I am pretty sure I am turned upside down on my home, how do you recommend selling it and coming out even?

Asked by SEO, Florida Wed Jan 16, 2008

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Don Tepper, Agent, Burke, VA
Tue Mar 11, 2008
First, as Mickey and JP advise, you need solid numbers. Not just whether you're upside down, but by how much.

Second, if you are upside down, do you really, really have to sell? If not, don't. In fact, even if you aren't upside down, do you really have to sell?

Third, if you do have to sell, can you maximize the value of your property so you're not upside down? That means adding value to the property. It also means structuring terms and conditions so you come out even or ahead. A lease-option is one option to consider. There are others.

Finally, a short-sale should be your final choice, only when you've run out of other options. It's often a long, painful, and very uncertain process. And it'll really damage your credit. Not quite as bad as a foreclosure, but bad enough. Don't do it unless you absolutely have to.

Hope that helps.
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JP Lyons, , 34639
Tue Mar 11, 2008
My first question would be how much do you owe vs how much you think it is worth? Then depending on that number I would consider holding a small seller second? Again it depends of how much you owe vs sale price. Another option is a lease option. You rent it for one year with the renter having a preset price to then refi it 1 year later in there name. The short sale is an option however your credit will most likely suffer due to this. Other options are large seller concessions, just renting it for now, and contacting your lender to rework you current loan terms. Hope this helps.
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Tina, , Bradenton, FL
Sun Jan 27, 2008
You may be able to do a short sale...That is where the bank agree's to take less than what they are owed...Are you behind on your payments?? Feel free to contact me Tina Doxtator ReMax Gulfstream Realty 941-705-8462 or email me at TinaRealtor@msn.com
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