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I came in and pulled up a stool with Eyesopen when he said-
"Should I let it default and head for the hills? "
Man I dunno. You have a family?
No. No family. That's good news. Would hate to drag anyone I loved through this.
But thanks for stopping by.
(Ironically ... the employer is the 2nd largest healthcare company that just agreed to pay for 87 million members' identity theft protection... and gives the right foot of fellowshi* to anyone looking at long term disability.)
Thank you for the suggestion.
Renting will cost more in the long run than a short sale. Crazy huh? I ran the numbers and it has to do with taxes, insurance and property management.
Maybe the better question is: How do real estate agents get paid in a short sale? Is it the same percentage?
If I sell it myself and pay the lion's share of the loan balance, can I refi the rest under a different loan progam? (Fat chance - but willing to throw it out there.)
I'd get better than forum advice personally, but it does depend on what state you live in: some states are non-recourse states and in those if you haven't ever taken cash out of the house you can hand the keys to the lender and walk and there's no repercussions other than losing whatever equity you have in the home (which doesn't sound applicable here).
If you're stuck in a recourse state, I'd try like hell to get it sold before I let it burn... if you're underwater on your mortgage currently there may be some sweetheart deals available via a vis HARP or otherwise which might buy you some breathing room but I honestly don't know enough to advise on that; rent in many places may be higher, and given my financial situation I'd rather lose some money in the short term to keep the credit report clean in the longer run but your time horizons and finances might not permit it. Might even be worth looking into BK options if you're that stuck, but again professional advice is recommended.
Thanks Revelate. I've never heard of a recource state - I'm not in one unfortunately but it does give me more to consider.
http://www.legalmatch.com/law-library/article/what-is-a-recourse-state.html#sthash.btsRwKGh.dpuf
I was hoping to hear how others might handle this scenaro. I'm not exactly underwater. The comps keep dropping and my property value keeps dropping at the same time. I don't see where any local sales are in excess of the comps. That's as far as I can go at the moment unless I shell out more cash on a lawyer.
I think I can get the mortgage balance. I'm willing to eat the 5k (+/-) to get it cleaned up for market. And I can cover closing fees ($2500) if they're not padded with the loan company's fees. What I can't get is; loan balance + agent commission + points/closing types of negotiations.
I'm starting to think I should try FSBO and see if anyone wants the property as-is. It's not like I trashed the place. It's a decent house and has a great backyard.
You got me thinking.
Appreciate the insight.
Don't rely on Zillow for comps. They state the home we are buying is only worth 184,000 but it appraised at 202,000. Get a real valuation and make your decisions based on that.
Shop your Realtor services too. An 11% commission sounds very high to me. Get a Realtor that can gives you an honest assessment of the market. Get several realtors to give you the comps and the reasons why these comps are used for your valuation. Something really sounds off to me, but I don't know your market.