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re: Got an offer on my house....but below value of mortgage balance, feedback needed
Posted on 10/7/11 at 12:12 pm to Tiger JJ
Posted on 10/7/11 at 12:12 pm to Tiger JJ
quote:
Why hasn't the price been lowered and/or been converted into a short sale?
Doesn't owe 240 on it, nor wants to do a voluntary surrender. We started at 255k, but the seller has the final word in what the sales price will be. We feel like Nashville has finally bottomed out so it's just the way it is. Had a 650k list price go for 450k a few weeks ago. It hurts.
2
Posted on 10/7/11 at 1:14 pm to ItNeverRains
So, I have direct experinace in this. We live in FL were houses are worth...well, not much anymore.
Agree with the poster that says to cut your losses. The market doesn't care about anything but what the house will bring, not what you or an agent think it is worth.
We had an oppurtuntie (sp?) to "upgrade" to a nicer house but in order to do so we had to sell our house at a pretty big loss (yeah FL) and I had to bring cash to the table to close (around the same as your amount, though "paper loss" was a lot more).
My 2-cents is...
1. Get an real estimate on the home value. Pay the 200-300 bucks and get an esimator out to let you know what it will sell for, not what you or the agent thinks. Don't wait for the one during the closing process. Trust me, worth the money.
2. If the offer is anywere close to that, take the money and run in this market.
We did above and it was a slap in the face to relize what the market thought our house was worth.
That being said, best move we made. LOVE our new place, got a 30yr fixed ln @ 3.99 and nicer house, neighborhood, etc...
Just SUCKS to lose $ and bring cash to the table to sell.
Good luck. Been there, not a fun place to be.
MH
Agree with the poster that says to cut your losses. The market doesn't care about anything but what the house will bring, not what you or an agent think it is worth.
We had an oppurtuntie (sp?) to "upgrade" to a nicer house but in order to do so we had to sell our house at a pretty big loss (yeah FL) and I had to bring cash to the table to close (around the same as your amount, though "paper loss" was a lot more).
My 2-cents is...
1. Get an real estimate on the home value. Pay the 200-300 bucks and get an esimator out to let you know what it will sell for, not what you or the agent thinks. Don't wait for the one during the closing process. Trust me, worth the money.
2. If the offer is anywere close to that, take the money and run in this market.
We did above and it was a slap in the face to relize what the market thought our house was worth.
That being said, best move we made. LOVE our new place, got a 30yr fixed ln @ 3.99 and nicer house, neighborhood, etc...
Just SUCKS to lose $ and bring cash to the table to sell.
Good luck. Been there, not a fun place to be.
MH
This post was edited on 10/7/11 at 1:18 pm
Posted on 10/7/11 at 2:44 pm to ItNeverRains
quote:
but the seller has the final word in what the sales price will be
I guess I just never understand why listing agents accept listings like these. The only plausible answer must be that it just doesn't cost you much time, right?
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