Hi Joe, some loan programs / incentives have time requirements for staying in a home. If you have a standard FHA / Conventional ,Etc. loan , you can sell whenever you wish.
If you are unsure of what type of program you are in , I am happy to help.
Of course, I can also provide you a comprehensive market analysis of your home as well as seller net sheets , etc. without any obligation.
The key information any one will ask you is : how much underwater are you ? (outstanding mortgate vs comp). It seems like you are between two very difficult options; but, you have to select one.... more
A home equity is a lien against the property and the bank, or you, can't sell a property with a lien on it, someone will have to remove it. If you opened a home equity and never borrowed on it then it is just a simple removal of the lien with paperwork. If there is money that was borrowed then that must be taken care of. The bank will likely add it all together and decide what to do. You will still owe the bank the difference between what is shorts for and what is owed unless they forgive the loan and the home equity.... more
Dear Home Seller, Agency is always disclosed in writing. The correct form used for disclosure is The Disclosure Regarding Real Estate Agency Relationship and it should be disclosed by the listing agent to the seller BEFORE the seller signs the listing agreement and for the buyer, disclosed to the buyer BEFORE the buyer makes an offer to purchase... more
If you are looking for percentages off a list price--there are no set standards--offers should be based on recently sold similar properties in the immediate area. If you are asking about commission--the commission is negotiated between the seller and his/her agent--if two agents are involved in the transaction the commission is split--therefore as a buyer, unless you have an agreement with your agent to pay above what the seller is paying--there should not be any other fees. Your agent can best answer the question as it applies to your situation.... more
As for tax questions, I would suggest speaking with a tax professional. Real estate agents are not tax professionals, so your questions are best answered with someone who is an expert in that field.
For more information on a short sale...
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the lender agrees to take a loss on the amount owed by the borrower because of the financial hardship the borrower (also called a mortgagor, or in our terms, the homeowner — well, sort of) is going through. When the property sells, the mortgagor turns over all the proceeds of the sale to the lender. There is a lot of paperwork for short sales, and a lot of “eyes” have to see this paperwork and approve it in order for a sale to actually go through. It is not defined as a short sale because of the time it takes to close. It is defined as short because the lender is “shorted” the full amount of the loan.
For sellers, this is a better alternative — or less frustrating alternative — to a foreclosure. Beware that not all properties qualify for short sales, and that you’ll have to talk to your lender about the situation. There are some benefits to doing a short sale rather than a foreclosure, including being in control of the sale (it is more like a regular transaction on your part), you will know who is buying your property, and you can still be current on your payments (contrary to popular belief).
Good luck!... more