Selling the house?

Shalimar

Like herpes - just appears
Feb 5, 2007
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St Pete
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i think we want to move.



suggestions on selling this one, advice, experience?




prob first step will be to get a storage unit for all this CRAP we have and stage it.



I am in the black, just not 100K in the black like I was a year ago.



scuse my tardism, but could we get a loan for another at 200K, with a 100K note on this one, and then rent this one out?




thank you in advance for your insight.
 
Can only answer 2 question

Storage is crazy expensive. I've been renting a unit for two years and it is the biggest life sucking drain on my income evar. Sell that shit if you can. If you rent you can write storage in the attic/basement into the lease lotta times.

Chances of getting another mortgage while you rent out your current house is possible. You might have to shop around a lot though. Then you'd also need the down payment for the next house, without selling the first. Also look into renting laws, might want to talk to a lawyer (youll need one to buy another house anyway), to draw up the acutal lease. Be very very careful.
 
Im about to talk to a RE attorney. Thinking about not making any more house payments and just put the money in a joint account. Then have April buy the house in a short sale a year from now, using the money in the account for a down payment. My quick calculations show it could shave close to 100k off our mortgage and reduce the mortgage payment by half or more.
 
Im about to talk to a RE attorney. Thinking about not making any more house payments and just put the money in a joint account. Then have April buy the house in a short sale a year from now, using the money in the account for a down payment. My quick calculations show it could shave close to 100k off our mortgage and reduce the mortgage payment by half or more.

Ask theac about that. It sounds a little fishy and underhanded. Will the RIAA care?
 
Im about to talk to a RE attorney. Thinking about not making any more house payments and just put the money in a joint account. Then have April buy the house in a short sale a year from now, using the money in the account for a down payment. My quick calculations show it could shave close to 100k off our mortgage and reduce the mortgage payment by half or more.

Sales tax?
 
Im about to talk to a RE attorney. Thinking about not making any more house payments and just put the money in a joint account. Then have April buy the house in a short sale a year from now, using the money in the account for a down payment. My quick calculations show it could shave close to 100k off our mortgage and reduce the mortgage payment by half or more.

april has to be a 3rd party, and banks dont automatically short sale, so its risky. they could just go ahead and foreclose, or even if you did pay back even, your credit would be shot.
 
Being a landlord sucks.

yea, doing 2 hours a work a month in return for a house payment totally blows...

if he has enough equity, he could refi and if his payment is low he could swing a property management and turn it into 2 hours of work a year, the property manager would take care of everything and his take would be 10% of the rent.
 
"Oh hi, I dont care if you're at work, the faucet doesn't work. FIX IT NOW!!"

"Oh hi, I put holes in your walls because I don't give a fuck"

you put alot of holes in walls of places you've rented? "oh hai, i made 12k off of you last year, AND i'm keeping your deposit to replace a few holes."

"oh ok, let me take 5 minutes to call a plumber" or, if you write it into the contract, have them call a plumber and deduct the cost from the rent.

the potetential for a few minor headaches is owning a house outright without ever making a payment on it. i fail to see why this sucks.
 
I think his point was that you didnt, and most people dont. It's why you interview renters.
 
april has to be a 3rd party, and banks dont automatically short sale, so its risky. they could just go ahead and foreclose, or even if you did pay back even, your credit would be shot.

I am a third party since I am not on the mortgage currently. If he does a short sale it shows up on his credit as debt satisfied, but not in full.
 
yea, doing 2 hours a work a month in return for a house payment totally blows...

if he has enough equity, he could refi and if his payment is low he could swing a property management and turn it into 2 hours of work a year, the property manager would take care of everything and his take would be 10% of the rent.

No equity. We bought the place just as the housing market started to crash.
 
Sales tax?
Yes?
tampa is one of the worst crashed markets in the US...

by a new one and rent the old for about 5 years
Don't have 20% for a down payment.
april has to be a 3rd party, and banks dont automatically short sale, so its risky. they could just go ahead and foreclose, or even if you did pay back even, your credit would be shot.
I'm aware of all that, but still want to talk to a RE attorney to dot my is as much as possible. Nowadays, around here anyway, its HARD to find a bank that wont take a short sale. Even if it doesn't work, six months of mortgage payments is enough for us to live in an apartment "rent free" for over a year (allowing us to further stockpile a healthy deposit).
 
Shal-- on the Today show the other day they had a lady stating that it is wise in some cases to sell your home for less now and buy a bigger and better house for the deals that are out now.

The housing market is going to get better. You'll make up the lost when the market goes up and have a bigger house in the long run.