Do you have any suggestions for selling a house when you have been transfered out of state but are upside down in current mortgage?

Asked by Mom42606, Jacksonville, FL Fri Nov 5, 2010

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Lucien Vaill…, Agent, Jacksonville, FL
Sat Nov 6, 2010
If you are an active duty military family then I would suggest applying for the Military HAP Program. There are some restrictions and date requirements. Click the reference link below for details to see if you qualify.

If you are not an active duty military transfer then I would recommend attempting a "Short Sale". When interviewing REALTOR's to help you with this check to see if they have experience with short sales and whether they carry a designation such as SFR ( Short Sale Foreclosure Resource) or CDPE (Certified Distressed Property Expert). Good luck and feel free to contact me if you have any questions.

Lucien Vaillancourt
Broker Associate
Realty Executives
(904) 994-0493
http://www.realinjax.com
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Carol Zingone, Agent, Atlantic Beach, FL
Sat Nov 6, 2010
Dear Mom42606,

You have been given a lot of good advice below. The most important step is the first one: take stock of your options (short sale, yes; HAP if military transfer, yes; etc), assemble a short sale package (a qualified local experienced Realtor can help you with this) and get the process started.

The longer you wait, and the more payments you miss, the more likely you will be forcing yourself into a position you don't want to be in.

Contact several of the Realtors who answered your question and ask them specifically about their success ratio with short sales, and their recommendations for YOUR specific circumstances to get a comfort level of who you would like to work with. This is a team process, with you and the Realtor hand in hand, so you need to be comfortable, as the short sale process involves copies of your financial history (paystubs, tax returns) for the last two years, and these require updating. You must feel 150% comfortable with the person you choose!

I hold several credentials in short sales, such as the Loss Mitigation Certification (LMC), Short Sales, Foreclosures, REO's (SFR) and Certified Distressed Property Expert (CDPE), and can help you with the process.

Good luck -
Carol Zingone
904/993-9048
Broker Associate
Prudential Network Realty
Web Reference:  http://www.carolzingone.comb
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Debra B Albe…, Agent, Port St Lucie, FL
Sat Nov 6, 2010
Home selling, no matter what the circumstances comes down to the same thing ALLWAYS. Chose a well qualified local realtor who knows your area AND a company that is on the cutting edge of marketing. Keller Williams is an excellent choice for you.

Best of luck to you.

Debbie Albert, PA
Keller Williams Treasure Coast
Web Reference:  http://www.ronanddebbie.net
0 votes
Vladimir Jean, , Jacksonville, FL
Fri Nov 5, 2010
I am a prior Service Member. I have been serving many sellers of the Armed Forces with the same situations . I have all the answers you need! I am dealing with a few ones like your issue right now.. Just call me. You won't regret it!

Vladimir Jean
Keller Williams Realty
904-635-7765
vladimirjean@kw.com
0 votes
Lynn Brier-De…, Agent, Jacksonville, FL
Fri Nov 5, 2010
Good evening Mom42606,

As you have probably figured by now, a short sale is going to be your best avenue to get out from undernneath the existing mortgage. Your transfer qualifies as your hardship, which means your existing lender (lien holder) will take a look at the numbers and, most likely, approve the short sale.

Most of my listings are short sales ~ I'm given short sale referrals by Wells Fargo, have been recognized by Realtor.com for Listing Excellence and have many successful short sale closings. Please give me a call if I can help you get out from underneath your Jacksonville mortgage.

Take care,

Lynn Brier-De La Cruz, REALTOR, LMC

904-343-8586
0 votes
Wade, , Jacksonville, FL
Fri Nov 5, 2010
Your best bet is to just go over your situation with someone who knows what they are doing. Be careful of those who hand over your short sale to someone else to negotiate. Work with someone who knows what is going on furs hand and has a hands on approach. There are a ton of ways to do this and many programs to possibly use. Research.
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Brittany Ste…, Agent, Mckinney, TX
Fri Nov 5, 2010
Does your company offer a relocation package? I have experienced many situations where companies will purchase the home from the employee and then sell it themselves. Also, are you being transfered as a military move? You could look into the HAP program if so. Also, you may want to consider renting it until the market picks up a bit. Hope this is helpful and Best of luck! If you need further info, please feel free to contact me anytime.
0 votes
Howard Flasc…, Agent, St Johns, FL
Fri Nov 5, 2010
First off a Required job relocation is a defined 'hardship' so that is excellent in as much as the situation could be. Now you need to reach out to your lender first and foremost to advise them of the situation. Second is to reach out to a good real estate team who can help you execute a shortsale while negotiating with your bank in an effort to get them to waive their right to ever attempt to get a deficiency judgment against you for the difference. Make sure it is in writing. There is a long frustrating road to navigate and many Realtors are Certified Distressed Property Experts and can help you and yours. We are a team of such Real Estate agents and have a large team to help as well as those who have already posted. Reach out to one that makes you comfortable and you think you'll work well with as the communication will be early, honest, and often.
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Frank & Shar…, Agent, Fleming Island, FL
Fri Nov 5, 2010
Hi Mom42606,

You have asked a great question and there are a few ways to look at it.

First, this is not a great time to sell a house if you don't have to but second, if you are moving out of state and especially if you are not planning to come back, then selling is probably the best option for you.

If you have been transferred, then you qualify for a hardship. You would list your house as a short sale and sell it for less than the balance owed.

A short sale will affect your credit but less than a foreclosure would. It would be a couple of years before you could buy another house. There have been exceptions we have heard about where there was a foreclosure property that a bank really wanted to sell, but normally that is the case.

Another plus about a short sale vs. a foreclosure is that if you or anyone else on the loan has any kind of security/financially sensitive job, you could lose your job if you have a foreclosure.

If we were at the bottom and property values were starting to stabilize or even inch up, it might be wise to hold on if you could break even on rent, but everything we are reading tells us we are in for another 5% to possibly 20% dip in home values before we work through all the distressed properties on the market and coming on the market in the next couple of years.

Frank and I are very experienced short sale listing agents, closing over 95% of our short sales. We also hold the CDPE designation, the top training for Realtors - Certified Distressed Property Experts - we are short sale specialists.

If we can be of any further help to you, please let us know.

Best regards,

Sharon Alters

Frank & Sharon Alters, CDPE, e-PRO, GRI
Coldwell Banker Vanguard Realty
904-673-2308
sharon@teamalters.com
Web Reference:  http://teamalters.com
0 votes
Helen Willou…, Agent, Jacksonville, FL
Fri Nov 5, 2010
As a Prudential realtor, I have access to the Short Trac program which offers a team of attorneys who will negotiate on your behalf with your mortgage lender. If you decide to list with me, I can handle the listing of your property and put you in touch with negotiators who work with over 50 banks and mortgage companies to sell your property quickly with the least amount of stress to you.

Please call me at (904) 655-8232 or email me at helen.willoughby@prunet.com if you would like to discuss this program further.

Helen Willoughby


Prudential Network Realty
0 votes
Wade, , Jacksonville, FL
Fri Nov 5, 2010
I've dealt with this situation and have a great short sale team if ypu would like to call me any time at 904-434-1997.
Web Reference:  http://wadekoutnik.com
0 votes
Dave Griswol…, Agent, Bridgewater, NJ
Fri Nov 5, 2010
HI Mom, Try to short sale it, contact a Realtor experienced with short sales. In jacksonville I believe there are several with the knowledge and experience to handle a short sale.

All the Best
Dave & Lisa
Web Reference:  http://www.urhomerealty.net
0 votes
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