If you want to talk further, please call me. Either way, good luck!
Try reaching out to all who respond to this post and see who you feel most comfortable working with...
We are all great agents here, that is why we take the time to answer questions... give us a try!
You will have to speak with your lender to see what they will accept. You can either take a loss and pay the difference or you might be able to do a short sale.
I would be happy to provide a free professional estimate of your current condo value at no cost or obligation. Currently, the condo inventory in Los Angeles is very low and properties are selling very fast, and we are seeing multiple offers on many properties.
Feel free to contact me anytime at (310) 717-1321 or JamieTian@RodeoRE.com.
How much are you negative in your condo? What is your present interest rate? If you do short sale it should be fore the year end. Are you going buy another property? If yes should you decide to sell through short sale of deed in lieu of foreclosure or foreclosure it will have a negative record in your credit . To discuss more please call me at 818-923-8480. Hoping to hear from you. Regards
Richard "RJ" Kas (SFR, SRES)
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My experience with closing short sale properties sets me apart from 99% of other agents who are trying to work with short sales.
Short sales are very very different from working with Mr. Smith to sell his property that is Free & Clear. It's a very special set of skills that is needed to successfully close a short sale.
In California I have a 100% success rate closing the short sales I list. What sets me apart from other agents is I CAN PROVE THIS TO YOU IN WRITING. Maybe only 1% of all agents nationwide can make this claim. I fight tooth & nail to close my short sale because I don't want to mess up my success ratio.
If I can meet you in person I will do a Live demonstration in the MLS to show you, otherwise I'll have to do a screen shot to send to you. Most other agents if they have any short sale experience at all, are closing, on average 50-70% of the short sale listings they take & they will try to hide from you their MLS listings that they had to cancel or expired because the bank foreclosed.
Shoot me an email directly, I would like to talk to you about this further. I don't look back on this same Trulia posting for answers after mine.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
We are very low on inventory here in Los Angeles, homes and condos are selling fast and in some cases over asking. I just sold a condo, in Los Angeles, that my clients bought in 2010 for 390,000 and it sold over asking with 5 offers at $468,000. My marketing is outstanding you can go to my website and check out what I am about http://www.madelainek.com and see for yourself...If you refi, you may not sell while doing so, and if you refi then sell you will just be paying some of the closing cost twice. Call me and we can discuss this more...
Madelaine Kolisnyk _ Realtor
You might want to consider that the condo is paying off some or a good portion of your mortgage for the property, and that eventually you will have a paid off an investment property. This is only if you can handle the additional expenses of holding on to the condo. If you can't do that, you do have the refinance or short sale to consider.
I'm sorry to hear about your condo. Right now in LA we have very low inventory and the market has switched to a sellers market. Have you discussed a sale with a realtor? The loss may not be as great as you're thinking it will be.
My suggestion is to compile a list of 3 realtors and discuss your options.Also, if it comes down to a short sale or deed in lieu of foreclosure speak with an attorney or your CPA as well so you have a clear financial picture moving forward.
Hope this helps!
Kenya Reeves Costa
Keller Williams Los Feliz
want to sell, taking a loss may not be want you would prefer.....
But a short sale may not be accepted by the bank, as for short sales they will require to see hardship, like medical bills, illness, lost your job etc.
You may want to sit together with a lender and your Realtor to figure out, how much money you need to add to the rental income to keep the property and only if given its size, age, updates and location will guarantee you that the value of the property will go up over the next 2 years...
Now since you already own and bought another home, you need to sit down with an attorney and understand what a potential foreclosure by the bank will do to your credit for the next 3 - 5 years.
So the best advice I can give, make sure you get all the numbers straightened out with some professional help, and then the impact of each one of the scenarios.
Good Luck to you
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
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Your situation is not uncommon. Fortunately home values have been steadily increasing in many areas.
My listings thus far have sold after only one open house..and with multiple over asking price. I can say the same will happen with your unit..I'll need the location, etc..
Please feel free to email or call.
Susan Bo'ur Realtor