AGHHHH!!!! My house isn't selling (Myrtle Beach: short sale, mortgage, credit rating)

[rrufast]

Real Estate is wild. In a buyer's market, there are LOTS of deals to be found, yet folks speak of how no one is buying... In fact, the people that are building vast amounts of material wealth are buying GOOD DEALS *right now*.

It's unfortunate, to some degree, yet it's simply the way the ball bounces. Rather than stocks & bonds, I put monies into property, albeit strategically.

Certain markets are falling like a rock whereas others are in a holding pattern with room to grow.

I hope that all you sellers are able to locate a wise buyer...

[Tony1790]

Originally Posted by rrufast

Real Estate is wild. In a buyer's market, there are LOTS of deals to be found, yet folks speak of how no one is buying... In fact, the people that are building vast amounts of material wealth are buying GOOD DEALS *right now*.

It's unfortunate, to some degree, yet it's simply the way the ball bounces. Rather than stocks & bonds, I put monies into property, albeit strategically.

Certain markets are falling like a rock whereas others are in a holding pattern with room to grow.

I hope that all you sellers are able to locate a wise buyer...

You've got to love Realtors, it's always a great time to buy.....prices are going up, better buy now........prices are falling, hey it's a buyers market, it's a great time to buy.....yeah right.

You've got to a complete idiot to buy real estate right now, and no people are not building material wealth right now. Yes, once the market hits bottom and you are a cash buyer (vulture) you will pick up homes for pennies on the dollar (planning that myself).

But to buy prior to the market hitting bottom is foolish, even the builders are saying that things won't hit bottom until 2008 or 2009.

Sellers: Bit of advice, assuming that you have to sell and can't wait out the housing collapse (5-7 yrs), then you need to get serious about selling. Your house is only worth what someone is willing to pay for it, it does not matter that you overpaid for it and that the market has collapsed, either price it at market value or quit wasting your time and wait or perhaps mail back the keys to the bank and walk.

To the sellers who are crowing about needing enough for a down payment, that is so year 2000. Down payments for primary residence have been out of style for a while now, and no you don't have to pay PMI, believe me I've bought enough homes lately to know.

My advice to the original poster: Price to sell, rent until the main home sells but for the love of god don't carry 2 mortgages when there is no way for certain that your home will ever sell.

My advice to everyone else, buyers: Wait 12 - 18 months to buy, you will be paying much less for property in that time (20 - 40% less I'd guess). Sellers: Sell NOW at anyprice or mail back the keys, the price you get tomorrow will be less than today (see above 20 - 40% drop).

Sorry for the post, but I've just recently dumped my 12 homes and 3 pieces of land for a tidy profit on some and a loss on others and I'll be a cash buyer in about a year or two.

Good luck to all of you sellers, it's heck trying to sell and make a non-emotional selling decision, what's good for the bottom line doesn't always feel good, but lose a little today or alot tomorrow is what you have to decide.

God Bless All (even the mean old realtors)

Tony

[Biscuits&Gravy]

I am the process of selling my home in Boston prior to my move to SC. There was no way I was going to get the price I needed to walk away clean. We arranged a short sale with the mortgage company. Basically, you tell them to accept your buyers offer, take the loss and let you go away clean or you'll simply walk away and foreclose. Apparently, at least in my case, their loss with the short sale is better than their loss if we foreclose. So the short sale has been accepted (with a loss greater than $30,000) and we appear to be home free. Your credit will still take a hit, but less so than with a foreclosure, so I understand. My situation is particularly helpful because my current home is in my wifes name and she will take the credit hit, while the new home will be in my name with an unblemished record.
I am by no means an expert on the subject of short sales, but this little bit of knowledge may come in quite handy for the resourceful folks among us.

[Tony1790]

Originally Posted by Biscuits&Gravy

I am the process of selling my home in Boston prior to my move to SC. There was no way I was going to get the price I needed to walk away clean. We arranged a short sale with the mortgage company. Basically, you tell them to accept your buyers offer, take the loss and let you go away clean or you'll simply walk away and foreclose. Apparently, at least in my case, their loss with the short sale is better than their loss if we foreclose. So the short sale has been accepted (with a loss greater than $30,000) and we appear to be home free. Your credit will still take a hit, but less so than with a foreclosure, so I understand. My situation is particularly helpful because my current home is in my wifes name and she will take the credit hit, while the new home will be in my name with an unblemished record.
I am by no means an expert on the subject of short sales, but this little bit of knowledge may come in quite handy for the resourceful folks among us.

Congrats on the short sale, my bro in law cut his price by $100k to get his house sold in NH.

My sisters house in NC has been empty for 1 1/2 years and they finally have a short sale offer on it, waiting for the bank to reply to their deal, it's either that or the keys in the mail.

One point to remember, you will have to pay income tax on the forgiven debt at the end of the year, as the bank will generate a 1099 and send it to the IRS as income. But that's better than having to pay the whole $30k out of your pocket.

Tony

[rrufast]

Tony:

Thank you for your personal knock and your plethora of knowledge. The world is obviously chock FULL of us 'idiots' as you state.

I'll see you in the feeding frenzy, or so it seems.

You've got to love Realtors, it's always a great time to buy.....prices are going up, better buy now........prices are falling, hey it's a buyers market, it's a great time to buy.....yeah right.

You've got to a complete idiot to buy real estate right now, and no people are not building material wealth right now. Yes, once the market hits bottom and you are a cash buyer (vulture) you will pick up homes for pennies on the dollar (planning that myself).

[sheena]

Originally Posted by groove1

No, they are being greedy. They paid 50k for the home 8 years ago and did all of the renovations themselves. They have not put 76k or probably even 25% of that into that home.

Did you buy it? It says under contract now.

[autimom4ever]

Originally Posted by FLmomof2

Our home is now pending, scheduled to close next week. We are taking $10K less than we paid for the house 2 years ago, plus the realtor fees and we are down by about $25K. Its sad, but I am hoping we can somehow much up the loss in the future.

We are still waiting for the phone to ring to say that the buyers financing isn't going through or something bad, since the realtor keeps saying it isn't over till the fat lady sings (very reassuring).

We have pretty much packed up the house and would really hate to unpack everything, so we are keeping our fingers crossed.

So with that said it took us almost 7 months, and taking a big loss for our home to sell.

Good luck to all of you and hopefully good luck to us!

Congrats!!!

Our home is also on contract right now... We are due to close in 2 days on the old and 9 days on the new.

We are packing and starting all the administrative stuff (electric, water, etc).

So if all goes well, we will be in SC as of the 27th.

Excited and nervous

[FLmomof2]

Originally Posted by autimom4ever

Congrats!!!

Our home is also on contract right now... We are due to close in 2 days on the old and 9 days on the new.

We are packing and starting all the administrative stuff (electric, water, etc).

So if all goes well, we will be in SC as of the 27th.

Excited and nervous

The 27th is when we are meeting with our realtor in SC too! We are keeping our fingers crossed that it all goes through!

Good luck to you, its crazy packing so quickly and then we will try to find a home we like over the weekend if we don't find anything we will build new.

[Tony1790]

Originally Posted by rrufast

Tony:

Thank you for your personal knock and your plethora of knowledge. The world is obviously chock FULL of us 'idiots' as you state.

I'll see you in the feeding frenzy, or so it seems.

You're right, I shouldn't have said idiot and I tried to go back and rephrase that, I should have said unwise perhaps. But you have to admit that we are nowhere near the bottom and only really getting started in the downward process in a lot of markets. And yes once bottom hits, there will be a good bit of inflow funds buying for short money.

Which market are you a realtor for? Most of my real estate holdings were in the NW and most of the RE "professionals" that I've met in the SE have been less than stellar, compared to the NW. I know there has to be good ones down there, I just know I've come across so many that will lie to you to make a sale that my opinion of the profession has been permanently damaged.

Tony

[Tony1790]

Originally Posted by autimom4ever

Congrats!!!

Our home is also on contract right now... We are due to close in 2 days on the old and 9 days on the new.

We are packing and starting all the administrative stuff (electric, water, etc).

So if all goes well, we will be in SC as of the 27th.

Excited and nervous

Congrats on the sales, hopefully nothing bad develops, I've had my sales fall through literally the day before closing, that was horrible, but everything turned out ok anyway.

Have fun in SC, it's a great place from what I've seen at my granny's house down in Chesnee.

Tony