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We have ahome in WA State in a small town on the peninsula. We purchased the home in2004 and lived in it until May 2010 when my husband took a job out of state. Overthat time we did quite a few large remodels to the house. We placed it on the market in March of 2010and it has been off and on the market since then. We have had a renter in itsince October of 2010; her rent covers 75% of the mortgage. The neighborhood is in a niche area and evenin good times homes sell slowly.
It is to thepoint I almost want to walk away from the house, we have lowered the price by$50K and are within 5K of walking away with nothing, at this point I don't careabout walking away with nothing, I just want to move on and not have thisdragging us down financially anymore.
I could goon listing everything our realtor has tried, we have used two realtors, onesaid she should bring the price down by another $50K (20K less than what webought it for prior to the remodel) and was too lazy to take pictures eventhough she lived a few houses away.
I am at aloss as to what to do and wanted to know if anyone else has some ideas. If anyone wants to see the listing I am happyto send it over to them.
Unfortunately, you may have to walk away from the home and not break even in this current market. Have you had any reasonable offers yet ?? You might have to talk to the lender about a possible short sale in which the bank might allow you to sell the home for less than what is owed on it.
I feel your pain and hope that you can get it sold without a loss. It is more difficult when you have to rely on a realtor and you are not in the area to followup directly with them on a regular basis.
Keep us updated and hopefully others will offer some additional advice.
I suggest short sale as well. Homes that are in a niche market, homes that are in a bit of a second home/vacation/getaway home area, homes that are greatly improved were hit harder than the hard hit primary regular residences in the bad economy.
Unfortunately, you may have to walk away from thehome and not break even in this current market. Have you had any reasonableoffers yet ?? .
It seems that all the potential buyers have some holdup.
1. Potential buyers just signed a lease and didn't want to pay the money toget out of it. They asked if we could hold the house for them. (Why are youlooking if you just signed a lease?)
2. Potential buyers loved the house however they realized they had to pay tohigh on taxes to pull money out of their 401k for the down payment. (Shouldn'tyou have figured this out first?)
3. Potential buyers again, loved the house, but they were waiting for theirdisability back pay from the Army for the down payment. (That takes forever, Iknow from experience. Again, why are they even looking?)
Quote:
Originally Posted by dontaskwhy
You might have to talk to the lender about a possible short sale in which the bank might allow you to sell the home for less than what is owed on it.
I will look into the short sale option, I assumed that is when you were just about to go into default.
Quote:
Originally Posted by MrRational
You need to find the 2013 version of you.
What drew you to the peninsula and to that house in particular?
I felt it was the only place that wasn't a dump that we could afford that was near the submarine base when my husband was enlisted. Since the price of gas has gone up most of the people enlisted do not want to take a 40 minute drive to work.
I felt it was the only place that wasn't a dump that we could afford
that was near the submarine base when my husband was enlisted.
A $30,000 reduction in home price will buy a LOT of gasoline.
At $3.29/gal (current price here) that is comes out to over 9000 gallons.
At 30mpg... that is well over a quarter of a million miles.
They could commute from Groton at that rate.
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