Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Can't Sell...What's next?
We have had our home on the market since April 2010 because my husband got transfered out of state and his company refused to buy our house. We have been living with my parents since because we cannot afford to rent or buy another house. We do not know what to do to get rid of our house. We can't rent it because no one will pay enough to cover our mortgage so we would still be stuck with my parents. We aren't eligible for a short sale because they claim our house is still worth more than we owe, which I don't get cause it is up for sale for way less than we owe at this point. We are very frustrated because we feel like we can't get on with our lives. Any suggestions?
Re: Can't Sell...What's next?
Well, if you rent it at least you'll have money coming in which is more than you have now. Obvioulsy, renting it opens another can of worms as far as tenants and possible damage. However, it sounds like you are in a bad situation and right now you are paying for a place you don't live. Any kind of income to help offset that will be helpful. You do see that even if it doesn't cover your mortgage, it's still money coming in to offset that right?
If your mortgage company isn't going to work with you on a shortsale and you don't want to rent it, it sounds like your only options are to stop payments and let it get foreclosed on or keep it on the market and wait. I have no advice on which would be better for you. I imagine your situation is frustrating especially since your h's company wouldn't buy or help you sell the house.
I think renting it is just a short term solution that will lead to a bigger loss down the road. You don't want to band aid the situation, you want to solve it.
I would lower your price to max loss you can afford and try to sell one last time. As long as you can afford the payments, while living with your parents may suck, at least it's keeping your credit in tact. Foreclosure would be the last resort IMO.
Also understand that a short sale is not designed to bail out everyone that is upside down on the house value and wants out. It sounds like you don't have a second mortgage yet and can afford the payments. I would really try to sell it, by lowering price and maybe changing realtors to someone that is more aggressive.
View our FOR SALE items
http://tinyurl.com/3jjv7vy
Why do you think it's not selling? Are there no buyers in your area? Is anything else in your neighborhood selling? If other houses in your area are selling, then it's likely that your house is priced too high.
Get several realtors to come look at the house and tell you what they think the fair market value is. If they come in with estimates that are below what you owe on the mortgage, submit that documentation to your mortgage holder and ask again about the possibility of a short sale.
If you get denied again for a short sale, then rent it, even at a loss each month. Some rental income is better than what you're getting out of it now. Say you lose $300 a month - that $300 should not be the difference between getting an apartment in your new town and being stuck living with your parents. Scrimp and save everywhere you can to be able to afford your own place, you should be able to come up with $300 somewhere in your budget if you cut out extras like cable, phone data plans, gym memberships, eating out, etc. It might not be super fun, but it's probably better than living with your parents.
Mr. Sammy Dog