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Renters in our home want to buy it. We owe more than Zillow estimates it's worth. Do we have options

We owe a total of $245k with both mortgages - Zillow shows it's value at $140,540
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February 09 2013 - Ocoee
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Answers (4)

Profile picture for Ray Akers
Zillow provides a 'Zestimate' ---an estimate.  Zillow cannot determine the real value of your home.  The Zestimate is more of a gimmick than a reliable estimate of value.  Consult with an agent that can help you evaluate your home's worth.  The agent can also oversee the sale, prepare documents, and navigate the sale process on your behalf.  You can negotiate the commission with any agent.  In your case, because you are not listing your property, I'm sure there are agents that will help you for a very reasonable commission.  Good luck!
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February 09 2013
Consult with a few listing agents.  Ask them to do a CMA, I would not go by the Zillow estimates.
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February 09 2013
First of all do not believe what an online valuation site assumes the value of your property is, how could "it" possibly know for sure? Contact a couple local Realtors to give you a CMA which will better approximate the actual value. Go from there and the agents can tell you about options. Banks don't just willy-nilly decide to allow someone to short sell their house which will cause the bank to lose a lot of money and if your payments are current you have less chance. Let the Realtors advise you.

tim
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February 09 2013

Have you considered initiating a short sale? If you have financial hardship, and are having difficulties paying your bills, you could try to sell it short, with the thought that the banks will waive the deficiency in writing upon the sale.

I'd recommend you go to the lenders/banks website and see what you will need to initiate the process. You will have to supply many documents to the lender, along with an offer on the property to get started.
 
Some common items that the lender requires are:

Hardship Letter
Financial Statements
Last two tax returns
Last two bank statements
Last two pay stubs from your job

There are many more documents as well.  If you owe $100,000 more than what it is worth, you can either take a hit and bring money to the closing table, attempt to a short sale, attempt to do a deed in lieu of foreclosure, or let it foreclose.

A licensed Realtor with experience in short sales could sell the property for you, but I'd recomend that you speak with a real estate attorney, and your accountant prior to listing your home for sale.

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February 09 2013
 
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