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Old 09-19-2007, 12:26 PM
 
330 posts, read 934,743 times
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We have only been in our home for a little over six months, but for a number of reasons, need to sell. I have crunched numbers and cannot see any way of getting this done without getting ourselves into quite a bit of debt, which I obviously want to avoid.

We purchased the home with a 100% financed mortgage, thinking that it would appreciate in value quite a bit before we decided to sell. Having only been here for half a year, the equity we have in the home does not come close to paying for realtor commissions or any other fees involved in selling a home, even assuming we were able to sell the house for the same amount we paid for it.

Any advice on this situation would be appreciated.
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Old 09-19-2007, 12:28 PM
 
Location: Up above the world so high!
45,269 posts, read 88,624,239 times
Reputation: 39870
Quote:
Originally Posted by LAMF View Post
We have only been in our home for a little over six months, but for a number of reasons, need to sell. I have crunched numbers and cannot see any way of getting this done without getting ourselves into quite a bit of debt, which I obviously want to avoid.

We purchased the home with a 100% financed mortgage, thinking that it would appreciate in value quite a bit before we decided to sell. Having only been here for half a year, the equity we have in the home does not come close to paying for realtor commissions or any other fees involved in selling a home, even assuming we were able to sell the house for the same amount we paid for it.

Any advice on this situation would be appreciated.
Find a good renter and hang on to it at least two more years.
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Old 09-19-2007, 12:29 PM
 
Location: South Charlotte
1,435 posts, read 5,231,835 times
Reputation: 486
How about renting it out?

Maybe try that route.
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Old 09-19-2007, 01:33 PM
 
Location: Fort Mill, SC (Charlotte 'burb)
4,730 posts, read 17,798,372 times
Reputation: 1008
I suggest renting it out as well. Also, another reason not to sell is you will get your w-2's by the end of January and owning a home is a HUGE tax deduction, so if you can file your taxes right way, you will have some money come back.
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Old 09-19-2007, 08:07 PM
 
47 posts, read 125,443 times
Reputation: 24
Renting might be an option, where are you? Is renting the proerty an option for you? Is the builder still building new?
But if you have to move... only a couple of choices- You'll need a realtor- not an expensive one perhaps and contact your lender and discuss with them the possiblity of a short sale. Short sales are for people like you (generally) each lender will have their own conditions, and you may walk out with some debt, but less than w/o the short sale.
Good luck, pm me for more.
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Old 09-19-2007, 09:07 PM
 
Location: The 12th State
22,974 posts, read 58,648,329 times
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according to the previous post by the OP the house is located in NODA

GOOD luck with that.
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Old 09-19-2007, 09:18 PM
 
Location: Charlotte
12,646 posts, read 13,927,348 times
Reputation: 1679
Quote:
Originally Posted by LAMF View Post
We have only been in our home for a little over six months, but for a number of reasons, need to sell. I have crunched numbers and cannot see any way of getting this done without getting ourselves into quite a bit of debt, which I obviously want to avoid.

We purchased the home with a 100% financed mortgage, thinking that it would appreciate in value quite a bit before we decided to sell. Having only been here for half a year, the equity we have in the home does not come close to paying for realtor commissions or any other fees involved in selling a home, even assuming we were able to sell the house for the same amount we paid for it.

Any advice on this situation would be appreciated.
There are a number of things that this can be done. One of the things I would have to understand in order to assist you would be confidential (we cannot discuss it here) but would involve your reason for selling. Loss of income or unforeseen problems can make selling difficult, not impossible. I hate for a client to feel helpless when they wish to sell but do not have the funds necessary to bring to closing. Fortunately there are ways to work through these situations
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Old 09-19-2007, 09:18 PM
 
Location: Matthews
113 posts, read 408,569 times
Reputation: 52
NODA would be different-- how did you know that?
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Old 09-19-2007, 09:30 PM
 
Location: The 12th State
22,974 posts, read 58,648,329 times
Reputation: 14932
I remember from previous threads and verified by clicking on user name then click view profile then click view posts then this link will show up and go to date 8-28-2007

http://www.city-data.com/forum/searc...archid=2012096
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Old 09-20-2007, 06:14 AM
 
245 posts, read 197,599 times
Reputation: 37
Short Sales etc would be my last option. If your not into renting a lease option might work best. Put some cash in your pocket now as well as not having to worry too much about repairs. You still will have some responsibility but not as much as a landlord.

Good luck!
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