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selling a house in Westland, mi
We moved out of state to VA b/c of a job offer for my husband that we couldnt turn down. But we have a house in Westland MI that we are going to put on the market to sell in April. We are praying to get rid of it along with the mortgage payment. Renting it out will be a pain in an ass.
Is there hope at all for selling a house in metro Detroit area? Many people have told us that things are getting better in MI but its hard to believe since it was so bad for so long.
Anyone selling a house in the area? Any luck?
succes stories greatly appreciated but just say it like it is if its really bad. TIA.
Re: selling a house in Westland, mi
People do still buy houses, it hasn't stopped completely--DH and I bought our first home this summer. But it's a buyer's market so it's not an ideal situation if you are trying to offload a house. Plus with all the short sales and foreclosures, prices of homes have dropped significantly so be prepared for that.
Make sure your house is priced accurately based on the comps in the neighborhood. If you're in Virginia, can you have someone come and check in weekly (or so) to make sure the house is looking good. Make sure you're taking care of the landscaping, cleaning, etc. Is it staged or is it empty?
We have my father in law who is inside once a week to make sure everything is looking good. It is empty. We had a few houses short sales in our neighborhood which affected our house value. But since its going up in April..hopefully, it wont affect our house values that much since the report that the realtor writes up goes back six months and I think the short sales occured more than six months ago.
It's really bad. Sorry.
We also live in Westland. We don't intend to move right now, but we had a realtor over last week to talk to us about the value of our house because we were thinking about renovating the kitchen. We bought in 2007 after the market initially crashed, and we're still anywhere from $20k (if we're lucky) to $50k underwater on our mortgage. It's nauseating, to be honest.
Can you sell your house? Yes. But I would assume that you'll take a loss on it. If you can prove financial hardship, you could try short selling. Otherwise you might want to look into renting, even though it's a PITA. The renter's market is very competitive. Our realtor told us that we could easily get more per month than we're currently paying for our mortgage if we were to rent our house.
Sorry for the bad news, but I hope that helps. (Of course all of this depends on the type of house, your neighborhood, etc, but overall the housing market here is grim for sellers.)
As a buyer, it's good. If you have a nice house that people would really be interested in, you may be surprised. I know a few people have had bidding wars when they are buying and often lose out because people could offer more than what you're asking. But then you have to worry about the assessment/appraisal.
I'd say there's hope, but you may have it on the market a while or may lose $ on it. Does the new job offer any assistance with selling a house?
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