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 can tell you are very worried and a bit (perhaps) overly cautious about the market. It is entirely possible that you just won't be comfortable through this process as it is just plain a tough thing to do right now. You are not the only one who feels this way.
Many surveys have been done about what consumers value most in a real estate agent and across the board the top quality being sought is trustworthiness.
I think your 5 agents all made the same mistake with you in that they failed to uncover your concerns as well as your thoughts on how you wanted your home to be marketed. (Internet is indeed the name of the game today).
A good professional will be able to help you, but, try to leave pricing out of your choice of agent. Look for experience, client testimonials, size of the broker (larger ones offer networking opportunities), and good use of the Internet. Most of all, find someone you feel comfortable with.....it is kind of a "marriage" while your house is on the market and communication is key! AFTER you know you have found a trusted pro, then arrive at a price with their assistance. Good luck to you.... 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