who to turn to for real estate advice?

who to turn to for real estate advice?

Joined: May 28th, 2006, 3:48 am

April 6th, 2011, 12:09 am #1

I'm trying to figure out if it would make financial sense for us to sell our house at a significant loss, or try to rent it. I seriously doubt we'd be able to rent it at a high enough rate to cover the mortgage and taxes, but it would probably be less of a loss in the long haul. However, we live in an area that has been hemorrhaging people for decades and the market is unlikely to improve much here. I'm not quite sure where to look for advice. Would you contact a real estate agent, a financial advisor or someone else? I've looked online for a sort of calculator but haven't found anything great yet.

Dh is thisclose to losing his job. His company was just sold and there's a major upheaval going on. This isn't a surprise as we've known about it for about 6 months and he's been looking for something else. He has several irons in the fire but nothing for sure yet. Any job change would require an out-of-state relocation. Luckily, we have savings and he'd get a few months pay plus unemployment if it happens before something else pans out. However, because of the savings and investments I doubt we'd qualify for a short-sale or a modification on our mortgage.
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Joined: May 25th, 2006, 12:05 am

April 6th, 2011, 12:44 am #2

I have no real estate advice, but I wanted to let you know I will be thinking about you. (((HUGS)))
glendaMO
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Joined: October 15th, 2004, 1:00 am

April 6th, 2011, 2:25 am #3

I, like Glenda have no real estate knowledge, but did want to say how sorry I am that you and your family are going through this rough time.
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Joined: May 24th, 2006, 12:50 pm

April 6th, 2011, 2:44 am #4

I'm trying to figure out if it would make financial sense for us to sell our house at a significant loss, or try to rent it. I seriously doubt we'd be able to rent it at a high enough rate to cover the mortgage and taxes, but it would probably be less of a loss in the long haul. However, we live in an area that has been hemorrhaging people for decades and the market is unlikely to improve much here. I'm not quite sure where to look for advice. Would you contact a real estate agent, a financial advisor or someone else? I've looked online for a sort of calculator but haven't found anything great yet.

Dh is thisclose to losing his job. His company was just sold and there's a major upheaval going on. This isn't a surprise as we've known about it for about 6 months and he's been looking for something else. He has several irons in the fire but nothing for sure yet. Any job change would require an out-of-state relocation. Luckily, we have savings and he'd get a few months pay plus unemployment if it happens before something else pans out. However, because of the savings and investments I doubt we'd qualify for a short-sale or a modification on our mortgage.
That is all that comes to mind now. A real estate agent would probably only be interested in what commission they can make unless they were a friend. I guess I would lean toward a financial advisor. How much of a loss would you incur and could you come up with the difference in the payoff and what you get? That might help make the decision. Thankfully you can consider options since you have been smart enough to save. Is there a good rental market? ((sandy)). Wishing you good luck.
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Joined: August 27th, 2007, 10:40 pm

April 6th, 2011, 3:02 am #5

I'm trying to figure out if it would make financial sense for us to sell our house at a significant loss, or try to rent it. I seriously doubt we'd be able to rent it at a high enough rate to cover the mortgage and taxes, but it would probably be less of a loss in the long haul. However, we live in an area that has been hemorrhaging people for decades and the market is unlikely to improve much here. I'm not quite sure where to look for advice. Would you contact a real estate agent, a financial advisor or someone else? I've looked online for a sort of calculator but haven't found anything great yet.

Dh is thisclose to losing his job. His company was just sold and there's a major upheaval going on. This isn't a surprise as we've known about it for about 6 months and he's been looking for something else. He has several irons in the fire but nothing for sure yet. Any job change would require an out-of-state relocation. Luckily, we have savings and he'd get a few months pay plus unemployment if it happens before something else pans out. However, because of the savings and investments I doubt we'd qualify for a short-sale or a modification on our mortgage.
Hi Sandy,
I am so sorry about the situation you are finding yourself in. It seems to me you are in metro Detroit? I have a background in real estate sales and property management (26 years). Although I haven't been active since becoming a student, I am still very aware of what is happening in the market. Many banks are doing loan modifications (lower your payments, interest rate,etc) to avoid a short sale or f/c. You need to talk to someone in loss mitigation at the lending institution. A friend of mine just did a loan mod and I believe they actually reduced the principle she owed; if I recall is was a significant amount.

Amy
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Joined: August 27th, 2007, 10:40 pm

April 6th, 2011, 3:26 am #6

I just read - you don't think you qualify for a loan modification or short sale. The bank might be willing to do a loan modification with you - even with your savings; it is not unheard of.

Amy
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Joined: May 21st, 2006, 4:46 am

April 6th, 2011, 4:11 am #7

I'm trying to figure out if it would make financial sense for us to sell our house at a significant loss, or try to rent it. I seriously doubt we'd be able to rent it at a high enough rate to cover the mortgage and taxes, but it would probably be less of a loss in the long haul. However, we live in an area that has been hemorrhaging people for decades and the market is unlikely to improve much here. I'm not quite sure where to look for advice. Would you contact a real estate agent, a financial advisor or someone else? I've looked online for a sort of calculator but haven't found anything great yet.

Dh is thisclose to losing his job. His company was just sold and there's a major upheaval going on. This isn't a surprise as we've known about it for about 6 months and he's been looking for something else. He has several irons in the fire but nothing for sure yet. Any job change would require an out-of-state relocation. Luckily, we have savings and he'd get a few months pay plus unemployment if it happens before something else pans out. However, because of the savings and investments I doubt we'd qualify for a short-sale or a modification on our mortgage.
Because I have no experience.

However, I do think you need a market analysis to find out what it is worth. Perhaps you know someone who can pull comparables for you? How about one of those companies that help with FSBO? Once you know what your house is potentially worth, you can decide whether to try to sell it yourself, and for how much.

Thinking of you and wishing you the best, dear. If anybody is going to be able to cope with this, it is you.
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Joined: May 28th, 2006, 3:48 am

April 6th, 2011, 3:21 pm #8

Hi Sandy,
I am so sorry about the situation you are finding yourself in. It seems to me you are in metro Detroit? I have a background in real estate sales and property management (26 years). Although I haven't been active since becoming a student, I am still very aware of what is happening in the market. Many banks are doing loan modifications (lower your payments, interest rate,etc) to avoid a short sale or f/c. You need to talk to someone in loss mitigation at the lending institution. A friend of mine just did a loan mod and I believe they actually reduced the principle she owed; if I recall is was a significant amount.

Amy
We moved from Metro Detroit about 5 years. I'm thinking we wouldn't qualify for a loan modification or short sale because we have savings that would cover the difference. However, I don't really want to spend our savings that way, obviously.

I'm hesitant to call the bank until discussing it with someone else and until dh loses his job, at the very least. They may be more sympathetic at that point, if a bank is capable of being sympathetic.
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Joined: June 5th, 2006, 5:33 pm

April 6th, 2011, 4:43 pm #9

I'm trying to figure out if it would make financial sense for us to sell our house at a significant loss, or try to rent it. I seriously doubt we'd be able to rent it at a high enough rate to cover the mortgage and taxes, but it would probably be less of a loss in the long haul. However, we live in an area that has been hemorrhaging people for decades and the market is unlikely to improve much here. I'm not quite sure where to look for advice. Would you contact a real estate agent, a financial advisor or someone else? I've looked online for a sort of calculator but haven't found anything great yet.

Dh is thisclose to losing his job. His company was just sold and there's a major upheaval going on. This isn't a surprise as we've known about it for about 6 months and he's been looking for something else. He has several irons in the fire but nothing for sure yet. Any job change would require an out-of-state relocation. Luckily, we have savings and he'd get a few months pay plus unemployment if it happens before something else pans out. However, because of the savings and investments I doubt we'd qualify for a short-sale or a modification on our mortgage.
I'd probably try for Dave Ramsey's advice too. You don't have to call, you can email, twitter, or facebook.

------
The road to success is always under construction.
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Joined: May 21st, 2006, 5:50 pm

April 7th, 2011, 2:20 am #10

I'm trying to figure out if it would make financial sense for us to sell our house at a significant loss, or try to rent it. I seriously doubt we'd be able to rent it at a high enough rate to cover the mortgage and taxes, but it would probably be less of a loss in the long haul. However, we live in an area that has been hemorrhaging people for decades and the market is unlikely to improve much here. I'm not quite sure where to look for advice. Would you contact a real estate agent, a financial advisor or someone else? I've looked online for a sort of calculator but haven't found anything great yet.

Dh is thisclose to losing his job. His company was just sold and there's a major upheaval going on. This isn't a surprise as we've known about it for about 6 months and he's been looking for something else. He has several irons in the fire but nothing for sure yet. Any job change would require an out-of-state relocation. Luckily, we have savings and he'd get a few months pay plus unemployment if it happens before something else pans out. However, because of the savings and investments I doubt we'd qualify for a short-sale or a modification on our mortgage.
you can hunt that up online thru the MLS service. It also lists all the 'active with contract' and the 'sold' points for specific areas. it goes back about 4 years or so, and that gives a good indication of what the true value is.

Then I would call several leading real estate companies and ask questions.


Then, if you have both a financial planner and a lawyer, ask them questions as well.

The more information you have the better you will be in order to make a decision.

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