loss as the home may not be considered your personal or primary residence by the IRS. This would be a question for the IRS. If it was determined that the home could qualify as your primary residence, the 'mortgage forgiveness debt relief act' would spell out how you could avoid paying capital gains on the banks loss.... more
I have personally never shown a house based upon commission or bonuses offered. I would rather see enticements for the buyer.......mostly a price that is exciting compared to other homes. And yes, I think it would be a breach of ethics to have my conduct with a client be influenced by what is best for me, rather than what is best for the client.... more
Not sure how anyone could say that it does not make a difference. Banks are doing it, the biggest construction companies in Minnesota are doing it and 15-20% of sellers are doing it. If it did not work why would all of those companies be doing it. I am sure that the builders and banks see that it works so they keep doing it. I tell every seller they should do it. If it does not work, they are out 1% or less, if it does work and they sell, they may have saved a 10-20% loss. I can show you the statistics on sold home that paid out higher if anyone wants to doubt this. E-mail me.... more