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my house is under value and i will like to sell it .how will i do it?

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June 02 2009 - Los Angeles
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Answers (7)

If you must sell your home, most property is going short sale. Don't be discouraged. I just worked on a property, where there were multiple offers and one came in that prevented this particular seller from having to complete the short sale!
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July 18 2009
Almost all the houses who bought couple of years ago have no equity that means if they sell their house at this time, they have to pay the difference from their pocket. 

If you are having hardship and cannot afford the payment then you need to do short sale but before going the short sale route, try to talk to lender for loan modification if you are having hardship but if they lower the payment then you can keep the house.
 
If you have no hardship then it's hard to sell in this market to cover your loan amount + closing cost unless as I mentioned above, you have cover the difference from your pocket.  You may rent it out so atleast you can cover some mortgage from that rental income.

Blaison Samuel
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July 12 2009
STOP ! Before you contact your lender or try a short sale, get some advice. Some questions to consider. Do you really need to sell? Is the local market dropping notably every month or stabilizing? Are you less than  than 10% under the sales values around you? Can you rent it out for at least a year and cover your mortgage? Ask around, check with your lender - see what can be done not to sell first - then if it is inevitable, consider a short sale. So many people forget the market is cyclical and it WILL, barring a national or natural disaster, turn back up again after a period of stabilization. Many people who are running away from their homes might be able to "hang in there" and ride this one out. If you have lost your job or are irretreivably in money problems, then contact your own lender first - to discuss either a mortgage adjustment or short sale. Either way, beware of the local paper "mortgage help" ads or signs on the street ccorners, offering help. 9 times out of 10 those will be scams.
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July 07 2009
You need to do a short sale.
Many homeowners have the same problem just like you these days.
What is the location of your property?
I can tell you if I can help you in that area and how much I could sell the property for you fast and easy.

Good Luck.
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July 07 2009
You got brief responds but yes short sale is the way out. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor (you). In order to do that you must be in hardship with your financials as the lenders approve most of the short sales when they know that the property owner is not able to keep up with the property so rather then the lender going trough the foreclosure process which can be costly and time consuming they prefer to work with you.  As an agent I can assist and walk you along the procedures. Hope this answer helps...
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June 06 2009
Do you mean that you owe more on your home then it is worth?  If this is the case, you must "short sell" the property.  An experienced agent (like me) will list your house, obtain an offer, and then negotiate with the bank to allow you to sell it.
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June 05 2009
Profile picture for wetdawgs
"under value"?  Does this suggest you owe more on the house than you could sell it for? 

It may be possible to be eligible for a short sale, in which the selling price is lower than the amount owed on the mortgage.  If you have a single mortgage, work with the lender on that mortgage to see if you are qualified.   If you have a second (or  more) mortgages, it gets tougher as you must work with all the lenders. 

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June 02 2009
 
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