Forum Replies Created
-
AuthorPosts
-
November 20, 2009 at 11:28 AM in reply to: New: When does it make financial sense to dump my house? #484818November 20, 2009 at 11:28 AM in reply to: New: When does it make financial sense to dump my house? #485188
SD Realtor
ParticipantI think you are doing the right thing. To move forward, my opinion would be to rent for awhile, work on rebuilding your credit, and save as much cash as possible. Live within your means.
Unfortunately you are listing with an agent who has about a 40% success rate. This is not my speculation, this is simply what the numbers show when you add up his solds verses his cancelleds, expireds and withdrawns for the past year.
It is your job to be proactive. You should be contacting him at least once a week to check the status. You should get involved with the transaction, find out who the negotiator is, check and see if your listing agent is doing everything and delivering all the documentation the negotiator requires. Normally I would not advise a seller to get involved like this. If you had a listing agent with a better track record for completed sales then I would not be worried.
The questions you posed about whether the lender will accept your offer is something that you should be calling the lender to check on. The lender will analyze the numbers and the paperwork you provided and check out what the BPO and appraisal come in at. Chances are they will accept the sale especially if you show them INCREASING credit card debt. Homeowners CAN increase probability of acceptance by SHOWING the short sale lender financial problems. You need to convince them or at least your realtor needs to. I would be proactive if I were you.
Also pose as a buyers agent and call Battiatas office to find out how easy it is for perspective buyers agents to get information about your home.
As for how easy will it be for you to buy a home in the future? That is speculative but you are not alone. Cleaning up your credit will be priority one but I believe if you clean it up, stay clean, start building up a cash pile you will be okay in a few years.
November 20, 2009 at 11:28 AM in reply to: New: When does it make financial sense to dump my house? #485274ParticipantI think you are doing the right thing. To move forward, my opinion would be to rent for awhile, work on rebuilding your credit, and save as much cash as possible. Live within your means.
Unfortunately you are listing with an agent who has about a 40% success rate. This is not my speculation, this is simply what the numbers show when you add up his solds verses his cancelleds, expireds and withdrawns for the past year.
It is your job to be proactive. You should be contacting him at least once a week to check the status. You should get involved with the transaction, find out who the negotiator is, check and see if your listing agent is doing everything and delivering all the documentation the negotiator requires. Normally I would not advise a seller to get involved like this. If you had a listing agent with a better track record for completed sales then I would not be worried.
The questions you posed about whether the lender will accept your offer is something that you should be calling the lender to check on. The lender will analyze the numbers and the paperwork you provided and check out what the BPO and appraisal come in at. Chances are they will accept the sale especially if you show them INCREASING credit card debt. Homeowners CAN increase probability of acceptance by SHOWING the short sale lender financial problems. You need to convince them or at least your realtor needs to. I would be proactive if I were you.
Also pose as a buyers agent and call Battiatas office to find out how easy it is for perspective buyers agents to get information about your home.
As for how easy will it be for you to buy a home in the future? That is speculative but you are not alone. Cleaning up your credit will be priority one but I believe if you clean it up, stay clean, start building up a cash pile you will be okay in a few years.
November 20, 2009 at 11:28 AM in reply to: New: When does it make financial sense to dump my house? #485506ParticipantI think you are doing the right thing. To move forward, my opinion would be to rent for awhile, work on rebuilding your credit, and save as much cash as possible. Live within your means.
Unfortunately you are listing with an agent who has about a 40% success rate. This is not my speculation, this is simply what the numbers show when you add up his solds verses his cancelleds, expireds and withdrawns for the past year.
It is your job to be proactive. You should be contacting him at least once a week to check the status. You should get involved with the transaction, find out who the negotiator is, check and see if your listing agent is doing everything and delivering all the documentation the negotiator requires. Normally I would not advise a seller to get involved like this. If you had a listing agent with a better track record for completed sales then I would not be worried.
The questions you posed about whether the lender will accept your offer is something that you should be calling the lender to check on. The lender will analyze the numbers and the paperwork you provided and check out what the BPO and appraisal come in at. Chances are they will accept the sale especially if you show them INCREASING credit card debt. Homeowners CAN increase probability of acceptance by SHOWING the short sale lender financial problems. You need to convince them or at least your realtor needs to. I would be proactive if I were you.
Also pose as a buyers agent and call Battiatas office to find out how easy it is for perspective buyers agents to get information about your home.
As for how easy will it be for you to buy a home in the future? That is speculative but you are not alone. Cleaning up your credit will be priority one but I believe if you clean it up, stay clean, start building up a cash pile you will be okay in a few years.
ParticipantI have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.
ParticipantI have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.
ParticipantI have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.
ParticipantI have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.
ParticipantI have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.
November 18, 2009 at 11:52 PM in reply to: When does it make financial sense to just dump your house??? #484241ParticipantI have dealt with USAA on a previous short sale and they were quite challenging to deal with. Fortunately my clients had a small balance with them on the second and actually ended up converting the second to a non secured loan at a fixed low rate to complete the sale. That client also had several other services with USAA and had moved all of them out of the USAA umbrella so to speak prior to undertaking the short sale.
It is a tough call for you VC. One thing I would say though, if you do walk away, which indeed may be more financially prudent, it is not likely you will be buying a home soon no matter how well it is priced. So for those saying you instantly make 150k in equity, they are wrong. Now you may somehow be able to pull a rabbit out of your house and buy a new home now and then let your other home go into foreclosure and short sell it. That is another issue altogether.
November 18, 2009 at 11:52 PM in reply to: When does it make financial sense to just dump your house??? #484408ParticipantI have dealt with USAA on a previous short sale and they were quite challenging to deal with. Fortunately my clients had a small balance with them on the second and actually ended up converting the second to a non secured loan at a fixed low rate to complete the sale. That client also had several other services with USAA and had moved all of them out of the USAA umbrella so to speak prior to undertaking the short sale.
It is a tough call for you VC. One thing I would say though, if you do walk away, which indeed may be more financially prudent, it is not likely you will be buying a home soon no matter how well it is priced. So for those saying you instantly make 150k in equity, they are wrong. Now you may somehow be able to pull a rabbit out of your house and buy a new home now and then let your other home go into foreclosure and short sell it. That is another issue altogether.
November 18, 2009 at 11:52 PM in reply to: When does it make financial sense to just dump your house??? #484780ParticipantI have dealt with USAA on a previous short sale and they were quite challenging to deal with. Fortunately my clients had a small balance with them on the second and actually ended up converting the second to a non secured loan at a fixed low rate to complete the sale. That client also had several other services with USAA and had moved all of them out of the USAA umbrella so to speak prior to undertaking the short sale.
It is a tough call for you VC. One thing I would say though, if you do walk away, which indeed may be more financially prudent, it is not likely you will be buying a home soon no matter how well it is priced. So for those saying you instantly make 150k in equity, they are wrong. Now you may somehow be able to pull a rabbit out of your house and buy a new home now and then let your other home go into foreclosure and short sell it. That is another issue altogether.
November 18, 2009 at 11:52 PM in reply to: When does it make financial sense to just dump your house??? #484867ParticipantI have dealt with USAA on a previous short sale and they were quite challenging to deal with. Fortunately my clients had a small balance with them on the second and actually ended up converting the second to a non secured loan at a fixed low rate to complete the sale. That client also had several other services with USAA and had moved all of them out of the USAA umbrella so to speak prior to undertaking the short sale.
It is a tough call for you VC. One thing I would say though, if you do walk away, which indeed may be more financially prudent, it is not likely you will be buying a home soon no matter how well it is priced. So for those saying you instantly make 150k in equity, they are wrong. Now you may somehow be able to pull a rabbit out of your house and buy a new home now and then let your other home go into foreclosure and short sell it. That is another issue altogether.
November 18, 2009 at 11:52 PM in reply to: When does it make financial sense to just dump your house??? #485094ParticipantI have dealt with USAA on a previous short sale and they were quite challenging to deal with. Fortunately my clients had a small balance with them on the second and actually ended up converting the second to a non secured loan at a fixed low rate to complete the sale. That client also had several other services with USAA and had moved all of them out of the USAA umbrella so to speak prior to undertaking the short sale.
It is a tough call for you VC. One thing I would say though, if you do walk away, which indeed may be more financially prudent, it is not likely you will be buying a home soon no matter how well it is priced. So for those saying you instantly make 150k in equity, they are wrong. Now you may somehow be able to pull a rabbit out of your house and buy a new home now and then let your other home go into foreclosure and short sell it. That is another issue altogether.
Participantsms that happens alot. Clients will ask me to setup a search and they will be very specific on criteria in some cases. Then they see something on line or another sale that inevitably got filtered out because of thier criteria for the MLS search. It is always better to be looser then tigher on criteria for the search.
As sdr said ppsf measures are non linear and do generally go down with size of the home. Additionally to me they also do not represent condition of the home, lot size, views and or other features that should be considered.
Finally as you know right now you are buying in an overheated market that is extremely competitive AND is severely lacking for quality inventory. So given that situation, you will most likely overpay if you compare the situation to say, 9 months ago. Still though, if you are happy with what you found and it suits your needs, and all the other pieces to the puzzle fit, I would say you are okay.
-
AuthorPosts
