I am in the process of a short sale and the value of my house keeps going up. Should I pull out of short sale?

Asked by debragiannoit, Temecula, CA Thu Sep 20, 2012

I paid 285k for my home in 2007, last year one like it sold for 140 I put my house up for short sale at 158k had offers in 2 days one went in at 178k bank now wants 190 Prices really going up Should I try to get out of short sale?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Anne Coming, Agent, Las Vegas, NV
Wed Feb 13, 2013
Yikes! I wouldn't give advice on this question for anything.

Why? Because this Seller is represented by an Agent. The Seller should consult his Agent, his Attorney, his Tax Advisor.
1 vote
Robert Adams, Agent, Henderson, NV
Mon Oct 22, 2012
Prices are definitely going up but you are still pretty far below $285k. What is your current loan amount payoff? 285k? or more?

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Sep 20, 2012
I agree with Shanna,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Robert Adams, Agent, Henderson, NV
Thu Sep 20, 2012
This is a duplicate post you can see the original post here:
http://www.trulia.com/voices/Market_Conditions/I_am_in_the_p…


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes
Shanna Rogers, Agent, Murrieta, CA
Thu Sep 20, 2012
Hi debragiannoit,

To get your short sale approved by your lender(s) you have to prove financial hardship. If you were able to prove this and your situation has not changed, you still have a financial hardship. That said, no matter what the current market value, you still cannot afford the property. Now, if you really don't have a financial hardship, you shouldn't be doing a short sale in the first place.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
I have a serious medical condition that has affected my work and have to get a new career. I just thought to rent it out but that is probably not worth the headache. Its just so emotionally painful to lose my home and worry about where my daughter and I will live
Flag Thu Sep 20, 2012
Search Advice
Search
Ask our community a question

Email me when…

Learn more