 Is it insulting to offer $170,000 for a home listed for $189,900? |
The seller is very motivated, and the house has been on the market since August 2007. However, it has been reduced to $189,900 from $209,000.
what would be an acceptable offer?... |
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 If you have sold? |
| your house, how long did it take for you to sale?... |
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 Where is the best state to live at for a family of 4 or single? |
| (first of all I live in Va. and it suckS) I want to go 2 a place that is not a commonwealth state. and taxes is not high. and resonable of the cost of living. need some help ... |
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| I have been trying to get my credit straightened out for a month now and I was wondering how close I may be to actually getting a mortgage loan.... |
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| Yesterday my wife and I signed a 4 month extension to our rental lease on our apartment. Later that day someone taped a copy of the lease to our door that had been altered ($50 dollar increase to ... |
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| Everyone has a different idea of what sells homes and what it takes to sell a home. Assuming there are buyers out there, how do you reach them and what do you emphasize. What is the key motivator ... |
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 Which is a better deal?!? |
I'm moving and I'm so short on money...
I'm going to be the only one living here, so I don't care if I have to live in a studio! lol.
Tell me which you think would be a ... |
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 Can I refinance with a big cash out if I'm in between jobs? |
| My home is valued at 365K. I have 88K of the original loan left on the house. I'd like to refinance the balance and take a cash out in the amount of 190K on top of it. I have excellent credit ... |
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 Would it best if I was to send my mortgage company a notarized letter stating I no longer wanted my home? |
| or should I just let well enough alone. I want to do what is best for my credit. I am truly hoping I can sell it to someone.... |
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Question: Is there anything we do or are we just out of luck?
Situation:We live in an apartment, on the second floor. Our apartment is completely enclosed, meaning that even the stairs to ... |
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 Condo being sold Overpriced... HELP? |
I am probably overracting, but let me know what you think.
My mom had a vacant (clean) condo on sale for $169,000 in Southern California. She received an offer for $177,000 and the buyer ... |
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| Do you think Bankers would give me sound advice, are there home loan advisers. I want to own my own home, but I honestly don't know where to start.... |
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 Can I refinance if I owe more then my house is worth? |
| I own a townhouse in boca raton and owe 295,000. The market value is less then the 295,000 that i owe. Is there anyway I'd be able to refinance? I have a credit score over 700 and a good job but ... |
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 Help about real estate agent Plzz? |
We are planning to buy a home in Los Angeles area & this is first time .We are planning to work with an agent and Do we need to pay him???If so how much do we need to?
Also can somebody tell ... |
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| The house is in a very nice neighborhood with all homes looking to 1900's turn of century Charleston and Savannah.... |
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veryintrigued | House market crash victim? |
A co-worker has asked me:
She bought her house a year ago, under an 80/20 loan. First at 7.5% fixed, second at 11% arm (or so she thinks).
She is struggling to make the monthly payment, and now her house has lost value. She paid 218,000, and now it sells for ~185,000.
She believes she can get an appraisal at ~195,000.
Can she refinance? She is willing to gen on a 40yr loan, if necessary to lower her monthly, but is concerned that refinancing at lower apprised value will put her in neg equity. I said I doubt they would refinance at < loan balance.
What is the option?
Additional Details
Addtl.
My coworker says her balance is ~ 214,000 |
 |
 
William O
 |
Can she play landlord?
Her mortgage is about $1600??
What do rents go for there? Her best bet might be to play landlord for a while because she will have a VERY hard time finding a way to refinance...sorry to say.
Even if she goes negative a few hundred bucks a month, it will be worth it long term.
LEST I FORGET - - - Some lenders will work with their borrowers in this situation. Countrywide, Chase, WAMU, Wachovia and a few more would rather adjust their loan as opposed to own a house they dont want.
They are bankers - not landlords. Make your lender the first call. |
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Deliah
|
Right this very minute even those with stellar credit are going to have to jump through hoops to get loans.
You do not say what your loan balance is compared to the value now.
ADDED comment:
I am sorry but I do not see how she will get financed when the property is not worth what she needs o borrow. No wonder no one is looking at her right now. |
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felixthecat
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She can at least try. If her credit is good and she's managing to keep up the mortgage payments thus far, there's no harm in looking into her options. Your co-worker is going to be in a lot of good company in the next year or two as all of these ridiculous financing debacles begin to come to fruition -- mortgage companies were springing up all over the place and giving out FAR too much money on homes that were HUGELY over-appraised just because interest rates were low. I was like chicken-little while it was happening -- the sky is falling down! No one wanted to listen. You had 'kids' (young couples) coming in with the clothes on their backs (probably purchased on credit cards) and walking out as homeowners -- they borrowed the inflated price of the home, the closing costs, had no down payment, and not a penny to put into any home repairs (or car repairs) if anything came up beyond their mortgage. Now everyone's going to have to live with being overextended for 30+ years -- IF they don't default and lose their homes. The only good that can come of it is that many of these people have absolutely no equity in the home to lose anyway. Frankly, the worst that can happen will be the best that can happen for some of these people. That would be that they realize there's no way they can keep up with the mortgage! So save up your money and let it go! Use the next couple of months worth of salary to pay for the first month/last month's rent and security on an apartment. Basically, for some people they would lose nothing because they didn't put any money down on the house to begin with. When enough people can't make it, the government will be forced to step in to do what they can to help these overextended people stay in their homes. You left out information here -- did your co-worker put a lot of money down on her home? If she did, then she's correct, she will be dealing with a negative equity should she re-finance for a longer term based upon a lower appraisal. Meanwhile -- the person who she 'purchased' this despicable mortgage note from is happily out of the picture -- they got paid the whole enchilada the day she took the loan. And re-financing will incur all of the closing costs all over again -- just like she's purchasing another house. |
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satarnag
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Call the lender to see what they can do for her. She can also "short sale" the property or rent it out.
Regards |
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upside down
 |
I lost $15,400 more than eleven years ago just like this. Property values plummeted overnight because thugs had begun to move near our neighborhood and they actually set fire to the home across the street from me.
Everyone put their house on the market or just left it to foreclosure 'cause the vandalism, break-ins, and rental property just kept getting worse.
I finally sold mine, after 3 1/2 years, and paid the remaing balance on my mortgage with a credit card cash advance.
I'm STILL paying on that debt. Tell her to get out, ASAP. Sell it as best she can. Take a second job, now, and pay down that mortgage. |
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virgilgg
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You can refinance up to the highest appraised value which is usually measured in $/square foot of living space. For a proper evaluation of the home it is necessary to look at the recent sales of homes in the same area with the same characteristics. Try to find a fixed rate mortgage for the life of the loan and keep in mind that there will be closing costs. Shop around and look for specials as there are many companies competing for your business, especially if you have a good credit rating and proper documentation to back it up. Good Luck. |
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smart E
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Maaayyyybeeee....... if her credit is impeccable they will refinance, but her reasons for refinancing will be a big red flag to lenders.
"I don't make enough to make my payments..." Not a good reason in a lender's eyes. Why did it lose value? Did she unknowingly pay more than market value when she bought it? That kind of value loss, 12-15 percent in a year, is practically unheard of in real estate. |
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atoxyz123
 |
okay no offense we are having STOCK MARKET and general market problems becasue of this whole housing thing. BANKS ARE GREEDY and greedy Bankers kept telling people I'll give you a loan becasue you know what houses will keep going up and THEY did for a good while BUT NOTHING in any market goes up forever it's economically impossible hence now someone has to lose it's a zero sum game (investing) which is what people have been doing with houses for so long also known as (flipping them) .....MY ADVICE for her is to try and keep the house for as long as she can THE GOOD THING ABOUT REAL ESTATE IS THIS IT CAN GO DOWN FOR A WHILE but it will always go BACK UP AGAIN HIGHER SOMEDAY.......This is becasue there is always LESS OF IT i.e. more people and buildings HOPE THIS HELPS AND GOOD LUCK....!! |
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