How do we sell a house that we are upside down on by 100,000.00?

Asked by Susan, Carson City, NV Sun Aug 29, 2010

We own a condo is the 89701 and have a 145,000.00 mortgage balance. Listings are currently running at approx 40,000.00 or so because of the foreclosures and auctions here. I have been in the condo fo 15 years and just want a bigger place. Any help would be great. 3010 Green Dr. 3bd 1 1/2 ba 1224 sq ft, landscaped back yard with a hot tub, 2 car covered parking.

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Mark Fleysher’s answer
Mark Fleysher, Agent, Las Vegas, NV
Mon Aug 30, 2010
Hello Susan,

Unfortunately, this is today's market.

My suggestion if you want a bigger place: rent out your condo and purchase/rent a bigger place.

You could rent out your current condo, and hopefully / likely it will coverage your mortgage, or most of it.

Other option is to short-sell your home, which I may or may not suggest depending on your current financial situation, and where you want to be with your credit for the next 5 years.

I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct. I can help you find the home you seek.

--

Sincerely,

Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186 F. 702-946-0843
0 votes
Marge Bennett, Agent, Fort Myers, FL
Sun Aug 29, 2010
modifying your loan won't help if you want to sell. Although you might be able to modify and rent your unit out.
Selling - you have 2 options, bring money to the table or try to do a short sale.
0 votes
Lisa Wetzel…, Agent, Gardnerville, NV
Sun Aug 29, 2010
The only solution for you is to look into a Short Sale if you want to get out of your present location by selling.
Have you tried to modify your loan? You might qualify for a HAFA Pre-Approved Short Sale which would be the best path, least impactive on your credit report among other things.

This topic is complex and doesn't have an easy answer because so much is determined by your personal situation. Questions need to be addressed like ... Do you have cash reserves? Do you have equity in other properties or assets like stocks? Lenders may forgive a portion of the debt if you have no other means to repay them, they may not if you do.

If you simply want a different residence have you considered renting your present home and moving into another home ... either renting or possibly buying a different house. With the rental income you receive from your present home you may be able to qualify to buy a second home. That may enable you to take advantage of the low prices today and allow time for the market to heal and restore some or all of the value to your condo.

As you can see the answer to your question has many facets, I suggest you need a "face to face” appointment to explore your options and formulate a plan for you to move forward. We’d be happy to meet with you for a consultation. Regardless, make sure that any agent you chose has the experience and training to give you sound advice! You have a lot to consider here!
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