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I have questions and wonder if anyone has sold a property they purchased within a year. The condo I purchased is not working out. My loan is a few thousand lower than what I would be asking. I am willing to take a small loss but will not be able to help with any buyer closing costs. The property is a very low cost one, is in decent shape. I would like to get back what I paid at least. I know this might not be possible.
Does anyone have experience with this? I don't know what kind of reasons I should give my agent for selling that won't make people wonder why I am selling it. I need good excuses to sell it that won't make people suspicious. Also the what the tax implications would be if I make little to no profit?
Don't over think the issue. You can simply say the space isn't working for your personal needs. Just don't say things like it is too small, too big or something that plants a negative idea, that can transfer to the potential buyers.
Personal needs could be anything from wheelchair access to the height of the ceilings. Nothing more need be said.
Call your CPA about the tax implication but I doubt there will be one.
If a loan is at or above the list price (and yes we check) and the seller is willing to pay down to sell, we usually put in the CONFIDENTIAL AGENT remarks something like "This is not a short sale. At list price, seller is willing to bring cash to close." That reaffirms that the buyer won't have to wait out a short sale and puts the buyers agent on notice not to bring in buyers thinking of making offers below list.
This market is rapidly changing. You might even be able to list in a way that covers all costs and see if that works. Ask your listing agent.
You would have to take a look at your Note. Not typical to have a prepayment penalty these days but if your loan is not Fannie/ Freddie, FHA or VA is is possible.
How much demand for that type of dwelling in your area? You could try cleaning it up spotless and do a for sale by owner. It's annoying and you will be bothered a lot by some very strange people, but it will save you the cost of commission. Or better yet, you can lower the price because you don't have to pay commission and it will sell faster.
You are not under oath. Lie about why you are moving. Have to move for your job, or want to be closer to your mother who is ill. Or, getting married and your future spouse owns their own house. Just don't make it anything about the house itself.
DO NOT LIE ABOUT THE HOUSE. Make your reason to be about your personal life. Buyers can't sue you over your personal life or about changing your mind about your personal life after close of escrow. They can sue you if you lie about the house to conceal defects.
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