I have a house that I bought 7 years ago in an "up and coming" neighborhood. After 9-11 and a bad divorce, I have now tried to sell it for over 5 years. I owe $264K and it appraised at $230, but comprable houses in the neighborhood are selling at $195K. I have had 6 realtors but no one has been able to sell it. I have had one offer in 5 years. The house is gorgeous, historic and in great condition, but I am in a rut. I can no longer afford to pay two mortages and am sick of renting it out. I can take a loss, but that doesn't even work. Can anyone help me? I just want to unload it, but don't want to ruin my credit. HELP!!!!!
2007-06-20 15:25:16 · 7 answers · asked by Jennifer C 1 in Business & Finance ➔ Renting & Real Estate
Your house is not worth $230K. You still have the house is because you didn't want to sell it at the going price in your neighborhood of $195K. Market price is a price buyer and seller agree upon. In your neighborhood, it seems to be established at $195K for now. If you really want to unload your house, you have to sell it at $195K now.
2007-06-20 15:54:51 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It sounds like you simply overpaid for it in the first place, and nothing you can do now will change that fact. About the only thing you can do is to hope for a "bigger fool" to come along and overpay for it even more than you did. (This is called the "bigger fool theory"; ask your realtors about it.)
The "up and coming" neighborhood line sounds like a bogus sales pitch, and if you can establish that the neighborhood was anything but, you might have a cause for action against the person, presumably a realtor, who made that claim. To see if this is possible, get a lawyer who specializes in these things. it would mean suing the agent who sold the house to you and demanding to have the sale effectively cancelled and put back to how you were before you entered into this trasnsaction (based on false sales pitches). Then there is also the possibility that the original appraisers were in cahoots with the lender that made you the loans. You might be able to make a case for some conflict of interest suit, saying that you were mislead by deliberately inflated appraisals into making a purchase that you never would have done had you had the correct information. In a nutshell, it looks like lawsuit city, big time.
This would means lawsuits and years of bitter wrangling and huge lawyer fees. If your ex gave you the property in the divorce settlement I would say he came out ahead in the deal. Sue him too.
Sue them all. Sue the rat-bastards, each and every one.
2007-06-20 15:52:05 · answer #2 · answered by Anonymous · 0⤊ 2⤋
First of all, (let me get on my soap box here). An appraisal is a worthless piece of paper for which someone pays too much money. Real estate is worth what someone is willing to pay for it. Now regarding your house.....If you cannot keep up with payments on 2 houses (whats wrong, are you not made of money? ...lol) and you are going to lose one to forclosure, then consider a short sale. Lenders will many times agree to accept less than the full loan amount and take a loss on the difference rather than go through the cost and hassle of forclosing and obtaining a property they dont want (lenders hate owning property). I am surprised that 6 agents couldnt sell it for you....obviously none of them know how to do short sales.
2007-06-20 16:59:25 · answer #3 · answered by aka_brian_1040 3 · 1⤊ 1⤋
Try selling the one you live in and moving back to that house. Coming up with $100K or so to sell it would be hard for most people. You can ask your lender if they will accept a short sale where you sell it for what it will get and then the bank will write off the rest of the debt. That would give you a 1099 for the forgiven amount so you would pay tax on it. They may not be willing to do that for you but you can ask.
2007-06-20 15:31:24 · answer #4 · answered by shipwreck 7 · 0⤊ 1⤋
It sounds like you are between a rock and a hard spot. You unfortunately have been caught by both 9-11 and the down turn in housing. At some point you are going to have to ask a tax accountant and ask him how to mitigate your actual losses. Lets face it, you are going to loose, the question is, how do I make the loss hurt the least? pp good luck.
2007-06-20 15:34:57 · answer #5 · answered by ttpawpaw 7 · 0⤊ 0⤋
Your mom is an unusual Lutheran. I in no way heard of every person suggesting one in each of those element aside from an exceptionally few Catholics. there is no longer something incorrect of course with asking Saint Joseph or any saint to intercede on your behalf, in simple terms as there is no longer something incorrect with asking your loved ones and friends to intercede on your behalf. yet I continually advise human beings to ward off such practices as you describe, as they arrive dangerously on the brink of superstition, a minimum of in outward appearences. .
2016-10-08 22:24:18 · answer #6 · answered by ? 4 · 0⤊ 0⤋
maybe i can help you, maybe i can buy form you if we agree on trems lee_white98@yahoo.com
2007-06-20 15:37:42 · answer #7 · answered by lee w 1 · 0⤊ 2⤋