[imabeatleslover]

I have the same problem as Lambrh ... My family has to relocate for a job change. Our contract in Alabama on a house we made an offer on expires in exactly one month. The market is very slow here. Our home too is in one of the most sought after areas - and we have it priced at $16K below the appraised value which is way less than our competition. The houses in my area have sold between $311K - $299K ours is listed at $274000. We have the perfect house for a family with children. The problem I have is that we bought our lot for our house in a neighborhood that is surrounded by deed restricted neighborhoods. Our neighborhood is very upscale without the restrictions. The lots in my neighborhood are $65 to $85K for a 1/4 of an acre. We have a 1/3 of an acre. The people who built our house have built our house in other areas and the price for their house is lower...but the neighborhoods are different. We made quite a few upgrades to our house as well. Do people realize this when they purchase a home?

The market is so slow and we have a limited amount of time before we have to move. We need to sell our house but we don't want to give it away! We have had one family look at our house and the loved it, but they couldn't qualify for the mortgage and had to buy a smaller home. Does anyone have any ideas? I really hate losing the house we put a contract on in Alabama, but I fear that is what is going to happen.

[Jewels36]

Do you need the cash from the ssle of your home to purchase the home in AL? If not, you may want to consider leasing your home. Other possibilities are to owner finance the home, carry an owner finance second lien if someone needs, or do a lease purchase. I don't know if any of these are feasible for you but thought I'd throw them out there just in case.

There are risk involved with each of these options. Make sure to keep them in mind.

We owner financed our home when we moved from Texas to Kentucky. It worked out well for us. We never had a problem with the people we were financing to. After 2 years they refinanced the property and got a loan in their own name.

We are currently leasing out another property we own in Texas. We will probably lease, or owner finance, the property that we currently live in KY.

[mich2fla]

It's all supply and demand. The price of our home has dropped significantly here in Michigan. We are not ready to sell.

Your builder wants to keep his crew employed so he continued to build more houses at a lower price. He is not the only one. Everyone contributed to the buyers market.

Can you rent out your home till the market improves?

Good luck!

[imabeatleslover]

My husband heard from his boss in Alabama today and he has to be there in one month period. We just called our realtor and dropped the price to $249,900. It is $50K less than it was appraised at three months ago because we don't have a choice we have to move or lose out on the job over there, which will pay him more money. We are between a rock and a hard place. If it doesn't sell in the next two weeks we'll have to take it off the market, he'll los his job promotion and we'll just have to stay here...not much else we can do. We have the perfect house for our family so it isn't that bad, it is just my husband worked hard for this promotion and I really wanted him to have it.

He doesn't want to lease the house. A lot of damage gets done to a house when you have renters.

[cakeprincess]

Hey, same situation here. My agent in NC suggested that I take out either a bridge loan or get another mortgage. So we opted for 2nd mortgage and once our house is sold, we can pay it off.

Our house has been on the market since March, and yes, I still don't understand why people bought other houses that are way uglier and smaller than our's, but I really think it's because of a railroad track at our backyard that hurted our sale.

Oh well, lesson learned. I'll pray for you also.

[imabeatleslover]

Originally Posted by imabeatleslover

My husband heard from his boss in Alabama today and he has to be there in one month period. We just called our realtor and dropped the price to $260,000. It is $39K less than it was appraised at three months ago (the realtor told us not to go any lower than that)

Sorry I had to make the correction.

[macguy]

Originally Posted by imabeatleslover

My husband heard from his boss in Alabama today and he has to be there in one month period. We just called our realtor and dropped the price to $249,900. It is $50K less than it was appraised at three months ago because we don't have a choice we have to move or lose out on the job over there, which will pay him more money. We are between a rock and a hard place. If it doesn't sell in the next two weeks we'll have to take it off the market, he'll los his job promotion and we'll just have to stay here...not much else we can do. We have the perfect house for our family so it isn't that bad, it is just my husband worked hard for this promotion and I really wanted him to have it.

He doesn't want to lease the house. A lot of damage gets done to a house when you have renters.

Let him go without you and you stay and sell the house. If you sincerly feel given the time you could get your price, look at it as a job. You make maybe $50,000 for a few months work. the worst that could happen is you end up dropping the price. Life has no guarantees and I would not live and die over money you may not have ever gotten anyway. Think what you would have gotten for the house three years ago, you are still ahead.

[imabeatleslover]

My dad now lives near the area he will be working. I told him to go stay with my dad but he wont leave the family. That would be perfect. We have a property manager that lives across the street for us and she said she would watch the house and get renters for us and make sure the house is taken care of, but he is still scared. We have people coming to look at the house tomorrow so hopefully they will be the ones!