I purched a home about 5 months ago and now need to sale!?

Question

Other homes forsale in the area have been on the market for 7 months or more and I don't have the time to wait for the house to sale or the money to pay for the mortgage and an appartment at the same time. I am needing to know all of my options for a situation like this

Answer 1

Make sure it is presentable by cleaning up and moving out the clutter. Places look bigger and more inviting with less inside. Also research what the other homes are selling for and go slightly -- maybe 1k below to get more traffic.

Answer 2

Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.

It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.

For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).

Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.

Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 3

The law of (high) Supply and (low) Demand will determine your options here. Assuming your house is comparable to others on the market in your area, your only real option will be to under cut the price other are offering their homes at or offer buyers some other types of incentives to purchase your home. Before you do this, you should figure out what the financial ramifications of doing this may be to you. Don't forget to factor in your prepayment penalty if your mortgage has one. You're in a tough position.

Answer 4

There's a bunch of services that will buy houses. Their ads are on TV all the time and if you do a google search on "we buy houses" you will get about a million listings. These services will buy your house regardless of condition and usually within 40 days. However, they are not going to pay you fair market value. So you must decide if that fast sale is worth losing some money for. Rent out the house till your lease is up or sublet the apartment.

Answer 5

You can live in it while trying to sell. Your offers won't be so numerous or so attractive, but you will get them if you price properly.

What to do really depends upon a lot of factors you don't specify. Why do you need to sell? Transfer? Will prevailing rents cover the mortgage? How much much is it worth, and how much is the loan?

You can

-stay in the home
-rent it out
-sell it
-deed in lieu of foreclosure
-foreclosure, almost certainly the worst option of the lot.

Which, of course, depends upon your situation.

Answer 6

Sell high the amount you wiil take a hit on at tax time will be hefty. I bought and sold a home in less than six months and it cost me roughly $3200.00 at tax time because of the property tax gains

Answer 7

Hi, Im a Real Estate Agent in Orange County,CA please feel free to give me a call, my toll free number is 1(866) 825-9618
California Home Realty. Thank You

I will give you a reasonable offer for your house don't loose your credit and end up going to forclosuer. Give us a Call.

Answer 8

You are screwed. The house market sucks right now. Ask an relator, you're pretty much s*** out of luck.

Answer 9

what state and town? we are looking for a house!
if you want to sell fast dont over price it like everyone else.
make sure that what u price it at it is really worth that. dont try to suck as much money as possible.. and when people come to visit make sure it looks at its best.
im just speaking from what i think when i look at houses...
hope u sell!

Answer 10

Rent the place out instead.