Relocating family of 4 out of state (St Louis,MO to WI). St Louis (City) house is about $30K under water.

Asked by Dan Vanden Heuvel, Cambridge, WI Sat Mar 23, 2013

Other than short sale, foreclosure or renting are there any other options? Would a mortgage co consider "trading" one short sale (St Louis) for another property they have in WI (We give them this house then we buy and take over payments for a house same mortgage co has in foreclosure or short sale in WI.) Doubt it, but just curious.

Help the community by answering this question:

+ web reference
Web reference:


Tammy Wilban…, Agent, St Louis, MO
Fri Jun 14, 2013
Not a great situation. Have had owners qualify for a short sale based on relocation.

If you are not behind on your mortgage and your credit is good it can be a relatively short time before you can qualify for a new home in WI. It is not a quick process but I sell using a law firm that specializes in short sales to get you the best terms.

The other option for you could be a lease with option to purchase.This gives you some time to let the market catch up to the mortgage amount. If your tenants know they have the opportunity to buy the home it is possible they take better care of it.

Hope any of this helps. Feel free to contact me with any more questions.
0 votes
Gary Geer, Agent, Antioch, IL
Thu Mar 28, 2013
Dan Vanden Heuvel,
They most likley will not. Never heard of them doing that before although you can contact your short sale contact at your lender and ask.
0 votes
Janel Willia…, Agent, St Louis, MO
Thu Mar 28, 2013
I agree with the other Realtors, that most bank probably won't consider a trade off. I also recommend a comparative analysis be performed, to get a good idea of what your property may sell for. There are staging techniques, open house ideas, that many Realtors utilize to bring a higher sales price. I would test the market with an agent you trust. It definitely wouldn't hurt anything.

Have you considered renting on a month-to-month basis, with the tenants fully aware that a sale maybe done in the future? This may not be attractive to many, but I'm sure a reduction in the market rate rent may secure a tenant.

Let me know if I could assist you in any way. Thanks Janel Williams Broker's Corner Realty 314-827-5478.
0 votes
Susan Raimon…, Agent, St Louis, MO
Sat Mar 23, 2013
How do you know you are actually $30 k under water? Have you recently had a appraisal or comparable market analysis? I think that would be your first step.
I understand you may not want to rent your home but the rental market is pretty strong right now.
I would not suggest a short sale unless you are in financial duress. It will ruin your credit for 3-4 years.
I have never heard of a lender doing a switch one short sale for another.
I would be happy to do a comparable market analysis on your home and see if there is anything I could do to help.

Susan Raimondo
314 720-3034
0 votes
Hector Tello, Agent, Arnold, MO
Sat Mar 23, 2013
I would recommend making sure of the value of your home, it seems you're only option is to sell the current home. Considering closing cost, mortgage pay off and total commission you may need to bring some money to closing. A short sale or foreclosure will damage your credit for a while not allowing another purchase to go through.

Get some advice on what's selling in your neighborhood within comparable size, condition and amenities, only then can you be for sure of what your current home may sell for determining if its a worthy option.

Unfortunately banks don't "trade" home for home.

With your address I can email you what's been selling in your immediate area. Give you an idea for sure.

Wish you the best!

Hector Tello
Clear Realty
(314) 537-6684
0 votes
Dale Weir, Agent, Chesterfield, MO
Sat Mar 23, 2013
You don't have many options unless you are able to bring the difference to the table when you close. I don't know of any bank that will "trade" one property for another. Short sale will affect your credit for 3 years, foreclosure for 5-7. if you have excellent credit otherwise, a short sale may not drop your credit to the point that would preclude your buying something else in a year.
0 votes
Bill Keefer, Agent, Saint Louis, MO
Sat Mar 23, 2013
I do not see the being an option. Feel free to contact me w/any questions about completing a short sale
0 votes
Carolyn Tumm…, , Saint Louis, MO
Sat Mar 23, 2013
If you would like a list of lenders or mortgage bankers that you can call, give me a call or e-mail me and I will send you a list. Thanks, Carolyn Tumminia 314 225-9159 or
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Sat Mar 23, 2013
I have never heard of a bank doing something like that, and they are NOT creative! I would say short sale or renting are your two best options.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more