Profile picture for charsando

I am upside down ten thousand on my home. Would i still be able to sell.

i bought my house 2 and a half years ago at 107,000 and now according to zillow it is is now worth only 94,000.  i would like to sell but dont know if i am able to.
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February 08 2012 - Bakersfield
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Answers (6)

Profile picture for sunnyview
It is not worth short selling for a 10K difference. You need to talk to an agent to see if that valuation is close you your value before you decide what to do.

Short sale for a 10K difference would be terrible and not worth the credit hit you will take. Instead see if a HARP refi or an FHA streamline can lower your payment enough to make it a possible rental. Then you could rent it out, wait for the market without getting squeezed and live somewhere else. There are programs where you can refinance even underwater ask about them before you do anything else.

Any agent that suggests short sale without serious financial distress or when you are barely underwater is NOT doing you a favor. Get the facts, see if you can drop your payment and if not you have to stay put for now unless you want lasting financial consequences.
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February 10 2012
Profile picture for Caveat Emptor
i want to sell because i realize the neighborhood is going to go down
The zestimate can easily be 10% low( or high) so, like cindy said, if you are thinking about selling, find yourself a good REA(preferably one that doesn't blow smoke up your bum... *cough, cough.)

also, for the record, if you have lost some value, selling your home, buying another will only compound your losses and reduce your basis, whereas holding your home will benefit you from both the leveraged appreciation angle and the reduced principal angle as you pay down the loan and wait out the market. Incurring huge transactional costs to simply re-invest in another home in another area that may also decrease in value makes no rational sense.

and loud neighbors
while this isn't a great reason to move either, its at least better than your first reason. I don't know what level of irritation we are talking about, but its important that you can put your feet up in your own home and sometimes that's worth a few grand to fix a mistake... sometimes.


Robert Morris, Dawn Morris, Robert and Dawn Morris:

thanks for behaving like typical sellout, no ethics, used home salesman. for a pair that has ONLY seen the worst, craziest, market in the history of housing and has only 8 years of experience you sure do paint a rosy picture of Southern CA RE since 2009. in truth, i'd wager that none of your clients in the past 2 years have appreciated their way past their initial costs(not counting seller-paid incentives)
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February 09 2012
Profile picture for charsando
i want to sell because i realize the neighbohood is going to go down and loud neghbors
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February 09 2012
Ask a local short sale expect to give you their opinion
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February 08 2012
Hello,

Chances are that if you purchased your home a couple of years ago, it is probably worth more than what you bought it for.

If your home does happen to be worth less, you can still sell it as a short sale if you are having financial problems.

Keep in mind that even if your home is worth enough to sell it for what you owe, there are still other costs involved in a sale.

If you need help determining what your home would actually sell for, feel free to contact us.

Thank you,

Robert and Dawn
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February 08 2012
I have no clue what the market is doing in Bakersfield, but don't just read your zestimate and accept that is what your home is worth. I would interview a few realtors see what they think it might sell for and what their commision would be. Then you would have enough information to decide if you CAN sell. Out of curiosity, WHY do you want to sell?
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February 08 2012
 
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