[gottaget]

My wife just received a job offer that we cannot refuse, and we need to get out of our mortgage.

We currently live in the FL Panhandle in a year 2000 3 br/2ba doublewide on 5 acres. It's about 30 minutes from Panama City and St Andrews Bay, about an hour from Panama City Beach. It's high and dry, sandy soil, with much of the property in it's original wooded state (probably 3/4 of the property). We have a deep well (around 250' deep... I forget), a dry pond that would need to be lined in order to be filled with water.

We have no lawn, there is no landscaping to speak of. I'd consider this a distressed property, it has lots of potential, we just havent been able to bring that about.

A new 2007 doublewide 3br/2ba on 5 acres in this area is on the market at $165,000.

We just need to get out of our loan. My wife can't pass up this job opportunity, but at the same time, we have a 20 month old baby girl and we can't afford to keep paying on this mortgage while we live in another state.

We owe $99,000 on our mortgage, this includes a home equity loan.

What are our options? We had no idea she would get this job offer and our house is in no shape to put it on the market. Nothing majorly wrong with the mobile home, except the countertop is faded around the sink from the south facing window. But like I said, there's no landscaping, no lawn.

We don't care about making a profit, we just have to get out of this mortgage. My wife can't pass up this opportunity. Any advice would be greatly appreciated!

[pirate girl]

have you considered renting it out for a period of time?

[Racelady88]

If all you want is out, list for what you owe plus selling costs.

[Rhett_Butler]

If your's is similar to the one for $165K, list yours for $135-140K if that's indeed the going rate. Undercut what your property is worth but don't just throw $30-40K down the toilet either.....

[Jammie]

All good suggestions, but I just wanted to add that we have a "Classified" section toward the bottom of this site. Feel free to make up an ad and post it there. Also, are you advertising it in your local newspaper?

[gypsychic]

Originally Posted by Jammie

All good suggestions, but I just wanted to add that we have a "Classified" section toward the bottom of this site. Feel free to make up an ad and post it there. Also, are you advertising it in your local newspaper?

Jammie - where is the Classified? It has been mentioned before, but I can't find it - I feel like a dummy! lol!

[FL_TN_Nana]

Gypsi...

Go to the menu at the bottom of this page where it says "Forum Jump"...
Scroll down into General Forums (past all the states)....
Look under OTHER TOPICS....then there's People Search, THEN Classified Ads..Just above Administration Zone...

[gottaget]

Thanks for the advice! It turns out that the first call my wife made she found out that she knew the Realtor and knows a lot of her friends.

The Realtor asked what we wanted for it, we told her we just wanted to pay off the $99,000 mortgage and pay her commission. The Realtor balked at that and said that sight-unseen, she would put 5 acres with a 3br/2ba MH up for $150k and expect it to sell within a month or so. We don't even need that much, we just want out of the mortgage so hopefully she can turn it around fast. My wife knows her and her group of friends, so maybe that will help.

This whole thing has me kind of freaked out. Just yesterday I was installing some wire shelves in the laundry room, preparing to baby-proof the kitchen for our toddler, then this bombshell. Kind of put me in a tailspin worrying about what to do. We're gonna get it done whatever it takes, my wife can't pass up this career opportunity.

Thanks again!

[Rhett_Butler]

Not sure why I'm laying in bed trying to go to sleep and then I think of YOUR problem and come up with (what I think is) a ringer solution for you..... (As if I don't have my own problems to worry about.. ).

Anyway, I was thinking on this and thought, "Okay then fine..... The realtor is claiming that it can be sold in a month for $150K".....

Here's my thought. If the price is remotely close you can cinch it by offering to pay the buyers closing costs...... Yeah, it'll be around another $8-10K, but it'll sell it VERY fast as that is the hang up that prevents a LOT of first-time buyers from being able to purchase a home....

Ask your realtor about that. He/she might say it's unnecessary, but if you want to be assured of a quick sale I think that will work....

[gottaget]

Originally Posted by VAFury

Not sure why I'm laying in bed trying to go to sleep and then I think of YOUR problem and come up with (what I think is) a ringer solution for you..... (As if I don't have my own problems to worry about.. ).

Anyway, I was thinking on this and thought, "Okay then fine..... The realtor is claiming that it can be sold in a month for $150K".....

Here's my thought. If the price is remotely close you can cinch it by offering to pay the buyers closing costs...... Yeah, it'll be around another $8-10K, but it'll sell it VERY fast as that is the hang up that prevents a LOT of first-time buyers from being able to purchase a home....

Ask your realtor about that. He/she might say it's unnecessary, but if you want to be assured of a quick sale I think that will work....

Can that be done with some of the money form the loan? For instance, They get a loan for $150k, we drop our sell price to $140k to help with their closing. Can they use money from their loan toward the closing costs?

The reason I ask is that we don't have $8-10,000 to put toward their closing costs.

Thanks for thinking about us! This is definitely an unexpected mix of great and not so great news for us. Just hope we can pull it off without having to deed-in-lieu or something, but she IS taking that job!