Jon, Home Owner in Arizona City, AZ

I was lucky enough to come across an opportunity for a better job with more pay (about a 50% increase), but must relocate to have this accomplished.

Asked by Jon, Arizona City, AZ Sat Mar 5, 2011

I am currently buying my home, to which I still owe 72k, but the problem is that the current value is only at about 60k right now. I do NOT want to rent out the home, and was wondering why banks cannot look at the option of trading homes for another, more expensive home that is in their inventory. They would make more money, and it would simplify our relocation.

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Sandra Paulow, Agent, Pinetop, AZ
Sun Mar 6, 2011
I wish there was an easy answer for you but unfortunately you are dealing with a very illogical entity, a Bank. Nothing they do seems to make a lot of sense. I would suggest you contact a good Real Estate Professional in your area to discuss options and perhaps consult with a Real Estate Attorney for legal advice. Good luck, I hope you find the right answer so you can relocate easily to your new job.
0 votes
Loren Hoboy, Agent, Phoenix, AZ
Sun Mar 6, 2011
I strongly recommend that you consult a real estate attorney to develop a strategy. Unfortunately the one you suggest is too logical and is not an option. You do have options, but you need a well orchestrated plan. If I can help let em know.
Loren
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Sun Mar 6, 2011
Hi Jon,

We all share your confusion and frustration. There is, unfortunately, no logic to the banks' behavior these days. I can think of a dozen or so easily implemented tactics that would increase their bottom line but banks are like government, illogical, stubborn and slow to change.

If you do not want to continue to own the home, or to rent the home then your only other option is to short sell the home. Sad but true.
0 votes
Kathy Weber, Agent, Temecula, CA
Sat Mar 5, 2011
Jon,

Great suggestion! When the market was in better condition, this was a tactic used by many people being relocated. I remember seeing internet sites with an abundance of "trade" inventory. Craig's list also posted many ads of such.

Nowadays, when the property values are so low, it doesn't make sense for anyone to negotiate a settlement. The banks aren't intersted in the relocation business, nor owning a property that isn't worth market value. Every loan is just a number and "net" value. If it doesn't meet certain criteria, it's disposed of in one way or another.

I'm totally in agreeance with you....just not that simple.
Web Reference:  http://www.WeberHomes.Info
0 votes
Search Advice
Search
Ask our community a question
Home Selling in Arizona City Zip Codes

Email me when…

Learn more