Ihave a real estate question?
Monday, 17. May 2010
I bought my home with cash 1699000 and two years later I applied and got a equity loan for a small amount.I was offered 85000 and I only tok 55000.I was thinking a buissness I started would help pay that off.I live in MICH and 2008 was worst ever and I did not do well at all it doubly sucks just being a person just starting hard for anyone.I’m currently behind in equity payments and taxes 5000 a yr is alot.So I am running out of time no one will refi me and I’m facing tax and equity payments I’m late on to forclose my home.I can’t afford the taxes so I want to sell and move out of MI . Can I list my home 4sale with a realator and stop tax and equity loan forclosure ?So I can sell my home and pay the 55000 loan and taxes owed?Because of economy and real estate is bad I paid 169 thou and made some repairs I have 3 acres 3 bdrm single fam home should I try listing for 150000 any ideas or info?I wished I could save it but no one will refi or and I know no one that can co-sign what should I do?
RANMAN Says:
Ask a realtor what he thinks the house could sell for. If $150,000 is really what you want, you probably won’t get it by putting it on the market for that same amount. A realtor would have the comparison’s, and could tell you what your house would be going for on the open market.
It’s sad that you have to sell, but maybe it might be your best option right now. Hey, join the club. You may even be able to find a better home at a reduced market price.
Above all, don’t take out anymore loans on your home! Not for a while anyways. Wait until the economy improves, or you have more than one income in your household. The economy is really, really bad right now. We all know this, so now’s not the time to take risks. It’s the time to stuff your nuts away like a prudent squirrel.
You should have enough left over for a nice down payment on a reasonable home.
Ok then! Take care, and be smart!!
Peace!
cottonlily84 Says:
Putting your home up for sale does not stop the foreclosure process. If you’re going to do anything you better do it quickly. I would sell it asap no matter what kind of loss you have to take, even if you didn’t get a dime from the sale. If it gets sold at auction your loss is 100%…
erin o Says:
Talk to your Realtor. They should be able to tell you what your options are.
wizjp Says:
Sell the property, pay off the outstanding debt, taky the 80 grand or so that will be left and get on with your life.
Landlord Says:
You have a house worth 1.7 million and you are selling for 150k?
Just call those "we buy houses" investors. They will give you 60% of appraised value, which will be over a million for the place.
Take the money and buy something else.