Profile picture for haleyvh

Help please!

I'm really interested in selling my home to move closer to work among many other reasons. I about the house just under 7 years ago for $155,000 (first house purchase). I currently owe approx 134,000. It needs some repairs that we cannot afford (new roof, water leaks into the basement during heavy rains, and some cosmetic repairs). I am current on my mortgage. Need advice on what I should do.
  • April 20 2014 - Canton
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Answers (3)

Profile picture for Liz Piedra
My recommendation is to first preserve your home as you do not want to cause further damage, a tarp on the roof may help. Then get a market evaluation of the home, be honest with the agent in terms of repairs. The roof is one of the most expensive repairs and certain types of buyers may not qualify for a mortgage because of this. Depending on market value vs your current mortgage will determine your next step. Either an as is sale or a short sale. Would recommend you get 3 independent Realtors for an evaluation to determine market value. If you need Realtor referrals in your area visit us at http://horizonpalmrealty.com/help-me-relocate
  • April 21 2014
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So my question is..............how much is the house worth in today's market?

What you owe, while an important part of the puzzle, is only part of the puzzle!

We need to know what the home will sell for............then you'll know what your financial position is....whether you can walk away with money in your pocket after 7 years of living there,  or whether you will come up short.

Hopefully, after 7 years, you will wind up with some sort of profit.

In regard to the repair items.......if you can't afford to pay to have any of them addressed, then you will have to disclose the issues, and  factor that into your list price.
Get some estimates ahead of tie  so at least you can let the potential buyers know what costs they will incur

Good luck!
  • April 20 2014
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Profile picture for wetdawgs
Sounds like a tough situation.   Has your place of employment moved since you purchased the house?

Talk with two or three agents to get an idea of current market value, and what the balance would be with selling at market value and selling costs.    Use those numbers to drive your decision.     While you may be eligible for a short sale if your work has had a substantial increase in commute, don't count on it.  You may need to bring money to closing.

An alternative is to turn it into a rental, but with the current condition that sounds like a bad idea as you can't afford to repair it.

  • April 20 2014
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