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MarkB2012

Advice

  • (8 Contributions,
  • 0 Best Answers,
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Need Help Regarding Selling Our House

Answer

Hi Lola.  Thanks for the feedback.  I know that the listing company didn't take very good photos of the house at all.  I will be taking much better photos of my house and asking them to please relist the property again.I don't know for sure if the price is right for the house, but I'm having a trusted real estate agent come to my house tomorrow to do a CMMA on the property and to provide feedback to me regarding our property.  I am going to request that he give me some constructive criticism, if possible.  The availability of the house being shown is open throughout the week except for Mondays and Tuesdays because my mother-in-law watches the children and it would be a nightmare for us.There has been a lot of properties that have sold around the neighborhood, but I will do some analysis tonight to see if there are any homes that have sold that are comparative to my house or not.  Thanks again for your feedback.

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Need Help Regarding Selling Our House

Answer

First of all I wanted to thank everyone for the feedback.  Jessica I think that the photos that were taken of the house could be much better so I think I'm going to have better photos taken of the house and then have the house relisted.  No my listing company didn't recommend a lower price at all, but in fact they recommended listing my house at a higher price so I didn't have to bring any money to the table at the time of closing (if that will ever occur).  I'm going to be talking with a different agent tomorrow whom I trust very much so I'm hoping it will be a very productive meeting with him.

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Need Help Regarding Selling Our House

My wife and I currently own a house and we want to sell while mortgage rates are low.  This house is an old house so it does require quite a bit of routine maintenance on it since it was built in 1928.  I have remodeled ~ 50% of the house because it had inadequate insulation to heat the house after we bought it.  The previous owners told us it was livable in the attic area to find out they had not put any insulation behind the walls (good times).  I have my property listed as rent to own through a local listing company which has been listed for ~ 7 weeks now.  The company has our house listed for $105,000, but Zestimate and other sites have the price listed as ~ $95,000.  Unfortunately the value of our house has gone down since we bought it at top price in 2007 right before the housing market plummeted.  There are a few people that have had interest in the house, but they haven't shown any interest in wanting to schedule an appointment to take a look at the property at all yet.  Should we continue with listing our house on the market with this company or should we list our house with another company?  I don't want to see like a puddle jumper, but I was really hoping to have more action surrounding the sale of our property.  Most of all I don't want to have to lower the price so low that I have to bring money at the time of closing in order to close on the loan.  In addition, we don't have a lot of equity in the home so we couldn't come down on the sale price of the house very much at all.  Let me know your opinion.

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Need Help Regarding Second Mortgage Loan

My wife and I would like to buy a new house because we are no longer happy in our current house.  The house that we currently have is a fixer upper built in 1928 so I've worked on it alot in the past and still does need alot of work done to it.  I'm finding out that I'm working on the house more than what I'm getting to spend time with my kids.  Given the situation with the housing market, my wife and I have been told that we should put our house on the market as a lease to own property so we can get a renter in our property.  The reason that I don't sell the property outright is because the property is a little underwater and obviously we have less than 30% equity in the property.  On the other hand, I did fill out a preapproval form with Quicken Loans to see if we can qualify for a second mortgage loan and maybe apply what rent we would get from our first property and put it towards out total income.  Unfortunately I got denied for the second mortgage loan because we have less than 30% equity in the house and I don't have to move to another state because of my job necessarily so whatever rent we would get if we rent out our property would not count towards another property mortgage loan.  So we don't have the sufficient amount of income to qualify for a second loan because our DTI ratio is higher than the recommended guidelines.  Does anybody have any other suggestions on how we can get a second mortgage loan because we are very unhappy in our old house currently.  We are very responsible with making our payments that I'm confused why legitimate responsible people are being punished by lenders.

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I have been looking at trying to sell my house quickly...do you recommend a company that buys houses

Answer

Hi Ofe,After weighing out our options we have decided to possibly go through a rent to own program in order for us to have our current mortgage payment paid by a renter instead.  After researching our options it seems like he rent to own option is a much better pick for us because there doesn't seem to be as much risk involved.  I believe there is more risk with doing traditional renting because the renter doesn't have intentions of buying the property.  We would probably want to buy another property after we start renting our property on a lease to own program.  I have been reading that most lenders are requiring that you have at least 20% equity invested in your rental property before they will give you another loan.  Is this true?

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I have been looking at trying to sell my house quickly...do you recommend a company that buys houses

Answer

Hi Ofe,Thanks for replying back so promptly.  I owe $98K on my house right now between 2 mortgages.  I have an 80/20 financing plan that I signed to in 2006.  I would be willing to accept a payment of $98K from these companies and nothing less to pay off my 2 mortgages.  The reason I'm trying to sell my house is that the house repairs/maintanance has been turning into too much for me to handle.  The house was built in 1928 so there are alot of expensive repairs that need to be done to it in order to be a responsible homeowner.  Anyhow I haven't really done an extensive market analysis just yet.  I don't have a listing agent right now, but am very open to talking with a listing agent to help me figure out a solution to my issue.  I don't have a real estate attorney just yet, but I will definitely need to get one if I decide to take an offer from one of these "quick buy" companies.  Let me know your thoughts Ofe.

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