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I have had a house in another state, then due to job, I move to my current state, now I need to sell my house fast
If I put my house on the market, it may takes at least several months to sell a house. During that time, I still have to make the mortgage monthly and I am unable to do that for longer periods.
My current mortgage loan is about $99K and the house worths $107K per Zillow.
Please advise if I should:
a/ phone the lender and ask if lender accepts short sale
(I understand if short sale and/or foreclosure will affect my credit score up to 300 points and somewhat put job hire if any on risk & higher credit card interest rate & higher auto insurance premium for years)
or
b/ Wait for several months and hope that buyers will offers.
or
c/ Have you ever experienced with "Sell your house fast in .... days" (i knew they would buy house at below fair market value, and I don't know who is going to pay the difference between outstanding mortgage loan & sales price.
I have had a house in another state, then due to job, I move to my current state, now I need to sell my house fast
If I put my house on the market, it may takes at least several months to sell a house. During that time, I still have to make the mortgage monthly and I am unable to do that for longer periods.
My current mortgage loan is about $99K and the house worths $107K per Zillow.
Please advise if I should:
a/ phone the lender and ask if lender accepts short sale
(I understand if short sale and/or foreclosure will affect my credit score up to 300 points and somewhat put job hire if any on risk & higher credit card interest rate & higher auto insurance premium for years)
or
b/ Wait for several months and hope that buyers will offers.
or
c/ Have you ever experienced with "Sell your house fast in .... days" (i knew they would buy house at below fair market value, and I don't know who is going to pay the difference between outstanding mortgage loan & sales price.
Please help. Thanks so much!
Find a good listing agent who does short sales. Find out what your house is actually worth with a quick sale. If it won't cover either prepare to put up the differential or ask the bank for a short sale. Most banks will approve small amount shorts real quick. Sell it first though and then go to the bank .
Find a good listing agent who does short sales. Find out what your house is actually worth with a quick sale. If it won't cover either prepare to put up the differential or ask the bank for a short sale. Most banks will approve small amount shorts real quick. Sell it first though and then go to the bank .
It does not work everytime but over 90%.
Hi LVOC,
First, I appreciate your input so much.
1/ I should sell my house through the agent first; and at the same time, I am going to check it out with the quick sales agent, is that what you meant as above?
Then If the quick sales does not cover the differential, do I as owner have to be responsible for all the differential? if I can't afford any of differential, what would I have to do next? will the bank sue me or put me on garnishment?
2/ After few months if no one is interested in my house, I am going to ask the lender for sure;
Does a short sale harm your hiring process at any private (not government) companies? and any more short sales affect your life in the future?
Find a good listing agent who does short sales. Find out what your house is actually worth with a quick sale. If it won't cover either prepare to put up the differential or ask the bank for a short sale. Most banks will approve small amount shorts real quick. Sell it first though and then go to the bank .
It does not work everytime but over 90%.
Hi LVOC,
For Short Sale Route, would the lender pursue me for the differential or put me on garnishment? Thanks!
First, quickly get an appraisal done on the property yourself. Then contact one of the organizations that offer to list your property in the MLS for a fee (usually $375) (Your commission then will be half - 3% ) Then make sure your house looks Clean, uncluttered and preferably freshly painted if needed. Then list it for what it is appraised at. No more, no wiggle room. The lower it is initially listed for the more people you will attract to look at it, and may wind up with multiple contracts.
If you must, hire an attorney to look over contract or contracts received. Chose a Title company for the closing. The selling agent for the buyer will do the rest. It all can be accomplished within three months time. Talk to the bank and tell them what your doing, and that you may be able to come out whole, but will not be able make payments for the next few months. Better then immediately going into a Short Sale unless you have to. If you don't sell it right away, then think Short Sale. But heed my warning, don't try to maximize profits by listing for an amount higher than appraisal.
This is not meant to be legal advise, but rather how I would handle it if it were me.
Step one is you need to find out what the home is really worth, Zillow can be off (low or high) by 30%.
If your mortgage balance is 99k then you should be able to sell as a traditional sale (not short sale) if you can get 109k.
I would start by calling an agent, tell them you want to sell and ask them to do a comparative market analysis (CMA). Tell them you need a solid offer (recommend conventional loan with 20% down or cash only, preferably cash) within 30 days of listing, what do you need to price at, if that price is 109k or better, you're good.
I don't know your area and condition of your home, but if you're in a half OK area and the condition of the home is good, if the home is priced right, you could easily have an offer within a week or two as a traditional sale.
Step one is you need to find out what the home is really worth, Zillow can be off (low or high) by 30%.
If your mortgage balance is 99k then you should be able to sell as a traditional sale (not short sale) if you can get 109k.
I would start by calling an agent, tell them you want to sell and ask them to do a comparative market analysis (CMA). Tell them you need a solid offer (recommend conventional loan with 20% down or cash only, preferably cash) within 30 days of listing, what do you need to price at, if that price is 109k or better, you're good.
I don't know your area and condition of your home, but if you're in a half OK area and the condition of the home is good, if the home is priced right, you could easily have an offer within a week or two as a traditional sale.
Hi Westie Jeff & Everyone,
The house was painted over a year; backyard & front yard are taking good care; it also has the expensive wood blinds (helps keep house warm in winter & cool in summer). Pretty much, that house is in very good shape.
1/ Besides the commission to the agent (usually 6% right?), please advise what other mandatory fees seller like me has to pay @ closing. This is my first time selling a house.
2/ My goal now is to have a buyer makes offers to cover up my mortgage balance ($99,100) and all the fees so I could get away peacefully.
So I don't know if I should list a selling price at $110K or lower?
3/ After 3 months if I am unable to sell that house, I should contact the lender for short sale/foreclosure. Do you think it is a good plan or I should contact the lender now?
Please input. I need your help since I am unable to make any more mortgage payment as I move out of that state.
First, quickly get an appraisal done on the property yourself. Then contact one of the organizations that offer to list your property in the MLS for a fee (usually $375) (Your commission then will be half - 3% ) Then make sure your house looks Clean, uncluttered and preferably freshly painted if needed. Then list it for what it is appraised at. No more, no wiggle room. The lower it is initially listed for the more people you will attract to look at it, and may wind up with multiple contracts.
If you must, hire an attorney to look over contract or contracts received. Chose a Title company for the closing. The selling agent for the buyer will do the rest. It all can be accomplished within three months time. Talk to the bank and tell them what your doing, and that you may be able to come out whole, but will not be able make payments for the next few months. Better then immediately going into a Short Sale unless you have to. If you don't sell it right away, then think Short Sale. But heed my warning, don't try to maximize profits by listing for an amount higher than appraisal.
This is not meant to be legal advise, but rather how I would handle it if it were me.
Hi,
First, thanks so much for your time & your input!
Do you think I should contact the lender now while I am going to put the house on the market this Oct.?
and if I am unable to make the payment, could I be able to sell the house to buyer making offers?
1) Typical fees the seller pays in a transaction is the realtor commissions (6%, I doubt you can negotiate it down at 100k price), real property transfer tax ($5.10 per $1,000 in sales price, so around $561 for you at 110k), 1/2 escrow fees (varies by title company, but figure around $250 would be your half), the owners title policy (varies by title company, but figure around $800), and you'll have misc recording fees, express mail fees, etc. figure $250-$500 for those. So I'd estimate around $8,000 in sales costs/transaction fees at $110k sales price.
First you need to find out what your home can realistically sell for and then based on that number, it will tell you if you sell as a short sale or a traditional sale.
In my experience, the lenders don't care if they are contacted before you short sale the home. Usually you just have the realtor list the home as a short sale and once you find a buyer, that's when you initiate contact with the bank.
Quote:
Originally Posted by Letters2009
Hi Westie Jeff & Everyone,
The house was painted over a year; backyard & front yard are taking good care; it also has the expensive wood blinds (helps keep house warm in winter & cool in summer). Pretty much, that house is in very good shape.
1/ Besides the commission to the agent (usually 6% right?), please advise what other mandatory fees seller like me has to pay @ closing. This is my first time selling a house.
2/ My goal now is to have a buyer makes offers to cover up my mortgage balance ($99,100) and all the fees so I could get away peacefully.
So I don't know if I should list a selling price at $110K or lower?
3/ After 3 months if I am unable to sell that house, I should contact the lender for short sale/foreclosure. Do you think it is a good plan or I should contact the lender now?
Please input. I need your help since I am unable to make any more mortgage payment as I move out of that state.
Don't get an appraisal. Waste of time and money. Variability is almost as bad as Zillow. It would be a good place to use a discount agent...but...and a huge but...if you don't make it as a traditional sale you will have to be in a position to handle a short sale on your own. You don't sound suited to that for me.
Note that it is very likely that the hint of a short situation will occur and you will get bottom feeders.
To decide what will really happen you need more input. You need a really accurate view of where it will sell. Only good way to get that is an agent from the local area who does a lot of listing in the neighborhood and price range.
I would also contact the bank and start negotiation with them. If you don't need it fine...if you do you will have at least broken ground.
Don't sweat a deficiency judgement at this point It is unlikely the bank will come after you on such a small sum and, worse come to worse, you pay them two or three thousand over a couple of years.
Total closing costs run around 8.5% with full commissions. That number is quite good in Las Vegas and similar in most of the west. Back east you need to get a number locally.
In this situation you sell your house in 30 days or less. At the end of that period you should be in escrow or you really did something wrong.
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