Comments on: How can I sell my house with all these problems? http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems Sell house by owner. How to sell your own house. Thu, 22 Sep 2011 00:00:27 +0000 hourly 1 http://wordpress.org/?v=3.1.4 By: Allan http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-912 Allan Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-912 It sounds like you are in a tough situation. From the numbers you give, it doesn't matter if you sell it now or fix it up and sell it. If you sell it as is, the mortgage automatically comes due. However, the bank might give you another loan, if you have some other collateral or a job that is good enough to warrant a loan. Experts are not predicting much appreciation in the real estate market, so I would not suggest waiting for housing prices to increase any time soon. I agree with the other person, in the end. You need to talk to a loan officer and to the bank that has your mortgage. Good luck. It sounds like you are in a tough situation. From the numbers you give, it doesn’t matter if you sell it now or fix it up and sell it.

If you sell it as is, the mortgage automatically comes due. However, the bank might give you another loan, if you have some other collateral or a job that is good enough to warrant a loan.

Experts are not predicting much appreciation in the real estate market, so I would not suggest waiting for housing prices to increase any time soon.

I agree with the other person, in the end. You need to talk to a loan officer and to the bank that has your mortgage.

Good luck.

]]> By: Judith G http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-911 Judith G Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-911 I believe you cannot sell your house for less than you owe, plus expenses in the selling process. You sould wait on it to gain value or fix it properly. And there is always the land contract, where you sell it without paying your debt to the lender. Go to a loan officer. I believe you cannot sell your house for less than you owe, plus expenses in the selling process.
You sould wait on it to gain value or fix it properly. And there is always the land contract, where you sell it without paying your debt to the lender.

Go to a loan officer.

]]> By: SexyTrojan http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-913 SexyTrojan Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-913 You OWE $51K but it is appraised at $33K? Do you have to sell it now? You OWE $51K but it is appraised at $33K?

Do you have to sell it now?

]]> By: J M http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-914 J M Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-914 You would not be able to keep paying the bank with out the collateral. I have seen some people trying to sell their homes by setting them up as if they are show homes. You can rent nice furniture and paint doesn't cost that much. Landscaping really helps as well. The roof is a different matter, but if you could do the some of the other stuff yourself, like patch the holes, you also don't need the most expensive carpet either. If you really tried i bet you and a friend or two could get alot done yourselves. I would like to add that while working on it you could have it on the market you can say no to any deal and you also could get a surprise buyer that would pay what you need. You would not be able to keep paying the bank with out the collateral. I have seen some people trying to sell their homes by setting them up as if they are show homes. You can rent nice furniture and paint doesn’t cost that much. Landscaping really helps as well. The roof is a different matter, but if you could do the some of the other stuff yourself, like patch the holes, you also don’t need the most expensive carpet either. If you really tried i bet you and a friend or two could get alot done yourselves. I would like to add that while working on it you could have it on the market you can say no to any deal and you also could get a surprise buyer that would pay what you need.

]]> By: Kenneth H http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-915 Kenneth H Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-915 This is a major problem as you now have a house that you cannot sell and cannot fix up. What bank gave you a mortgage for 51 thousand on a house that was of low value did they not do an appraisal on the house before the mortgage was issued. If the banks only collateral is the house and property you can go to the bank and basically give them the keys. They won't have any recourse to get their money back except to take the loss. Of course it is not likely this simple as banks cover their butts better than this. If the house prices are not likely to go up in the fairly near future you options are limited. If you can do the absolutely necessary repairs such as the roof and wait out the housing market you may come out okay. Can you get someone you know the do repairs such as the roof perhaps some friends or relatives. It may be best to talk to a lawyer to see what can be done. This is a major problem as you now have a house that you cannot sell and cannot fix up. What bank gave you a mortgage for 51 thousand on a house that was of low value did they not do an appraisal on the house before the mortgage was issued.

If the banks only collateral is the house and property you can go to the bank and basically give them the keys. They won’t have any recourse to get their money back except to take the loss. Of course it is not likely this simple as banks cover their butts better than this.

If the house prices are not likely to go up in the fairly near future you options are limited. If you can do the absolutely necessary repairs such as the roof and wait out the housing market you may come out okay. Can you get someone you know the do repairs such as the roof perhaps some friends or relatives.

It may be best to talk to a lawyer to see what can be done.

]]> By: joseph_mahal http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-910 joseph_mahal Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-910 $33,000 is far too low a price for a house and land! It's the most valuable family asset you could have, and you should never settle for just giving it away. In today's market, you should be able to put the money into it over time, do the work yourself, and sell it for $100,000 minimum. Don't settle for less! This may sound crazy and unrealistic, but this is what I've done with my own house. It's 101 years old, it's now fully insulated (walls and ceilings), it has a new furnace, a new 200-amp service, a 3-car garage (used to be a small barn), metal roof and siding, 20-year carpet and Pergo floors, high ceilings, ceiling fans, 5-foot fence around a large back yard, and just 2 years ago a bank "settled" for $66,000 (it was a repo) and they had left it half finished and pretty nasty inside. In total, I've paid the $66,000 + about $16,000 for improvements. I wouldn't let it go for under $150,000. If I were you, I would get a home improvement loan for $15,000 and give them a plan. 1) Roof first (always) 2) Plumbing and electrical next (update the box only if you need it) **the best time to do electrical work is when you anticipate tearing out walls. 3) Cosmetic repairs almost last 4) Outdoor repairs last Part of your plan should be a study for what other similar houses are selling for in the area so that you have an idea of what yours will be worth when its done. $33,000 is far too low a price for a house and land! It’s the most valuable family asset you could have, and you should never settle for just giving it away.

In today’s market, you should be able to put the money into it over time, do the work yourself, and sell it for $100,000 minimum. Don’t settle for less!

This may sound crazy and unrealistic, but this is what I’ve done with my own house. It’s 101 years old, it’s now fully insulated (walls and ceilings), it has a new furnace, a new 200-amp service, a 3-car garage (used to be a small barn), metal roof and siding, 20-year carpet and Pergo floors, high ceilings, ceiling fans, 5-foot fence around a large back yard, and just 2 years ago a bank "settled" for $66,000 (it was a repo) and they had left it half finished and pretty nasty inside.

In total, I’ve paid the $66,000 + about $16,000 for improvements. I wouldn’t let it go for under $150,000.

If I were you, I would get a home improvement loan for $15,000 and give them a plan.

1) Roof first (always)
2) Plumbing and electrical next (update the box only if you need it)

**the best time to do electrical work is when you anticipate tearing out walls.

3) Cosmetic repairs almost last
4) Outdoor repairs last

Part of your plan should be a study for what other similar houses are selling for in the area so that you have an idea of what yours will be worth when its done.

]]> By: The Man http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems/comment-page-1#comment-916 The Man Fri, 26 Feb 2010 11:19:39 +0000 http://sellmyhousequicklytm.com/how-can-i-sell-my-house-with-all-these-problems#comment-916 contact the lender and ask if they'd consider a "short sale." You could also try your local bank to see if they'd give you a personal loan for the difference. Perhaps you could rent the house until you've got enough equity to sell it. Maybe your real estate agent can get enough for your property that you won't have to consider any of the above. good luck contact the lender and ask if they’d consider a "short sale."
You could also try your local bank to see if they’d give you a personal loan for the difference.

Perhaps you could rent the house until you’ve got enough equity to sell it.

Maybe your real estate agent can get enough for your property that you won’t have to consider any of the above.

good luck

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