As a short sale specialist, I find that the majority of the time the debt is forgiven in full. Usually the only time that a payment plan is set up is when there is a surplus in your financial situation. Please feel free to contact Jeff Alvis with Howard Hanna at (614) 947-9142.... more
Be proactive yourself. Seek out local banks or perhaps a Credit Union that may entertain financing the condo project. Then advertise the loan program to your potential buyers. However, it would strike me as a HUGE red flag if the association eschews FHA certification.' Unfortunately, "Condo" is still a four letter word.
Best wishes, Jim... more
Check your loan agreement, It may also depend on why your moving. And then of coarse depending on price since you just purchased it you would probably be selling at a loss after commisions. Check the average market time in your area it may not sell before the year is out.
If you would like to speak with an agent in your area I would be happy to connect you with one. www.grapevinereferrals.com... more
I really doubt it if you can verify the low appraisal. Most contracts bring up the possibility of a low appraisal and what to do if one comes up. Most of the ones I have seen said the buyer gets all their money back. To know we would have to see how it is written.... more
Will the rent cover your expenses (mortgage, property tax, insurance-mortgage and home, any HOA dues or property management fees)? If it doesn't, you need to determine if you can handle the loss every month. Also, make sure you factor in any vacancies or repair costs. If you are okay with the expenses after factoring in everything, then you need to decide if you can manage being a landlord. Please keep in mind that being a landlord is not for everyone. There is more involved than just collecting the rent and sometimes that may not be easy if you don't have the best tenants.
As far as waiting until the market improves, it could be years before the market improves to where you want to sell. There is also the risk that the market could get worse than it is now and you are forced to sell at that point for financial or personal reasons. It's really hard to predict. You just need to determine if you want to risk playing the market.
I wish you the best!... more
Your first step would be to call a lender to find out financial what your next step is. A lender can determine or suggest a loan and let you know if you need to sell one or both properties in order to move up! By speaking to a lender they will let you know how much money you will need for your next purchase, the type of loan, and what interest rate/payment you are looking at. After speaking to the lender, your 2nd step would be to interview a few realtors about listing one or both properties. Have the realtor tell you what you need to do to get the home(S) sold or rented and give you a process to sell and buy! Do you have an agent in mind? I have a program that may help you accomplish your goals by saving you money!!... more
Contact me and I will show you some properties, I have a duplex coming on the market soon which would be great to buy and then rent. Call me at 530-409-9908 and let me know which areas you are interested in.... more
If you're able to make your payments and don't need to sell, then ride the situation out. As you note, a lot of folks are in similar situations. But the situation only becomes dire if they absolute need to sell--generally because they can't afford the payments anymore or because of relocation. (Even then, renting the home is an option.)
Right now, you've got a paper loss. For instance, you bought a home for $300,000 and now it's worth $200,000. But right now, that's the only loss--one on paper. Eventually--maybe in 3 years, maybe in 5 years--the property value will recover. But if you sell right now, you'll be converting that paper loss into a real one.
It's just like lots of people who had retirement accounts with stocks or mutual funds in them. Those values collapsed, too, to (in some cases) 50% or less of what they'd been before. Those were paper losses. So long as the people didn't need the money right away, it didn't cause them any actual loss. And now the stock market has largely recovered, and in many cases those retirement funds are back to about where they were before.
Or you buy a new car for $25,000. You get a $22,000 loan on the car. A year later, the car is worth $16,000. You're now underwater with the car. Happens all the time. But so what? You've got a car that's doing what you need it to do: provide transportation. Same as owning a home that's doing what you need it to do: provide you shelter. Eventually, the car will be worth more than the diminishing amount of the loan. It's true that, with a car, you can trade it in and have the amount owed tacked on to the loan of the new car--that's what people sometimes ask about regarding homes. Well, it's generally a bad case with cars (now you owe $30,000 on a car worth $20,000) and it really wouldn't be a good idea with houses, either.
Because you acknowledge that you're not under financial hardship, the burden you're under is really psychological. It doesn't feel good knowing that you owe more than an asset is worth. And I understand that. But the burden will become real if you try to convert that paper loss into an actual one.
Ride it out. In a few years, you'll be glad you did.
Hope that helps.... more
None that I know of. Builders are having to jump through extra hoops with their lenders right now. Most Real Estate brokerages have put a lot of extra requirements on their garantee sale programs also due to tighter lending. Your best bet is price it to sell with a Realtor® in your area.... more
If you have a walkout basement, this can be counted in your square footage as living space. If not, the value is less than the main levels of living space price per sq. ft.
There is really no easy way to give you an idea of the value without knowing the specific location. In the past three months in UA, homes with rec rooms in the basement have sold for anywhere between $120/sq ft to $244/sq. ft Homes without a finished basement sold between $108/sq/ ft and $217/sq. ft
If you would like to provide a neighborhood or specific location, I would be happy to give you detailed info.... more
If you get a CMA and the agent has not visited your home then you are correct, but you also have not talked to an agent that would only give a CMA after visiting your home. The buyers that buy $100,000 and over will always buy a home with updated/upgraded features over one the is out dated. Buyers are also not always aware that it may take time to sell. They expect to be moving in 30 to 60 days and that most of the time is not correct. I can also tell you that listings that get relisted with a new agent (new meaning that it was previously listed with a different agent) almost always get it listed at a lower price making the seller think that it was a Realtor issue that kept it from selling. When in most all cases the first agent wanted to drop the price and the seller wouldn't let them. Ask your self this before listing, do you want to sell fast, most people do our do you want to wait it out for the buyer that may come along sometime in the next year. If you want to sell fast do improvements then price where it will sell. One last note I can email you a search that will show you sold, then you can decide for yourself did they sell because they are outdated and no finished basement or did they sell because they look like they are from this century.... more