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Any house will sell at the right price. You can sell a crack house in the worst part of town if the price is right. To say a house is "competitively priced" and is sitting for 18 months doesn't make any sense. Competitive to what?
I just meant they keep slashing the price lower
and lower. Some people haven't lowered theirs at all
so it's not surprising to see them sit on the market.
Don't panic. This spring's market is likely to be very brisk. There's a lot of pent up demand, and interest rates are still low. Get a few realtors to come in and give you their opinion. Get the house as ready as possible - declutter, using a storage container outdoors if necessary. Do what the realtor tells you to do to get it ready. Then put it on the market in early March for as low as you can manage to put it. You've got room if you only owe 167 on it. If it's in good shape, staged right, and priced very low, it will sell very quickly, with multiple offers. Don't make the mistake of putting it on high, to test the waters, with the intention of dropping it after a month or so if you don't generate offers.
Here's the dilemma. What would you do if you had a job relocation to a different state but we live in a neighborhood where no homes are selling. Several sellers have simply walked away. We wouldn't want to do that but just wondered what are our options. Do people leave the house on the market indefinitely and rent in a new state? I can give more details as asked, I'm terrible at these first posts
Any insight would be great.
Thank you
My husband accepted a fantastic job offer and we will be moving out of state. I have an appt. with a realtor next week. When discussing my situation on the phone, she said I'm definitely underwater with the way prices are now in my area and even more specifically, neighborhood.
Here's some stats
First mortgage $165k
2nd mortgage $59k
So we owe @ $220k
I'll find out for sure next week but I'm guessing it's not worth more than $199k and that's a high estimate.
Any ideas of what we can do? We really don't want to short sale, we've had no problems paying it.
I'll add more details as people need them.
Thanks
My husband accepted a fantastic job offer and we will be moving out of state. I have an appt. with a realtor next week. When discussing my situation on the phone, she said I'm definitely underwater with the way prices are now in my area and even more specifically, neighborhood.
Here's some stats
First mortgage $165k
2nd mortgage $59k
So we owe @ $220k
I'll find out for sure next week but I'm guessing it's not worth more than $199k and that's a high estimate.
Any ideas of what we can do? We really don't want to short sale, we've had no problems paying it.
I'll add more details as people need them.
Thanks
OK, you have a couple of options:
1. Rent out your current home.
2. Short-sell your current home and get the heck out of there and on with your new life.
You may not WANT to short sell, but it sounds like your only option is to sell at a loss (assuming you don't have the ready cash to make up the difference.) Unpleasant? Yes. And it's often a long process, to have a short-sale authorized through the banks.
The other option is to rent the house, turn it into investment property (some tax considerations, there), and hope to at least break even on it. As the market improves and the HOA stuff gets resolved down the road (no pun intended), you may decide the market has caught up with your mortgage, and you can then sell.
I'm glad your family is pleased with your husband's new job -- I was about ready to take you out the woodshed for thinking you needed to stay chained to a house instead of giving your husband the family the opportunity for a better opportunity. :-)
Consider renting. While it's true that you won't be pulling cash out of your home either way, at least this way it saves your credit, you may not get hit with tax issues on the short sale or forced to take back a note on the difference, hopefully covers most of your expenses, and gives you some freedom in your new hometown as far as renting.
1. Rent out your current home.
2. Short-sell your current home and get the heck out of there and on with your new life.
You may not WANT to short sell, but it sounds like your only option is to sell at a loss (assuming you don't have the ready cash to make up the difference.) Unpleasant? Yes. And it's often a long process, to have a short-sale authorized through the banks.
The other option is to rent the house, turn it into investment property (some tax considerations, there), and hope to at least break even on it. As the market improves and the HOA stuff gets resolved down the road (no pun intended), you may decide the market has caught up with your mortgage, and you can then sell.
I'm glad your family is pleased with your husband's new job -- I was about ready to take you out the woodshed for thinking you needed to stay chained to a house instead of giving your husband the family the opportunity for a better opportunity. :-)
Consider renting. While it's true that you won't be pulling cash out of your home either way, at least this way it saves your credit, you may not get hit with tax issues on the short sale or forced to take back a note on the difference, hopefully covers most of your expenses, and gives you some freedom in your new hometown as far as renting.
Thanks for the support
Should we consider taking money from a 401k to pay off the 2nd mortgage?
It wouldn't hurt to talk to your bank about a short sale. A short sale will take more time to go through but you should at least explore this option before walking away with a $30+ loan to pay off on a house you no longer own.
Thanks for the support
Should we consider taking money from a 401k to pay off the 2nd mortgage?
Talk to an accountant and understand possible recent changes in tax laws regarding a short sale. If you do pull money from your 401k to pay it off, what are the penalties and cost. You might be able to take out a personal loan to cover the difference. Maybe you could sell a car to cover the difference, then finance a new car at a lower interest rate.
With a short sale, they might go after you for the money later, plus you might have to pay taxes. If you do decide to rent it, you might have future tax benefits, but that just means losing less money.
Being an out of state landlord can suck, but losing $30,000 might suck more.
Here's the dilemma. What would you do if you had a job relocation to a different state but we live in a neighborhood where no homes are selling. Several sellers have simply walked away. We wouldn't want to do that but just wondered what are our options. Do people leave the house on the market indefinitely and rent in a new state? I can give more details as asked, I'm terrible at these first posts
Any insight would be great.
Thank you
Rent it out. We did that with a house in Montana, when it wouldn't sell. We rented it out until it finally sold 3-yrs later. In the meantime, we rented in Texas.
Rent at the new place. My house has been on the market for almost a year and is listed well below several appraisals and is in pristine condition with new stainless appliances and everything perfect and like new. My neighbors home finally just sold after after 6 years on the market. Meanwhile realtor friends are posting articles on Facebook rejoicing at how home sales in our area are supposedly rebounding and real estate is sooo profitable - don't fall for it. The real estate industry is working hard at trying to artificially inflate the market back up while there are huge regions filled with people selling at massive losses, if they sell.
I moved and left the old house behind where it will sit for sale indefinitely. We rented 6 months before buying in the new state and I highly recommend it. You reaaallly need to live in an area for this long in order to explore it and figure out where you really want to live. You will uncover a lot of good and bad neighborhoods in that time you rent. Every week you will drive around and learn something new about the area. The last thing you want to do is dive right into a new home purchase in a foreign area.
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