Short sale vs foreclosure

cobra03 · 08-05-2011, 09:55 AM

Its a pain in the ass if you dont want to be a landlord but you could consider renting it out for a few years in hopes that the market turns around and you pay it down some more. i dont know if its feasable in your situation and trust me i speak from experience its kind of a pain but its better than taking a bath trying to sell or going into foreclosure.

billybarue · 08-05-2011, 05:50 PM

40K upside down and the situation your in you need to sell NOW. As mentioned, market trends aren't bright.

Talk to the bank and see if you can re-structure.

Get the house on market ASAP - BY OWNER. Any one can do it, and you need to save those commissions to put against your being behind on the mortgage. If your house is 250K, than you'll save $15,000K (6%) in sales commissions. You need to give that 15K to the bank that holds the note on your house - not a realtor. Even if you have to get the house sold below market (or appraised) value - you have 15K to play with if you sell by owner (FSBO).

You are coming up on Autumn, a poor time to try to sell. I'd have the sign in the yard tomorrow and be re-painting and sprucing the house up. It doesn't appear your situation coupled with the economic outlook are about to improve. You need to act now. I am sorry for your circumstances and best of luck.

08-05-2011, 09:55 AM	#1
cobra03 Adult Babysitter Join Date: Aug 2009 First Name: Scott Location: Hamburg, NY Posts: 1,880 Trading: (15)	Re: Short sale vs foreclosure Its a pain in the ass if you dont want to be a landlord but you could consider renting it out for a few years in hopes that the market turns around and you pay it down some more. i dont know if its feasable in your situation and trust me i speak from experience its kind of a pain but its better than taking a bath trying to sell or going into foreclosure. __________________ "I'm feelin' low, Apu. You got any of that beer that has candy floating in it, you know Skittlebrau?https://www.facebook.com/thebuffalobeerleague

08-05-2011, 05:50 PM	#2
billybarue Still Watching My Back Join Date: Nov 2009 Posts: 226 Trading: (5)	Re: Short sale vs foreclosure 40K upside down and the situation your in you need to sell NOW. As mentioned, market trends aren't bright. Talk to the bank and see if you can re-structure. Get the house on market ASAP - BY OWNER. Any one can do it, and you need to save those commissions to put against your being behind on the mortgage. If your house is 250K, than you'll save $15,000K (6%) in sales commissions. You need to give that 15K to the bank that holds the note on your house - not a realtor. Even if you have to get the house sold below market (or appraised) value - you have 15K to play with if you sell by owner (FSBO). You are coming up on Autumn, a poor time to try to sell. I'd have the sign in the yard tomorrow and be re-painting and sprucing the house up. It doesn't appear your situation coupled with the economic outlook are about to improve. You need to act now. I am sorry for your circumstances and best of luck.