Tonya Harris, Home Buyer in Bradenton, FL

I need to sell my home. I am in a bad spot financially. I can no longer afford to do updates..what are my options?

Asked by Tonya Harris, Bradenton, FL Sun Jan 5, 2014

Bellevue 68005, 1958 ranch home in bellaire blvd

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Debbie Meyer, Agent, Bellevue, NE
Sun Jan 5, 2014
Hi Tonya, I'm sorry for the situation you're in. I've been in it before when I lived in California.

There are a host of questions to ask before knowing how best to help you. Questions would include: can you continue to make your payments? Are you current with your mortgage payments? What is your interest rate - would a refi help you? What do you have owing? What condition is your home in? We'd have to look at your home's value to see what we could safely expect to get in a sale. Is it a candidate for a sale or short sale?

There are different options based upon answers to questions like the one above.
2 votes
Carolyn McKi…, Agent, North Augusta, SC
Wed Feb 26, 2014
So you need some Quick, Easy & Inexpensive tips to help Sell Your Home?
I get asked this all the time... We all do... We are helping you sell the home for the purpose of MAKING you money... not to dump more money into it!! Now, there are are several smart things to do that will help you make more money than you put into it... but for now.. for those that have simply exhausted funds...Let's just "SET THE MOOD!!!"
Remember back when you bought the home yourself? Why did you pick this home? What made you fall in love with this home back then? Accentuate and point those features out!! TELL... your.... REALTOR!! When I am listing a home, I always ask ...." What did you love about living here?... and I bring those points up when showing the home to other clients, I draw attention to them in the listing with pictures and paint a visual and emotional picture with words in the listing and flyers... 9 times out of 10... the next buyers will be attracted to the same things that you were....
And never forget that we are all emotional buyers! Make your home speak to those looking at it.... Do you have a Bay window in your dining room that overlooks a beautiful view? For heavens sakes, OPEN all the window coverings, close the others, set the table up on display for dinner, light candles and turn on low... serene music... (Tips for music: set the volume low, pick a mellow style and please please please choose something without commercials! Nothing worse than walking into a home with an announcer yelling "Deals" at you!) If you don't have good views at all... Close all window coverings, turn on lights, burn solightly scented candles, put on low music, set out Fresh Flowers, and make the inside of the home feel so Fabulous!! that you don't feel the need to even go outside!!!
Ask your Realtor for tips... that is what we are here for! :)
1 vote
Gina with Te…, Agent, Bellevue, NE
Wed Jan 8, 2014
You will certainly get the most exposure in a sale through a Real Estate Agent - you can sell the home "AS IS", which will reduce the value compared to other homes in the neighborhood, but would keep your out of pocket expenses down. For Sale By Owner is also an option, although, being out of town, that could prove to be disastrous - and then you still need to hire an attorney or someone to process the paperwork to keep everything legal and in your best interest.
1 vote
Dave , Home Owner, Bellevue, NE
Mon Jan 6, 2014
Depending on how much equity you have in your home, you could potentially tap into some of that. This would essentially be a second mortgage or home equity line of credit. How long have you owned your home and made payments? If you own a certain percentage of your home, your bank may be willing to work with you and extend a line of credit or fixed loan amount. I was able to do this a year ago and got a great interest rate on a line of credit that I used to update my bathroom. This is not something you can do to make mortgage payments but might help with other things. I would definitely recommend speaking with your banker and/or a real estate agent.
1 vote
Stan Plebanek, Agent, Omaha, NE
Sun Jan 5, 2014
I agree that to give you options, we need to know more of your situation.

Usually there is a way out. Some of them painful, but we are here to help if we can.
1 vote
Christopher…, Agent, Tarrytown, NY
Wed Feb 26, 2014
Factor the work the home needs into the asking price. Chris
0 votes
Eric Bystrom, Other Pro, Bellevue, NE
Fri Feb 7, 2014
Hi Tonya,
I am very sorry to hear about your financial troubles, and hope to be able to provide you with a way out of this situation.
I am an enlisted serviceman and a local investor here in Bellevue and I buy houses with cash. Can you send me more details on the property via my e-mail? I would like to know what condition it is in, what you owe, what your payments are, and if you're current on your payments and taxes?

My team and I have handled situations like yours before and we will do our best to help you out, and if we cannot we will try to find someone who can.

Feel free to contact me anytime with questions you have,
0 votes
Meegan Gerace, Agent, Bloomingdale, IL
Mon Jan 6, 2014
Your options will depend on how much your home is currently worth "as is" and how much you owe. You can always sell your home in "as is" condition. If you have enough equity you can sell it and move on. If however, you owe more than the home is worth you are what is considered up side down in your mortgage and you can either "short sell" your home or allow the bank to foreclose. In either case the advice of a reputable local Realtor is invaluable.
0 votes
Jan Nicola, Agent, Fremont, NE
Sun Jan 5, 2014
Can I take a look at your house so I can give you a comparative market analysis? You may not have to do anymore updates. Please call me.
Jan Nicola
0 votes
Alexander Lo…, Agent, Sandy, UT
Sun Jan 5, 2014
I have also been there before. It is a tough spot to be in.

I agree with Debbie's questions. I think sitting down with a REALTOR would be a good idea, as they would be in a good position to understand your options better.

Here are some options I have either personally considered, worked with a client on, or heard about. Maybe a few ideas will be able to help you:

-Refinance? Maybe a bank can refinance your home loan so that it is set on a longer term. Interest rates still aren't high, so cutting down interest payments and extended loan term may reduce your monthly payment and help you out.
-Sell. If you can still make your payments and your house is worth more than your mortgage balance, you may find that this option will net you some money and get rid of your costly asset.
-Short sale. Don't consider this option lightly. If you owe more on your mortgage than your house is worth, is may seem like a good idea. But I would recommend you talk with a CPA and Attorney to find out what ramifications will apply to you if the short sale is successful. This option often works well with distressed homes.

I wish you the best of luck and hope things work out quickly for you! :)
-Alex Lovell
Equity Real Estate - Advantage
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