My home is valued at 75K and I owe 61.5K. How much should I expect to walk away with after selling? Is it worth it? We want a new home.

Asked by Ricky8800, San Antonio, TX Sun Jul 7, 2013

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Ricky8800, Home Buyer, San Antonio, TX
Sun Jul 14, 2013
Well, in all honesty, we were pretty close to getting a home around this time last year. Here's the story, my father used my ssn to open up a bank account with an overdraft account. You can probably guess how that ended up. So while getting a house with Centex, my wife and I explained that the 13.5K owed to Chase was fraud committed by my father. So the underwriter's took my explanation and approved my mortgage to the next step, which was the mortgage insurance company (we put 5% down). This was good since we only had a year to wait for the collection to fall off anyway. However, when it made it's way to the MI company, they totally declined the insurance on our new mortgage and would not hear of the explanation. There was pretty much nothing more we could do; we wrote letters and even tried dealing with a broker. Anyhow, it's been a year almost and now the collection agency is off my report, but the bank that charged off that debt is still on there. We are estimating that to fall off in October. We plan on looking around that time, but it's very sad because we locked in a 3.25% interest rate and now rates are in the mid 4%'s. Not to mention houses are 10K more than they were two years ago.

I guess I have another question: Should I continue to wait until this charge off is completely off my record even though the collection agency has already dropped off. My Credit Score is 793 but I know the mortgage insurance company looks real closely at everything.

Also, besides the 20% down, are there any other ways to get the MI company to insure my loan.

In the end, it's very sad that my family and I missed out on a lovely home and a great interest rate for a debt that I got absolutely nothing from. Being a Jr. sucks so bad.
0 votes
Eli Givoni-S…, , Boca Raton, FL
Mon Jul 8, 2013
A local Realtor can give you a Market Analysis, telling you what your home is worth. If you realize your home is upside down on the mortgage, we can still help you sell it. Feel free to give us a call or visit our website to learn more about short sales.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes
Rita Parker, Agent, San Antonio, TX
Mon Jul 8, 2013
First, you need to get a market analysis done from an experienced realtor. There are some additional costs for you to sell but many are negotiable. How long have you owned your home? Have you taken out an equity loan or second mortgage? Have you done any upgrading to the property since taking ownership? Are there any repairs needed? These are all factors that your real estate agent will need to know in order to be able to assist you and price your home accordingly. You can call me directly at 210-912-3244 or email me at: rparker@cbharper.com. I'd love to meet with you and view your home so that we can discuss strategy on the sale of your home.
0 votes
Ricky8800, Home Buyer, San Antonio, TX
Sun Jul 7, 2013
Thank you all for your responses and your time, appreciate it. We may look into maintaining the property as an investment property. We really didn't want to deal with the extra hassle but looks like it may be the most rewarding option.

With the some housing market forecasts, it appears houses are going to be 10K more in December and rates are going to be around mid 4 %s. We're trying to decide if we should continue our saving efforts or buy now while the rates are somewhat low.
0 votes
Jim Olive, Agent, Key West, FL
Sun Jul 7, 2013
"Is it worth it" is something only you can answer. If you want a new home, and you're above water on your current home, seems like it could be a good option. As for value...all these other professionals have given you great advise. Best of luck...
0 votes
Frances Lopez, Agent, San Antonio, TX
Sun Jul 7, 2013
Richard,

You really need to get a market analysis to see what you home is worth. If you got that figure from the tax records, it will not be accurate information. Market value and tax value are not the same.

Please give me a call, I would love to show you what homes are going for in your area.

Contact me 771-0110 or realtorfrances@yahoo.com

Have an awesome day!

Frances Lopez
210.771.0110
http://www.yoursatxrealtor.com
0 votes
Carlos Ares, Agent, San Antonio, TX
Sun Jul 7, 2013
I would like to conduct an evaluation of your home to see if it is worth what you're saying or perhaps more, Real Estate values are rising in some areas. Give me a call or text me at 210-275-8759
As far as how much you would walk away with, as a seller you have two major expenses, the Real Estate commission ( usualy 6% of the sales price) and the title policy, plus the settlement fee. Your total expenses, to make easier and simple, are around 8% of the sales price, approximately $6,000 in your case.
0 votes
Kay Kirby, Agent, San Antonio, TX
Sun Jul 7, 2013
A rough estimate would be about 5000 if your house sells for the 75000 and you pay some of their closing cost and title policy. Give me call or email me for more onfo
0 votes
, ,
Sun Jul 7, 2013
Hi Richard,

Although there are a number of variables that we may not know, generally you will net about 90% then subtract the loan amount owed. In your case you would expect approximately 6,000.

This is a rough estimate, please call me at 210-789-2870 and I can refer you to a great realtor. I am the preferred lender for Keller Williams Legacy, which is the number three selling office in all of San Antonio. I can advise you who would be best to help you.

Thanks and good luck,
Jon Nichols
Nichols Home Lending
0 votes
Aaron C. Pop…, , San Antonio, TX
Sun Jul 7, 2013
You would have to have a market analysis done to see what other homes have and are going for. Give me a call and I'll see what I can figure out. 210-978-4610
0 votes
Don Groff, Agent, Austin, TX
Sun Jul 7, 2013
Have a Realtor find out how much your home could actually sell for. That may be more than the taxable value. It is in many cases especially in this market. From there they can prepare a net sheet for you so you can see all the typical costs involved and see how much you could walk away with depending on the agreed upon price.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference:  http://www.AustinListed.com
0 votes
Susan Casas, Agent, San Antonio, TX
Sun Jul 7, 2013
Ruchard , lets conduct a market analysis of your area, call me anytime Ill be happy to assist.

Susan Casas
210-835-6696
0 votes
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