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Replies (6)
- Erin Diaz, Broker ~ Owner, "Beaches_Backroads"
- Contributions:232
It is unfortunate but it sounds like your best bet may be a short sale. I have been working with a mortgage company locally that has been able to provide financing to a family just 15 MONTHS after a short sale!!! So perhaps you want to explore that option? I know it definitely isn't a good option but perhaps something to think about?
I wish I could offer you a better option....
I wish I could offer you a better option....
- RichardReid
- Contributions:197
The good news is - properties are finally moving again here in Atlanta - including condos (though to a lesser extent). Without knowing your building, and more about your unit and the others in your building on the market, it is difficult to tell you the best direction. I would be reluctant to go down the short sale path, as it is a difficult recovery. I have a number of questions, like - is it priced competitive with other properties in your area (excluding short sales and foreclosures)? are you getting traffic - how many people have looked at your unit? what is the condition of the unit? the building? the association?
Blindly, the best alternative I have for you is to consider a lease with an option to purchase. This may be more palatable to the association - it's someone who wants to buy, and it creates the cash flow necessary to get you out. There are a number of people who have good credit, and solid income, but are small business owners or commission based employees who can't get a mortgage in today's market. If you structure a deal so that part of the rent goes towards the purchase when the option is exercised, it helps them feel like they are not throwing rent money away. It also encourages them to take better care of the property.
You could also try an owner finance deal - where you keep your mortgage, and a potential buyer buys the unit from you, but they achieve no equity until you are paid in full. Typically there is a balloon in this scenario a couple to a few years down the road. If they pay you, at the end, your mortgage should be paid off (at a minimum), and you would convey a clear title to them. If they don't, you kick them out and start over with a strategy relative to the market at that time. This is not a clean, normal, or simple idea, but it would satisfy your associations requirement to sell, and it would allow you the cash flow to get out. It also brings potential buyers you may not be seeing today.
The bottom line - in this market, with a condo, you have to get creative if you are pressured to get out. If your agent isn't helping you generate cash flow or get creative, you need a new agent.
Blindly, the best alternative I have for you is to consider a lease with an option to purchase. This may be more palatable to the association - it's someone who wants to buy, and it creates the cash flow necessary to get you out. There are a number of people who have good credit, and solid income, but are small business owners or commission based employees who can't get a mortgage in today's market. If you structure a deal so that part of the rent goes towards the purchase when the option is exercised, it helps them feel like they are not throwing rent money away. It also encourages them to take better care of the property.
You could also try an owner finance deal - where you keep your mortgage, and a potential buyer buys the unit from you, but they achieve no equity until you are paid in full. Typically there is a balloon in this scenario a couple to a few years down the road. If they pay you, at the end, your mortgage should be paid off (at a minimum), and you would convey a clear title to them. If they don't, you kick them out and start over with a strategy relative to the market at that time. This is not a clean, normal, or simple idea, but it would satisfy your associations requirement to sell, and it would allow you the cash flow to get out. It also brings potential buyers you may not be seeing today.
The bottom line - in this market, with a condo, you have to get creative if you are pressured to get out. If your agent isn't helping you generate cash flow or get creative, you need a new agent.
- Jason Gillis, "Jason Gillis"
- Contributions:61
First congratulations on the baby! As mentioned above your two best options are a shortsale, or rent your condo until the market stabilizes. Have a realtor do a CMA (comparative market analysis) for your condo. Take the CMA to the board. Explain to them that there are already two foreclosures in you complex and use this information to argue for permission to rent. With regards to the possibility of a short sale I have successfully negotiated two where the lender agreed that the short sale would not go on the sellers credit history.
- James Callas, "ABBAUSA"
- Contributions:960
Look to the future and where you want to raise the baby.
Start looking for a new place to live. If you can fine good place to rent until things level out for you.
(Having the baby will change your life in so many ways)
Being in a less stressed environment will pay dividends in so many ways.
I know you don't want to ruin your credit, but some of the time there may be no other choice.
Start now looking for your next place, a place to rebuild for 2 to 4 years.
Good Luck!
James Callas - Realtor®
Start looking for a new place to live. If you can fine good place to rent until things level out for you.
(Having the baby will change your life in so many ways)
Being in a less stressed environment will pay dividends in so many ways.
I know you don't want to ruin your credit, but some of the time there may be no other choice.
Start now looking for your next place, a place to rebuild for 2 to 4 years.
Good Luck!
James Callas - Realtor®
I suggest that you renegotiate your loan with your lender contact NACA at naca.com.
- PATRICIA AMADI, "highintegrityrealty"
- Contributions:120
The Condo will soon be too small to accomodate all of you. Your option is to short sale. Find somewhere to rent for couple of years until economy picks up. Your credit will take a dive but this is what's happening to millions of people across the country. If you decide to stay at the Condo, then contact NACA to assist with Loan Modification.
Underwater Mortgage on a 1/1 condo with a baby on the way....
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