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I had to move to Europe due to a change in jobs and had to put my Condo on the market. it's on the market for 6 months now and nothing happens. The real estate agent felt it was neccessary to lower the price by a few thousand which I was fine with, still nothing! I am getting a little impatient since my pay in Europe is about enough to pay my mortgage over there and my rent over here. What are my "good options"? Short sale ?!? Defaulting on the mortgage?!? Real estate auction?!? I have to admit, moving in this kind of market was probably the stupidest thing I could have done! I would have been better off without a job! Is there any body out there that can think of something I haven't yet?
If you need to get rid of it you need to lower it as much as possible. Sometimes you need to take a loss in order to move on. If not you might end up with dual mortgages/rents.
If you paid too much for your condo and it is now worth less than you bought it for I would check with a lawyer and find out about giving it back to the bank.
It all depends on how much you need to move on and/or how desperae you are.
Have you thought of putting it in a management program and having it rented out? Depending on where in SW Florida you are that may be a very viable option.
Are you able to lower the pricing further? A few thousand may just not do it in this market. In the meantime, you can give your agent a letter stating she is allowed to speak with the bank on your behalf to get a short sale package and negotiate with the bank about it, or discuss with them the option of doing a deed in lieu of forclosure.
I thought about renting it out again but won't be able to carry it longterm since my expenses would account for double of what I can rent it for. Short sale or deed in lieu of foreclosure was a thought of mine but I then realized that going back to the US and purchasing another home for the next 7 years would be out of question. At this point taking a loss on the property is something I will consider, the question is just how hard does the hit have to be and will the bank lend me money to cover the rest?!? Or will they lend me the money under bearable conditions, especially since I am not in the US right now.
Thanks Lisa, what are the options a lawyer could help me out with?
Using a lawyer to do a "deed in leu of foreclosue" is more complete than letting a realtor handle it. Also if it is done right it may not show up on your credit report.
This is a last resort if you either owe too much money or you need to just get out.
I would get a consultation to see this would work for you-the bank still might not accept the deal. That is one of the reasons to use a lawyer(more leverage).
Thanks Lisa, what are the options a lawyer could help me out with?
Using a lawyer to do a "deed in leu of foreclosue" is more complete than letting a realtor handle it. Also if it is done right it may not show up on your credit report.
This is a last resort if you either owe too much money or you need to just get out of your mortgage.
I would get a consultation to see if this would work for you-the bank still might not accept the deal. That is one of the reasons to use a lawyer, more leverage and you are paying the lawyer to do the job.
Using a lawyer to do a "deed in leu of foreclosue" is more complete than letting a realtor handle it. Also if it is done right it may not show up on your credit report.
This is a last resort if you either owe too much money or you need to just get out of your mortgage.
I would get a consultation to see if this would work for you-the bank still might not accept the deal. That is one of the reasons to use a lawyer, more leverage and you are paying the lawyer to do the job.
Good Luck,
Lisa
Interesting...can you please tell me where or who provided the information to you that a foreclosure will not damage or show up on a credit report?
I believe this information would be very valuable and I would like to add the source of information to my files.
Thank you.
Defaulting on a mortgage is definitely not the way to go. You should have a Realtor show you the most recent sales comps (solds) as well as what's on the market now. Get very competitive now in order to stop the bleeding. If you need to bring money to close, consider discussing this with your loan service provider as well as your personal lending institution. Your lender may be willing to give you a small loan (signature loan) and you can use it pay off the balance needed to close.
If you have stocks (or other liquid assets) it may be more difficult to do a short-sale as the lender will see that you have assets that could be used to pay the loan. You may borrow against those assets to pay costs associated with selling your home, this may be an option for you as well.
Does a 401K fall into that category aswell? I thought they couldn't touch your retirement money.
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I have to admit, moving in this kind of market was probably the stupidest thing I could have done! I would have been better off without a job! Is there any body out there that can think of something I haven't yet?
