Real Estate Agent (11 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Foreclosure

Advice

  • (3 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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what do you do with upside down houses wanting to move from?

Answer

Are you asking what to do if you are upside down and wanting to sell your home? If so, you have a few options. They all depend on your specific situation. So speaking in generalities, you can try to talk with your bank about a 'Short Sale' of your property. That is to say, selling it short of what is owed on your mortgage. It involves you communicating your situation or 'hardship' to the bank to see if you qualify for the short sale. Basically the bank wants to know why you need to sell it short of what's owed and if it's in their best interest to do so. All banks will have a loss-mitigation department or 'short sale division'. Try and reach them and get the 'short sale packet'. In there you will find all the documents needed to request a short sale. If you are approved then call a local realtor with experience in distressed property sales. If you don't get an experienced realtor then it could cost you the sale of your home. Some banks won't take you serious until you are behind on your mortgage 3-6 months. KEEP PAYING YOUR MORTGAGE. There is no reason to ruin your credit any more than you have to. Banks are coming around and are now willing to work with you as you continue paying your mortgage on time.The other option I mentioned before would be to do a 'loan modification'. However, if you have to move then this isn't really a good option. Don't fall for the third party companies that ask for $$$ to do it for you. You can do this all by yourself. I will take a ton of phone calls but it's worth it.Hopefully this was helpful to you. Don't hesitate to contact me if you have any other questions. Best of luck!

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I have a house lot to sell. Can Zillow help?

Answer

To re-itterate the point here. When it comes to selling real estate, any advertising that puts your home in front of the buying market is a plus (obviously). Featuring a home on Zillow, so that more of the buying market sees it, that is an even bigger plus. In my area, a majority of the buyers are looking for there next home here on Zillow.Hope this helps.

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