what is the process of selling your house and what kind of fees are there?

Question

we probably owe more on our house than we could get out of it but we need to get out of here due to major reason,
I was wanting to know how much it is going to cost to sell our house and what the whole process includes, thanks!

its also a VA loan so i can't rent it out to anyone, or have someone take over the mortgage because i was the beneficiary when my brother died

Answer 1

You are in a tight bind with a lot of good advice from the other people. However, what no one has mentioned is that if you do a short sale on your home, it will be considered a foreclosure by lenders on future purchases. Also, it is my understanding, but confirm with a CPA, the lender can also report to the IRS the amount you were unable to pay and they will consider that as taxable income.

Check with a lender if the interest rate on the house is 8% or higher. It may be possible to streamline it down to a lower rate and you can then rent out the house. You are still ultimately responsible for the payments but you should be able to rent it out if you can't sell it. I believe most VA loans are assumable check with your loan servicer and they can advise you how to do it.

Good luck.

CA lender

Answer 2

There is a fee for the real estate companies involved of about 6% and other fees that might add another 2% or more.

A Realtor can help you sell the house for more than you could sell it on your own so the cost comes out of the transaction at least in part.

Your mortgage company may allow you to do a short sale if you have money trouble.

The Realtor will help line out the whole process. Each transaction is different.

I wish the best for you.

Answer 3

If you owe more then the house is currently worth, then I would Contact the lender, explain your situation to them and see if their open to whats called a "short sale", this is currently happening more often in Florida right now, so depending on your area the lender might be willing to accept less money for the house if you can find a Buyer to avoid the whole foreclosure process.

But as the Seller you can figure on a 6% Real Estate commission and usually an additional 1-1.5% for taxes and title fees. Again this depends on the area which you live.

hope this helps and good luck,
SELL2K

Answer 4

it depends if you are going to use a Realtor,
if so get ready to fork out 6% but can be negotiated but the least will be 4% and excises taxes anywhere from 1.7 to 3% and sometime the buyers closing cost. If you need to get out fast that's the way to go if you have time sell it yourself zillow.com you can list for free. you can list in the local paper and save money. You also need to find out what your house is worth. That's easy just go to your county assessors website and pull up your house and look for comparison and see what they sold for make sure you look at the dates.... you might be able to rent it out to cover mortgage payment or close to it and wait it out until you have more equity. You can do a (i.r.r.l.) Interest rate reduction loan through
the VA. to try to get a lower rate to make it easier to pay the bill... also VA loans are assumable to another Vet. look into it and go to your local mortgage company and let some loan officers know your situation
they might help you FISBO it

Answer 5

Consider contacting a licensed real estate agent, you may have a problem selling the house, because the mortgage company is not going to release the house as collateral if you plan on selling it for less than the mortgage. You may consider contacting the mortgage company to see what their policy is on someone taking over the mortgage. Using they must approve the new debtor. Once with this information you can advertise in the paper for someone to take over the mortgage.

I wish you the best.

Answer 6

You need an attorney who knows what they are doing in this situation.

What an attorney that knows how can arrange is what is called a "short sale".

That means that you're not going to get the full payoff value of the loan, but the Lender(s) will agree to take what you do get in full satisfaction of the loan.

Call an attorney, and ask them if they have done short sales, and if they can help you.

Answer 7

fees are negotiable but the standard is about 6%.

Answer 8

go to realtor.com and choose someone from your area, give them a call and get your questions answered.