Moving- need to sell house FAST- short sale or what?

Moving- need to sell house FAST- short sale or what? Topic: Ideas for short business plans
June 17, 2019 / By Didi
Question: Ok- owe $126M, house should appraise for $135M-$140M. I am planning on getting a realtor & trying to sell the normal way. I live in St. Louis, MO., and I want to move to PA in the summer so my son can start school in Aug-Sept. If the house doesn't sell by mid-July, isn't there a way I can contact the mortgage company and get them to buy it for the amount I owe? I'm afraid a "buy houses quick" place will not offer me the price I need to pay off the mortgage. The house is in great shape, clutter-free, and I think it will sell fast, but who knows in this market? I've heard of a short-sale, but it sounds to me like that occurs when you are behind in your mortgage, and you offer the mortgage co less than what you owe, and it sounds like it could affect your credit. Sure- I'd love to make money on this house, but when it comes down to it, if it doesn't sell, I'm willing to just get out without owing anything. Thanks in advance for your help!
Best Answer

Best Answers: Moving- need to sell house FAST- short sale or what?

Cari Cari | 9 days ago
Pricing your house a little below market now instead of a month or two from now is the best way to get the house sold. The other houses for sale in your neighborhood are trying to sell for more because the sellers don't have the time constraints as you do (so they are likely priced higher than they are worth). A below market price will enable you to meet your priority of selling the house quick, and might enable you to pocket a few dollars for the big move. Your lender doesn't want the house, but if it comes down to you not being able to sell you can give them the "deed in lieu" of foreclosure, but it would still be a black mark on your credit. As another answerer suggested to have your Realtor market in creative ways isn't a bad idea, but I don't believe is proper in this case because in order to offer seller paid closing costs you would have to initially price your house higher. Besides now a days most Realtors advise (or buyers already know) that a buyer can include closing costs in an offer anyway. AmandaH obviously hasn't spent any time in the business world to realize that "m" often stands for thousand when referring to quantities of goods, thus your abbreviation is completely understandable.
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We found more questions related to the topic: Ideas for short business plans

Cari Originally Answered: Own a house in AZ. Mtg. Loan is more than the house is worth. If short sale happens will i need to pay balance?
A short sale is when the lender decide to take less than the mortgage amount is for a property. This short sale is a request and not a guarantee that the lender will approve your short sale. Now as far as the 1099 is concerned when ever there is lost by someone in this case the mortgage company then the IRS says someone has a gain in this case you, thus the 1099 a document that will tell you what that amount is. Normally you have to pay taxes on any gains. The 1099 will sent to you prior to Jan 15 after the year in which the house is sold. You should check with your tax consultant about any and all tax matters. All short sales are about the same. Each lender might have a few differences, but there will not be that many. The state in which your property is in has nothing to do with your short sales as they are determined by the lender that has your mortgage. I hope this has been of some use to you, good luck. "FIGHT ON"

Amy Amy
I really don't know. I have seen many short sales and foreclosures sell below asking (although not much). My husband and I offered $1500 less on a short sale and were accepted, and $5000 less on a foreclosure and the bank wouldn't go more than $3000 less. Then, there was a foreclosure that was new, in excellent shape, listed for $96900 and sold for $117K! Unfortunately many short sales are priced at the bank's bottom line, so if it's a home you REALLY want then you'll often need to go over the asking (unless there is no competition - doesn't sound like your scenario at all). I think $12K over is a good offer, especially if the home is in good shape.
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Wayland Wayland
I would talk to your agent about how to market your home a little differently. Like putting notes into the MLS that the sales price includes 3% for seller-paid closing costs or discount points you can pay to lower your buyer's financing costs. Maybe that will help get someone to take your home sooner? And you're right, a short sale would likely affect your credit, though not necessarily if you made a payment arrangement with the bank for any amount that was owed. You'd be stuck with more debt on top of whatever home you purchase next, but if you can afford the payments it would take to do this, you should be able to protect your credit.
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Saladin Saladin
Usually a bank will not "Buy" a property that it has financing on. selling the home is your responsibility, not the banks. I have been writing loans for 7 years now, and have never heard of it. Some realtors will buy properties they know they can make money on, but there isn't a lot in the way of equity. Short sales are for people who are behind in their payments, and pending a foreclosure, and the bank has to approve the smaller payment on the short sale anyway. Either sell it or rent it till you can sell it. Good Luck!
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Murdy Murdy
It's too soon to panic. Hire a good realtor, get your house market ready and put it on the market at a good price. The market is a bit soft, but houses are still selling. If your house is desirable, you have a competent realtor and you price it correctly, it will sell. Good luck!
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Kenelm Kenelm
Short-sales are to avoid foreclosure and are only for homes i arears with their mortgage company. Mortgage companies DO NOT buy houses just for the heck of it...its a last resort to recoup money. Your mortgage co will not buy your house. and by the way, adding an "M" to your dollar amount means MILLION, and I doubt your house is worth 135 million. :-). "K" means thousand. You'll just have to list for as low as you can go to attract the most interest.
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Kenelm Originally Answered: I'm buying a SHORT SALE house. besides the standard home inspection.what do I need to inspect?
First of all you need a lot of patience. Buying a short sale house is a very lengthy process. Before you create any costs, please make sure that the seller's lender approved the sale and please make sure you have this approval in writing. After you have the seller's lender's approval for your contract you can start spending the money for the home inspection. In regards of title, liens, fines and other issues in connection with the property - please go through either a title company or an attorney. They will do a title search for you and will make sure that you have a free and clear title at closing, they will also be able to issue a title insurance - just in case they miss something in or with the title search. The title insurance will cover those issues for you.

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