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Need advice on selling home

Hi,
We bought our home in 2007 at 335K. Paid 20% already.
Now we owe 257K at 6% on 7/1 ARM.
The home value is at 235K in today market as per zillow.
Our financial status is going to change next year in March(03/2010). My wife will stop working for couple of year as we are expecting 2nd baby. Now I am paying $1900 per month for mortgage. I do have a full time job and 50% of my incoming is going to mortgage. I want to sell the home. What do you suggest. Short sell or hang on for couple of years.
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November 24 2009 - US
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Answers (5)

Hello,

I am a Listing Agent and have done many Short Sales, when it is "Absolutely Necessary". Please, DO NOT go by the numbers on Zillow.  It is a great web site, but the numbers are NOT accurate!  Call at least 3 agents, since all are different.  Make sure one is a Re/Max agent like me. LOL. Get a Current Market Analysis done by the agents. They need to see the inside condition and any modifications, additions Etc. will be considered by the agent when they do their numbers.  Ask them to do BOTH rental and sale numbers for you.  You will then have all the numbers you need to figure out what is best for you! 

Short Sales are a step before foreclosure. I always advise people to sell or rent, rather than going Short Sale. But, if it is necessary, it is a good option, banks are flooded with Short Sales currently.

Because of that, many are taking at least 4 months to get approved.

Hope this helps.  Good luck. Happy Holidays!
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November 29 2009
you will most likely need to short ... for the market to pick up enought to gain $100,000 plus for closing you are still upside down...

could you possibly rent the property for your PITI? perhaps another option...

speak to a financial advisor and real estate attorney... understand what will happen if you go short on the loan... good luck
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November 27 2009
Real estate is very local and for the most accurate estimate of your property, i would suggest you to check with local Realtor. The reason is upgrades, condition of comps, quality of neighborhood are not quite well incorporated into Zestimate. However, the range is good indicator.

Since the market is already at its bottom, thought it will not bounce back up right away and may crawl for a few more years. If you do not have plan to move to other place, sell it at this bottom market is somewhat need to re-think. Again, check with your local Realtor for recommendation and some insight of your neighborhood in particular. If you plan to wait, loan modification is next thing you want to jump on right away. Although 7/1 ARM gives you a few more years to worry about the interest rate, but it will just go up and not flat or lower. Giving this best opportunity to get a better deal of loan, you should do it now. And 1% less interest is about $150 less a month out of your P&I. Good luck!
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November 27 2009
It really is going to depend on your priorities. WIll any of your goals require you to have impecable credit in the future? If so, this will probably change recommendations.

Also, Cindy is right - the zestimate is not always that accurate. Put more faith in the "range" figures.
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November 24 2009
You may want to consider a loan modification if you want to stay there. There's a program called Hope for Homeowners that may work for you if you qualify.

Also, you may want to have an agent get comps for you and/or get an appraisal for your house by a licensed appraiser. Zillow shouldn't be used as indication of market value.
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November 24 2009
 
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