Yet another example of why it's important to have a buyer's agent on your side when you buy new construction from a builder. You really need to read the contract you signed with the builder carefully to see what the provisions are for failure to appraise. I know what they are in a standard contract and yes, you could walk away, but a builder's contract is not standard and no two are alike. I have had this happen to my buyers of new construction before. All the builder did was do the right thing and lower the price. You should suggest that to them.... more
Your best bet is to contact a local agent with short sale experience. He or she can provide a market analysis for your home to determine it's value relative to what is owed on your mortgage. If "underwater," you can decide to short sale, but first get some advice from an attorney and tax professional to understand the consequences of your decision "before" you make your decision.
I hope you are well. First off, let me express my sincerest sympathy for your loss. I hope you have been able to find some peace throughout your difficult situation.
If you are still interested in selling, give me a call. I can go over my entire process and give you a quality analysis of your home.
If you are still looking for a home, please let me know. I will be happy to help you.
Thank you Bernard Scarpa
American Ideal Homes, LLC
Servicing all of your Florida Real Estate Needs.
Primary Residence Specialist
Office Hours are 7 days a week 9:00 Am to 9:00 PM EST
Cell # 407-572-3022
Mary, Thank you for allowing me to help in answering your questions and concerns. At the present time there is not a lot of inventory on the market so sellers are hesitant to take a contract that is contingent on a buyers future sale but it is not unheard of. I think if your home was listed for sale you would have a much better chance of having an offer accepted considering the fact that you would be making a cash offer. Another issue would be when your husband is going to receive his inheritance because there are time sensitive dates on all purchase agreements.
If you would like to meet with me either at my office or in your home I can show you how we save sellers considerable money on commissions and at the same time I will give you a value on your home that will bring a buyer in a time frame that will help you move to your next home.
Thank you... more
As already stated here the question that you are asking is of a legal nature and you will definitely want to seek proper legal advise from a real estate attorney so as to ensure that the actions you take do not adversely affect the chain of title on the property. You may also contact the closing/title agent that did the title work for you when you purchased the house from your mom and they too can guide you on how best to proceed. Good luck with the sale.
RE/MAX Advance Realty
With no cash you are truly in no position to buy a home and I would strongly suggest you put away some funds before doing anything. I would also seek the advice of a lender or RealtorÂ® who can further advise you on the best way for you to plan your housing future. Certainly need more information on your particular situation to really give solid advice;
I am assuming you want to sell you current home and move into the "new" house. How do you know what your house is worth unless you have a binding contract in place? Do you know what the closing cost will run on the sale of your home? Do you know what the closing costs of the purchase of a new home will run? Have you pre-qualified for a loan based on your current situation?
Purchasing and selling real estate in Florida is not an inexpensive proposition as their are state doc stamps on deeds and notes, commissions and other significant fees. Depending on your loan; and you will be either a USDA, FHA or VA there will be significant closing costs. If you have served in our military and qualify a VA loan is the only way to go.
I wish you the best of luck but I truly would find professionals in your area who you trust and sit down and thoroughly review your entire situation. Only then can you get some advice that is truly meaningful.
I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
There are two instruments here. One is the Deed to the property. The other instrument is the Promissory Note or Mortgage. If the mortgage is unpaid, the lender can foreclose on the property. You have an obligation since you signed a promissory note. You have some options.
You can start paying the mortgage so the lender does not want to foreclose.
You can contact your partner or friend who is on the mortgage and possibly not paying.
You can try to sell the property
You can ask the other party to refinance and get your name off the mortgage
My favorite, you can deed the property over to the bank!