Well, that's definitely a bummer. Here's something to consider. Are you positive that your home will appraise for the dollar amount you are hoping to get? If homes are devaluing in your neighborhood, you might find yourself in a difficult situation. As an agent, I've run into several situations where the appraiser couldn't or wouldn't give the value we needed to get the deal done.Most lenders require that the comps used by appraisers to establish value be no more than six months old. Can your Realtor provide at least three similar comps from the last six months that back up your asking price and price per foot? If not, you might want to seriously consider withdrawing until the neighborhood bounces back. At the same time, if you do end up taking more of a loss than you want on your home sale, in this market there is a chance that you could make the deficit up when you move up or down into your new home - so the news isn't all bad.
Since you've placed this question in the Nashville section I'll assume you're local. The tax credit has expired and no one thinks there will be a resurgence anytime soon. However, there are lots of programs out there geared for first-time buyers with low down-payment funds. FHA is the most common which requires a 3.5% down-payment, but THDA and the Nashville Housing Fund also offer some options. [link removed by moderator] If you are thinking of purchasing, you might seek out a Buyer's Agent to help you search for a home who have the ABR (Accredited Buyer's Representative) professional designation. We've attended classes that are geared toward making the home buying process less stressful for first time buyers. The first step though, is making sure you can qualify for a loan in today's volatile market. Rates are awesomely low, but requirements are harsher. Most lenders are looking for a minimum 640 credit score and full income and employment verifications.
Hi there, You are unlikely to get any responses from Realtors regarding this topics. We have very strict rules against "steering" buyers and sellers towards or away from certain areas based on demographics. Here is some interesting reading on the topic:[hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
How are your photos? I personally think that professional photos are the silver bullet to encourage showings. Ultimately, in this market a buyer expects: a great price, seller assistance with closing costs, all repairs completed, and all the upgrades already in place (hardwoods, granite, fence, etc). If you don't have the upgrades, you must under-cut the competition in price.
Amy and Rusty are both spot on IMHO. Condos used to be my specialty, averaging about 70% of my closed transactions for the last several years, but this year, my condo units in Nashville are down. Way down. If your development doesn't allow a buyer to use FHA loans, you are almost dead in the water. If the developer still has units left to sell, they are probably under-cutting you on value and incentives. If you do list again, make sure you have enough room to allow the buyer some closing costs. I'd be happy to give you my opinion if you want to post your old MLS numbers.
The lenders WILL verify employment prior to closing so I would not give notice until after the close of the refi. Different lending institutions have varying rules about this, but I think you'll be fine as long as you wait until after close. Ask your loan originator about this. Just tell him that you may have a job opportunity coming available. He should be able to answer any questions you have.
I've been reviewing emails on a Blackberry for years. Occasionally I would respond to an email on the device itself, but usually I'd make a mental note to hurry to a computer to take the time to respond. Now I have a Driod and responding to email a bit easier on that device I think. I also text message quite a bit. I text with lenders, buyers, sellers, showing agents, listing agents, termite inspector, home inspectors. prospects, my broker, the receptionist, our relocation specialists. Its just such a faster method of communicating. As for social media. I use the facebook app to update my status, but I do the rest of my facebooking (converstaion and comments) on my regular pc. I use the twitter app on my Driod pretty frequently though. I read tweets, post tweets, and retweet from my phone when I have down time. I would like to use location based apps like Yelp and Foursquare more frequently, but the GPS feature on my phone really eats a lot battery life. And it takes too long to connect to the GPS so I rarely use those features in the field. I do my blog, zillow, trulia, and website maintenance from the pc only. Some in the morning, some at night. But Facebook is almost always an open window anytime I'm online.
ArtzGuy, Sometimes when you add additional info about your home to it's Zillow profile, the system will update the value. But it can take a few weeks. "Claim" your listing and make sure that all the accurate amenities are listed.
As everyone has said. Run the numbers... Is it a competitive list price? Are there other offers on the table? I recently sold one in East Nashville for substantially OVER list price. But the list price was crazy-low and there were other offers. Also, sometimes it is hard to get a discount on new construction homes. Right now often developers advertise a low, low base price, but charge for add-on upgrades like hardwoods and such. Your buyer's agent should be able to advise you on the protocol for the situation. Do you have a Buyer's Representative?
Most likely, but as the others have stated, you will have to get a permit from you local zoning board. You may have to provide specific plans to the board provided by a contractor or architect. You'll probably also have to change the zoning on the property which could affect taxes and cause you to hire a real estate attorney.