Just bought a home and now I want to sell....best advice?

Asked by Pnut6995, League City, TX Sun Apr 11, 2010

I'm a single mother of one child and I bought a home in February. Prior to that, I was renting an apartment. I have lived in this house for 2months and I am regretting my choice for several reasons. I am in over my head and I can see that it's a financial mistake as well as a house choice mistake. All I want to do is sell it and move on. My old apartment is looking pretty good to me right about now.

I have an FHA assumable mortgage. I put $4700 down and a few hundred dollars (so far) into fixing up the house.

What is your best advice for me? Should I put it up for sale by owner and allow someone to assume my loan? Can I ask for some cash to recoup my down payment? I've already talked to my lender and they assured me the FHA loan is assumable and I would be released of liability with a qualified buyer. Am I missing anything else? There's no equity so no realtors can be involved in this. Not sure how I would go about finding a buyer. Any advice would be appreciated

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Keith Sorem, Agent, Glendale, CA
Mon Apr 12, 2010
I recommend that you do a couple of things:
1. Talk with a CPA. In most cases the tax implications of owning a home will not take affect until you file taxes for 2010. However, because the mortgage interest is tax deductible (as well as property taxes), you should be adjusting your withholding, giving you more cash each month. A CPA can analyze your tax situation and help you understand the true picture.

2. Talk with a person you trust, like your pastor, an attorney, perhaps a police officer? Someone that owns their own home and someone that you respect. In most cases the worst thing you can do is sell your home right after moving in. The cost of the sale, referred to as "closing costs", can be up to 10% of the price of your home, so most people will lose money if they sell right away.

"There is no equity so no Realtors can be involved in this" is my big point. Who talked you into this? Before you make ANOTHER big mistake, talk with someone I suggested above.
1 vote
Kate McQueen, Agent, Pearland, TX
Sun Apr 11, 2010
Did you have a real estate agent that represented you when you made the purchase? If you did, you should contact that person immediately and ask these questions!

This is truly unfortunate but good for you to take charge before the situation becomes worse. I saw that another post suggested a roommate. That might be a good option for you, if it's something that you are willing to do. It could help you get by for a year or more until a solid resolution can be found.

Otherwise, you can take the suggestion of doing a for sale by owner, and there are many free websites for posting your listing. But keep in mind that it is a tough sell in a slow market to go alone, without representation, and there are still costs involved to transfer to a new owner.

There's not enough information provided here to know what your situation is in full.

Good luck to you and hopefully by reading these comments you will find a solution.
1 vote
Phil Himes, , Houston, TX
Tue Sep 20, 2011
It looks like you are in a tough situation. The good thing about your situation is your live in League City, TX which has a strong rental market. I think a solution for you is leasing your property. You can then allow someone else to make the payments and when the time is right you can sell or move back in.

I am a mortgage professional, but I work with some of the best Realtors in League City and can refer you to one my partners. In addition, if you absolutely need to sell the house I can market it on the internet for free. Just give me a call at 832-338-4561.
0 votes
Christopher…, Agent, Methuen, MA
Sun Apr 11, 2010
This is an unfortunate situation. I am sorry this has happened to you. If you don't want to sell through a real estate agent you could try to sell it for sale by owner and advertise it online through free websites such as Craigslist.

If you have enough room, perhaps you could consider a roommate in the short term to help pay some of the monthly expenses?
0 votes
Ron Rovtar, Agent, Boulder, CO
Sun Apr 11, 2010
Hi Pnut6995:

It sounds like you have determined that you got in over your head and you are very smart to start looking at your options now. The first thing I would do is talk to an expert (and I would do it as quickly as possible). The U.S. Department of Housing and Urban Development (HUD) as a web page of qualified foreclosure avoidance counselors. I'm sure there are some in your area. These are free resources. The page is at: http://www.hud.gov/offices/hsg/sfh/hcc/fc/

Also, Stacey Sprain published some good web resources last week in her blog at: http://www.mortgageprocessor.org/mortgage-loan-processing/20…

I would check some of these out also.

I hope this helps!

Ron Rovtar
Prudential Real Estate of the Rockies
Boulder, CO
0 votes
Sandy Viveir…, Agent, Pearland, TX
Sun Apr 11, 2010
Hi Pnut,

I'd like to speak with you regarding your situation and to gather more facts. How could this have happened in just 2 months ? Guess I am a little confused here. Please call me at your convenience and let's chat about your situation. My direct line: 281-389-3867
0 votes
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