U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 02-17-2010, 12:35 PM
 
Location: Maine
2,192 posts, read 3,471,778 times
Reputation: 2293

Advertisements

We have a house on the market (it's been on the market for a long time) and if we sold at the current list price, we'd have to bring about $25k or so to closing, which will not be easy but we can do it.

Our listing agreement expires soon. We had someone else go out who says we should list as is for $139k.

We will not likely qualify for a short sale (make too much), and we do want to pay the difference. It's just I don't think we'd be able to come up with any more for closing.

Are their other options? It's a VA mortgage through BOA, so that right there tells me probably not. I just really don't know what to here.
Quick reply to this message

 
Old 02-17-2010, 12:36 PM
 
Location: Barrington
20,076 posts, read 14,422,085 times
Reputation: 6216
Is staying put an option?
Quick reply to this message
 
Old 02-17-2010, 12:53 PM
 
Location: Maine
2,192 posts, read 3,471,778 times
Reputation: 2293
We live in another state. The house has been empty going on over 3 years now.
Quick reply to this message
 
Old 02-17-2010, 12:57 PM
 
147 posts, read 269,692 times
Reputation: 70
Quote:
Originally Posted by lawmom View Post
We live in another state. The house has been empty going on over 3 years now.

Can you rent it out while waiting for property values to increase?
Quick reply to this message
 
Old 02-17-2010, 01:16 PM
 
Location: Maine
2,192 posts, read 3,471,778 times
Reputation: 2293
We might have to. We already rented it out for a year after we had it for the market for a year initially and it was not a great experience, but it might be our only option. We'd at least recoup some of the mortgage/insurance we pay every month.

Sigh.
Quick reply to this message
 
Old 02-17-2010, 02:00 PM
Status: "No, I am your favorite agent." (set 8 days ago)
 
Location: South Metro Denver for 25 years
8,673 posts, read 19,330,735 times
Reputation: 4406
Living in another state is a genuine hardship.

VA has it's own rules about short sales. I'd suggest sending in a complete package and see what they say. They may say yes with a contribution at closing or a promissory not for 5 years.
Quick reply to this message
 
Old 02-17-2010, 03:01 PM
 
Location: Barrington
20,076 posts, read 14,422,085 times
Reputation: 6216
Are there any secondary mortgages or liens on this property?
Quick reply to this message
 
Old 02-17-2010, 03:32 PM
 
Location: Maine
2,192 posts, read 3,471,778 times
Reputation: 2293
No, none.

I just spent about 90 minutes speaking with a lovely credit counselor guy. I learned that while BofA was the originator of he loan and is also currently the servicer, it is likely someone else who owns the loan, and it is up to that nebulous owner if we can do a short sale/modify/etc. That the servicer can only do what the owner tells them.

So I called BofA short sales dept and now I am confused. The guy said basically if we have an offer just call them to go through with the short sale. Yeah, right. That does not seem right to me. So we lower it to $139k and someone offers that -- then we have to hope and pray that the owner accepts it as a short sale? What if they don't? What happens then -- the purchase and sale agreement is void? What buyer is going to want to go though that?
Quick reply to this message
 
Old 02-17-2010, 03:47 PM
Status: "No, I am your favorite agent." (set 8 days ago)
 
Location: South Metro Denver for 25 years
8,673 posts, read 19,330,735 times
Reputation: 4406
I think you need to discuss a short sale with your agent. If you agent does not have experience, find one that does.

You can put a clause into your agreement that the sale is contingent upon BofA short sale acceptance and an approval letter acceptable to you.

Your state may have a short sale addendum. Find out.
Quick reply to this message
 
Old 02-17-2010, 04:00 PM
 
Location: Albuquerque
5,553 posts, read 9,556,918 times
Reputation: 2462
Quote:
Originally Posted by jeanne0626
Can you rent it out while waiting for property values to increase?
Do you mean in the year 2023? ( ... or so )

Death by a thousand cuts ...
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top