 Council have said they are considering us for a house - does that mean we have got it? |
| We are seriously overcrowded and are 5th on the housing list in our area. We have been told we are being 'considered' for a house nearby which we have shown would be a perfect size and ... |
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 Do you pay property taxes on a highrise condo? |
| I'm looking at a highrise condo for sale in a building downtown that has about 200 other condos inside. In addition to whatever the mortgage on the highrise ($320k) would be there is also a $900 ... |
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 My landlord wants to pay me to break the lease on my apartment, how much should I ask for? |
| I am currently more than half way through a 2 year lease (I have until April) on a $995/month apartment. I have been complaining to the Health Department about a lack of sufficient heat. Now, my ... |
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 Should i pay for it ??? |
| just rented out my apartment in spain for 6 months to an english guy - he wants me to install sky tv and he pays the monthly viewing charge. it will cost me about £290 . would you pay for it ??... |
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 I am entitle to housing benefit? |
| I am just about to get separated from my husband, and will have to rent.Will I be entitle to some housing benefit as my earnings 16,000 p/a and I have 17 year son who is in full time education,... |
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 30 Year Fixed @ 6.5% Good Deal? |
| 30% Fixed @ 6.5% for 95% single loan of 251,145 w/ PMI. average score is 750. Locked two weeks ago. Is this a good deal or bad deal.... |
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 Will the landlord pick us to rent his house? |
| well he acted like he liked us and all, and i gave him my landlords phone number and me and my current landlord get along well so i asked my landlord if the new landlord called him yet and he said no.... |
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 Does this sound like a false ad?? I emailed this lady about a house off craigs list..? |
Dear,
Thanks for your email and interest in my house. I am Mrs. Helen Grant the owner of the House you are interested in. My House is located at Cincinnati OH. Presently am in M... |
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 I have just made an offer on a home and they accepted. So I go sign the contract tomorrow.? |
| When they ran my credit for the pre-approval my credit was okay. So I go sign all the papers for the house tomorrow. My question is before I close on the house will they check my credit again? B... |
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 Where can i find really good apartment/house for rent classifieds in MAINE? |
| I live in Bath,Maine and want to stay close to Bath so i need help,we need a bigger place and i was wondering where i could find a good site to find listings for apartments and houses for rent other ... |
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 My home is blackballed by the previous real estate agent who owned my home,no one will show it-how can I sell? |
| I bought this home from a previous real estate agent who had committed fraud when she sold me the home. She was concerned that I would tell the people in the community that she was a deceitful ... |
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 Renting a property with inadequate ventilation, is the landlord responsible? |
| The Landlord refuses to fix a skylight that is leaking and which cannot be opened above the kitchen. There is no window or ventilation in the Bathroom and she will not provide anything there either. ... |
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 Can a buyer back out of the sale of my home after signing a sales contract and giving earnest deposit? |
| It's been almost 6 1/2 weeks since the buyer signed the sales contract and given the earnest money deposit in escrow and still no inspection date is set nor is an appraisal is ordered by their ... |
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 18 and ready to move out! Help please...? |
Hello!
I am finally ready to move out of my parents house.
But I'm unsure of exactly where I want to move to.
I have ideas in mind about the kind of place I want to live in, and I&... |
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 Is this a rental scam on landlords part? |
| When my 18 year old son was approved to rent a very nice home with no credit I was skeptical. 1200.00 a month year lease with 1st last and a 1000.00 damage deposit. He was unable to pay this months ... |
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 I'm living in a duplex with four roommates. They eat, and use anything thats mine. How can I break this lease? |
Oh, my room also doesn't have a window. Does this help on getting out of a lease easier? Please help, I'm desperate!
Additional Details
Thanks for all the answers! My lease isn&... |
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 I purchased some land from an aunt w/o title search and now find that it has several liens on it. What now? |
| I purchased a parcel of land from my aunt & uncle and didn't do a title search after she assured me that it wasn't necessary. (I know.... Stupid me!!) The purchase agreement and the ... |
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beytu88 | Selling a house in a bad market, is it better to ....? |
We're upside down on our mortgage by several thousand dollars thanks to a slick refinance agent and my ignorance of mortgage workings. We already have the house priced at well below what we owe, but the price is inline with other properties. We will need to take money from my IRA to pay it off if we do sell it. The options we have are 1. wait to well and use my IRA to pay off the difference. 2. Rent out the house, which I have NO desire to do. 3. Work with the lenders (2 lenders in this case Primary and secondary lender, not a 1st and 2nd mortgage.) to negotiate a "short sale". 4. and this is not really an option, but it may be the final outcome unless we can work something out...allow the house to go to foreclosure.
I am an intelligent person, but I am no good with big business wheelings and dealings and I am at a loss as to which route would be best. We are living with relatives in another state, where we move to, and need to be able to buy a home here badly.
Additional Details
Thank you for all the fast replies. The house is in Ohio. There are a lot of houses for sale in the area, more than you'd think.
We started out at the payoff price when we listed the house originally. which was about 7k over what others were going for.
After about 3 months and very few showings, we dropped it a few thousand. I would rent to save our credit, but for no other reason. Being 2 states away would make it hard. I'll keep hoping that it sells, retirement can be replaced pretty easy...credit scores are much harder. |
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mrscmmckim
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The investors I work with have homes in TX, OK, IN, TENN, CA and NC. They mortgage what they own and base the down payment on your credit score.
If your house is in their price range, they might be interested in buying it and perhaps you need a place in one of their states.
Add details if you want more info.
Oh, and to answer your question, I have a story.
I sold antiques for a very long time and had a rather large inventory. At one point I needed a vacation and decided to make it a working vacation.
I loaded up the motor home and went on the road. My stops were mapped out so I would be at a flea market by Fridays. While on the road I had some very cool and old bottles. Some were even poison bottles which are favorites.
Well, I couldn't sell them for some reason or another so I marked them down to half price. When an old timer saw what I had done she said, "Hon, ya gotta make 'em think they are getting something special. Try marking 'em up instead of down." Chuckling and thinking I was humoring the nice old lady, I marked them to book value and they sold out by the end of the week end.
Moral? You get what you pay for so bargains are for things ya either don't want or don't really need. Proof? Check the clearance isle at Wal-Mart!
I am in real estate so I know the going is tough right now but trust me, mark it up then if you must come down it won't bottom you out.
Last ditch effort here, offer a land contract and make sure your buyer has great credit. This is attractive on so many levels for both of you. Research it and go for it.
Good Luck! |
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duracell101
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truthfully the only way to go is to attemp to rent it out, that way if you wanted to purchase another property it won't count against your monthly wages. and when the market changes you can sell it.
But if you must sell then you will need to use the money in your ira to pay the difference.
But what ever your choice is don't allow it to go into forclosure because it will damage your credit and buying power for years to come.
Good luck! |
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Gregorio
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What state are you in? If you are in California I might be able to help you. Go here. http://www.freshstartmortgagehomes.com/webuyhouses.html
PS, it also depends on if you are in a recourse state or not. Don't make any decisions until you explore all the options. You have not listed all of them. |
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ANGEL Baby
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You are facing what many are, so you should not feel too badly about your situation!
Try to avoid the short sale if you can, because that will adversely affect your credit and future borrowing/buying power.
SO you need to either RENT it out or use your IRA to pay the balance at close.
If you can find a good management company, I would rent the house out.
If that just won't sit well with you, then you really didn't have to ask...you know what you need to do!
I hope if anything I have encouraged you not to feel that because this has happened to the market and to you, that you are not intelligent!
I wish you every success! |
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hollywoodmelody
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Do you have at least 30% equity in the home? You can do a short sale if the lenders will allow you to, you also have other options that I don't see mentioned. Did you want to keep your home? You can email me and I can help you find a solution. I am not selling anything. |
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Lion J
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Offer it for sale, but do a lease with an option to buy for one year at a time. Take back $5000 in option consideration at the start, and an extra $200 a month over rent. Lease option people will be more likely to take care of the property, because they want to buy it! |
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Dolly
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Do not use you IRA to pay it off, you will be spending more, the taxes on it and the penalities, I would sugest that you now call local banks, the good ones and ask how much the interest is and not re finance because you can't in you situation, but you can do this, re morgage it and this will give you less interest like a new home and save you allot of money, believe me if you use you IRA to pay it off, when it is tax time you will be sorry, unless you are disabled, they cammot penalize you for that but you still have to pay taxes on it and it could very well stick you in a higher tax bracket. Talkj to your tax advisor as well. Keep that money in thee, you will need it later!!! |
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rochelletherealtor
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Why did you move in the first place? I'm very curious about that.
These are the options I see -- drop the price even further for an immediate sale and pay the difference. You may be able to sell some belongings to get yourself out of trouble and leave retirement alone. Make sure the property is spotless so that it is most desireable and the best priced.
Raising the price won't work -- the house must appraise before the buyer's lender funds the purchase. Buyers are looking for a good deal, and if you can give them a great house for a good price, they will jump.
Look at it this way: Your current payments are nothing but interest. You are paying almost nothing toward the principle because the loan is brand new. If your payment is $1,500 a month, in six months, that's $9,000 that you have basically thrown in a hole. That money is the cost you must pay for keeping the house.
Or rent it. I don't know what your issue is with renting, but thousands of people own rental property successfully. You need to be more careful than you were in getting the mortgage. But it can be very profitable, or at least get you out of a sticky situation.
Or move back home. |
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book writer
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Talk to your lenders they are the only ones that can help you in the long run! |
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walkinandrockin
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A little different approach is what I would recommend. You owe more than you can sell it for, unless the value of the property increases - hear me out. You can actually make your property more valuable without any cost or upgrades by offering an owner financing option, or rent-to-own type scenario.
Consider this - lending guidelines have tightened dramatically, and there are plenty of would be buyers that can not buy because of it - they are your clients. Done the right way, they will "own" the property so will maintain it, pay some down, and love the opportunity to own their own place. |
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palmyrafan
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I would sell your house and take the excess you need out of your IRA or simply get another loan to pay off the balance.
A young couple next door to us (NJ) ended up with 3 mortgages and had the bank foreclose on their house because they couldn't keep up. No matter how much they tried, they couldn't sell it (needed work), couldn't rent it, etc. It was finally sold at a sheriff's sale earlier this month.
This young couple has two children and they had to declare bankruptcy. Unfortunately for them, they are still stuck paying a percentage of the original 3 mortgages.
I know about the Ohio market. My daugter and her family had to leave the state because of a bad job market. Luckily, they were only renting when they left.
Good Luck! |
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