Is it worth talking to a RE agent?

mrs. remy · July 2012

DH and I want out of our townhouse, bad (which you know probably if you have read even a portion of my posts). Of course, we are underwater. I feel like we need to talk to someone about how realistic it would be to move/rent out our unit/ANYTHING to get out of there in the next couple of years. We are kind of lost on what to do, or how feasible this would even be, all we know is that we are paying extra on our mortgage as much as possible. Does anyone have any suggestions? I feel like we need some sort of guidance or a set plan besides the vague plan of just paying extra on the principle right now.

SarahKate31 · July 2012

I think it would be worth talking to someone, even if it turns out there's not much you can do. It probably depends on *how* underwater you are. I don't really have any ideas, but talking to someone in this case does seem worth it to me.

gracie2762 · July 2012

I think it's definitely worth checking into. I have a great rec if you need one.

Cooper81 · July 2012

As you know, we are pretty much in the same boat. The added issue for us is that in the past 6 years we have re-done pretty much the entire house, bathrooms, kitchen, basement, so we have no idea what our house would be listed at (but like you we know we'll be underwater a bit), we have a range in mind, but have no idea how realistic that is. We've been meaning to call an RE agent just to talk and see what our options might be, we figure we have nothing to loose by at least talking to one.

jcsntms06 · July 2012

We actually just did this with our TH and I have a great realtor if you want the #. He basically went over what we needed to improve to sell in the next month or so (ie painting, new carpet). He also gave us $ on what we could list our house, etc.

Definitely let me know if your interested. Better to know what you can do now then waiting a few years when you really want to sell.

mrs. remy · July 2012

Thanks guys. its actually starting to affect our happiness....as in, we try not to even be home all weekend long and we don't even go outside hardly at all when we are home. there are certain people in our neighborhood who make things miserable and we can't even stand looking at them.. I'm so done with that place.

I'm going to see if we can at least talk to someone to get some ideas.

madladybride · July 2012

I also agree that it's worth talking to someone, just to see what your options are. Even if you can't do anything now, it doesn't hurt to develop a plan. Good luck.

KathrynMD · July 2012

Yes, totally worth it to talk to someone.

I would also talk to a few people. When we sold our townhouse, our agent was all talk - and suggested we re-sod the backyard, paint our staircase, and hire a "stager" - which we did, but he massively overpriced the house and the house sat for 6+ months with multiple price drops. We fired him and hired someone who was more familiar w/ our neighborhood and he dropped the price and we sold in 3 weeks.

TheLinkBride · July 2012

In addition to talking with different realtors, I would suggest also talking to lenders to see what your options are. We are in the process of doing this now too since when we can, we want to move out of our townhouse to a single family home with a yard.

cbaummer2be · July 2012

Talk to someone. I know renting your place out will make you less desirable to lenders but you should definitely look at all your options. You should also look at different options in regards to lending. We used a mortgage broker (big mistake) but the idiot was able to get us into our house at a good rate. Taking a loss may be the only way to save your sanity but hopefully someone can point you in the right direction.

mrs. remy · July 2012

cbaummer2be:
Talk to someone. I know renting your place out will make you less desirable to lenders but you should definitely look at all your options. You should also look at different options in regards to lending. We used a mortgage broker (big mistake) but the idiot was able to get us into our house at a good rate. Taking a loss may be the only way to save your sanity but hopefully someone can point you in the right direction.

Thanks for your input....can you elaborate a little on that part? You can PM me if you want!

KathrynMD · July 2012

Mrs.Remy - on the radio this morning, there was an interview w/ a lady who was the head of a realtors association for DC area, she was talking about how the market here is rebounding adn prices are up approximately 5% across the area.

Also - I've used a mortgage broker several times and I thought I got a great deal.

mrs. remy · July 2012

KathrynMD:
Mrs.Remy - on the radio this morning, there was an interview w/ a lady who was the head of a realtors association for DC area, she was talking about how the market here is rebounding adn prices are up approximately 5% across the area.

The only saving grace for me is that we are in a very desirable location for commuting.....to either DC or Bmore.....and the federal govt jobs and Ft Meade will always keep this area hot. I should be glad I am not in FL or somewhere else. My cousin practically gave her condo away.

cbaummer2be · July 2012

Our mortgage broker led us to believe all the way up to closing that everything was okay and we were going to have no problem qualifying for our mortgage. This was not the case and the lenders wanted us to pay off our car. We couldn't afford to do that and had we known then we would have gone with a bank(Mid State Federal in Towson) that was willing to work with us. We were homeless with two kids and two more on the way. We were able to come up with the additional money after a week and buy our dream home but the experience was horrible. We took the broker to court and won. The broker is out of buisness which unfortunately he deserved. Brokers can shop around which makes them desirable but do your research. Hope this helps.

mrs. remy · July 2012

yikes!! I am so sorry that happened to you guys. thank you for sharing that, that is scary.

nezwee · July 2012

I would definitely talk to an agent and a mortgage person ( I have an excellent rec, if you need it.)

We went to our mortgage guy about re-financing my condo 2 years ago. We'd have to put up a good deal of money to re-fi since I was under water and had a horrible rate. And we'd lose the same amount if we even tried to sell the place. He was also able to tell us what we could afford with another mortgage, not even factoring in rental income. We were astonished. How could we afford two mortgages? But our guy would never put us in a place that we'd be scrounging. And now, we rent our condo (still losing money), have an awesome SFH and have no problems paying mortgages.

Is it worth talking to a RE agent?

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