I was told by a real estate agent when I bought my house I could rent it. Now I am told I can't, and I have to sell my house. How can I sell it easily? Any ideas? I did for sale by owner recently, is there ANOTHER way to pay off the house and equity line, even if I can't make anything, just to get rid of it, it is too much of a headache for me. I heard that there is a company that will buy your house from you while you build a new --anyone know it?
2007-08-15 17:29:03 · 5 answers · asked by Tracy L 1 in Business & Finance ➔ Renting & Real Estate
first issue should be with your real estate agent for giving you incorrect information.
second who is telling you that you are not allowed to rent out your own home...of course you can, that is obsurb.
third-in this market with a large inventory of homes for sale, nothing is going quickly. and if your loan plus equity line exceed the appraised value, you will most certainly not be able to unload quickly.
lastly - do not fall into a scam where you sign over your home in hopes that someone will build you another....it's a scam and it has been written up all across the web....do some research (go to cnn).
good luck :)
2007-08-15 17:37:55 · answer #1 · answered by Blue October 6 · 0⤊ 0⤋
Those express homebuyers will not offer you what your mortgage balance is unless you have major equity. I called them once and they offered $70k less than what I owe based on their "research". I believe they just pulled a property search and saw how much I paid for it.
Other than that you can do a short sale or deed in lieu of payment I think its called a quit claim deed. These all are still reported to the bureaus and go against your credit. So that means future credit for the next 7-10yrs will be compromised as far as rates.
I would rent a room out. I don't think anyone can tell you that you can't do that. Maybe you can't rent the whole house due to capital gains. But, if that is the case then you wouldn't be able to sell it either. You have to live in your house 2yrs before doing anything like selling or renting less there be penalties.
2007-08-15 17:39:24 · answer #2 · answered by n10selady75 2 · 1⤊ 1⤋
Okay, calm down. Let's deal with facts.
Who told you that you could not rent out your house? What was the basis for their statement? You need to find out from someone who knows the local laws whether you can rent it out.
Which real estate agent told you that you could rent the house out? Go talk to them.
Are you saying "it is illegal to rent the house" or "the market isn't right to find rentors now"?
If you could rent it, would that take away the need to sell it??
2007-08-15 17:39:17 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
I work for one of the largest lenders in the country. We are one of the largest construction lenders as well. We won't buy your house (I don't think anyone will) but... we'll give you a construction loan to build you new house with a "reserve account" which makes payments during the construction period. This was you can live in your house until your new one is built. Put it up for sale in the mean time.
2007-08-15 17:34:22 · answer #4 · answered by Richard S. 3 · 0⤊ 0⤋
watch hgtv more.
price it right and it should sell.
good luck.
2007-08-15 18:29:27 · answer #5 · answered by dru™ 4 · 1⤊ 0⤋