I currently own a home 1 hour away from where i currently live. I
have had it up for sell for 4 years now. Market information for the
community of approx 4 thousand shows 250 houses w/o utilites, house
movement is under 10 per year. I really need to get rid of this house
and am contemplating letting it go back to mortgage company. I have
spoken to people who have done it and gone on to purchase a home
within 12 months. Obviously i know this is not ideal and i'm having a
moral dilemma about it. But it is sending me into debt that i am not
finding my way out of. Any suggestions? Should i do this and what
kind of consequences am i going to face?

Thanks in advance for any help given.

In article ,
gnabean wrote:

I currently own a home 1 hour away from where i currently live. I
have had it up for sell for 4 years now. Market information for the
community of approx 4 thousand shows 250 houses w/o utilites, house
movement is under 10 per year. I really need to get rid of this house
and am contemplating letting it go back to mortgage company. I have
spoken to people who have done it and gone on to purchase a home
within 12 months. Obviously i know this is not ideal and i'm having a
moral dilemma about it. But it is sending me into debt that i am not
finding my way out of. Any suggestions? Should i do this and what
kind of consequences am i going to face?

Thanks in advance for any help given.


Four years?! Lower the price. A lot. Or improve the property.


Dimitri

(D. Gerasimatos) wrote in message ...
In article ,
gnabean wrote:

I currently own a home 1 hour away from where i currently live. I
have had it up for sell for 4 years now. Market information for the
community of approx 4 thousand shows 250 houses w/o utilites, house
movement is under 10 per year. I really need to get rid of this house
and am contemplating letting it go back to mortgage company. I have
spoken to people who have done it and gone on to purchase a home
within 12 months. Obviously i know this is not ideal and i'm having a
moral dilemma about it. But it is sending me into debt that i am not
finding my way out of. Any suggestions? Should i do this and what
kind of consequences am i going to face?

Thanks in advance for any help given.


Four years?! Lower the price. A lot. Or improve the property.


Dimitri


Based upon county apprasial (This property is in Kansas) house is
worth 30,000. I have had it listed with 7 different relators in the
last 4 years. Current list price is 17,500 which is 4,000 below
payoff on mortgage. Given the financial situation I am in I have done
about as much improvement as possible on the property.

On Wed, 5 May 2004 04:03:33 +0000 (UTC), someone wrote:


Four years?! Lower the price. A lot. Or improve the property.

He already owes more than the price. And putting further improvement
into the property would just be throwing good money (or time) after
bad.

No good or magic answer for him, but its an example about how home
prices do NOT automatically go up every year, or even apparently every
4.

Sorry for your situation Mr. OP.

-v.

On 5 May 2004 05:03:33 -0700, someone wrote:

Based upon county apprasial (This property is in Kansas) house is
worth 30,000. I have had it listed with 7 different relators in the
last 4 years. Current list price is 17,500

At least get your assessment lowered.

(It's probably not really an "appraisal" he is talking about, counties
don't usually do those unless its for litigation, probably the
"assessment" which is often done to a vastly lower std.)

-v.

In article , v wrote:

He already owes more than the price. And putting further improvement
into the property would just be throwing good money (or time) after
bad.


He didn't say originally that he owed more than the price. He did say that
he needed to unload the property. The best way to do that is to lower the
price some more. The bank may let him sell the house for less than the
loan. This is preferable to just letting the house go, I think, when the
amount we are talking about here are in the $10K range. Why ruin your
credit for $10K? Otherwise, just hang on to the property. There are no
other choices.


Dimitri

(D. Gerasimatos) wrote in
:

In article , v
wrote:

He already owes more than the price. And putting further improvement
into the property would just be throwing good money (or time) after
bad.


He didn't say originally that he owed more than the price. He did say
that he needed to unload the property. The best way to do that is to
lower the price some more. The bank may let him sell the house for
less than the loan. This is preferable to just letting the house go, I
think, when the amount we are talking about here are in the $10K
range. Why ruin your credit for $10K? Otherwise, just hang on to the
property. There are no other choices.

Well, one good reason for not selling the house for $10k less than the
mortgage balance would be if the seller *didn't have* $10k to take to the
closing.

If it were me, I think I'd talk to the mortgage company and let them know
the situation. Sometimes it's possible to work out a deal with them that
helps everyone, sometimes not. It might also help to talk to a real estate
lawyer and find out what the options are, and the best way to pursue them.

In article ,
David W. wrote:

Well, one good reason for not selling the house for $10k less than the
mortgage balance would be if the seller *didn't have* $10k to take to the
closing.


Which is why I talked about a short sale. Lenders agree to them all of the
time.


Dimitri

In article ,
(gnabean) wrote:

Any suggestions?

well, you could Lease/Option it . You know, they pay a fee and large
monthly payments to accumulate a down-payment.
there is a shortage of these deals available, so you can actually charge
a higher price for the prop.
look into it. and you don't really need real estate.
"If I can not dance, I want no part in your revolution." Emma Goldman

Rent it out, Sell it on Ebay or have a public auction.

Have you even had one offer yet? What are the realtors telling you
the problem is? They are the experts and should be able to give an
honest answer to that question. Is it at least clean inside and out?
$30K house in Kansas, I am imagining an old toilet laying in the front
yard with grass a foot tall, maybe an old camaro engine laying by the
side of the house, the neighbor sitting on his porch with a Who Farted
hat on. Vacant homes are much harder to sell and when a prospective
buyer comes along, they want to know how long it has been on the
market. When I hear 4 years, I assume there are major problems that
may or may not be fixable. How much are lots selling for in that town?
In my area, a .4 acre lot sells for $50K, maybe you should bulldoze
it, build a nice little home and then sell that one. Many possible
solutions to avoid debtors prison.




(gnabean) wrote in message om...
I currently own a home 1 hour away from where i currently live. I
have had it up for sell for 4 years now. Market information for the
community of approx 4 thousand shows 250 houses w/o utilites, house
movement is under 10 per year. I really need to get rid of this house
and am contemplating letting it go back to mortgage company. I have
spoken to people who have done it and gone on to purchase a home
within 12 months. Obviously i know this is not ideal and i'm having a
moral dilemma about it. But it is sending me into debt that i am not
finding my way out of. Any suggestions? Should i do this and what
kind of consequences am i going to face?

Thanks in advance for any help given.

Try the link
http://www.myaffiliateprogram.com/u/.../b.asp?id=1203

(Mike) wrote in message . com...
Rent it out, Sell it on Ebay or have a public auction.

Have you even had one offer yet? What are the realtors telling you
the problem is? They are the experts and should be able to give an
honest answer to that question. Is it at least clean inside and out?
$30K house in Kansas, I am imagining an old toilet laying in the front
yard with grass a foot tall, maybe an old camaro engine laying by the
side of the house, the neighbor sitting on his porch with a Who Farted
hat on. Vacant homes are much harder to sell and when a prospective
buyer comes along, they want to know how long it has been on the
market. When I hear 4 years, I assume there are major problems that
may or may not be fixable. How much are lots selling for in that town?
In my area, a .4 acre lot sells for $50K, maybe you should bulldoze
it, build a nice little home and then sell that one. Many possible
solutions to avoid debtors prison.




(gnabean) wrote in message om...


Last i checked there wasn't a toilet in the front yard ..and only
fellas in missouri wear the "who farted" hats. I'm not saying this
house should sell for 30 grand. It was built in 1926 its an older
home...but was a great starter home for my family & I. Yeah, a new
coat of paint would be great but painting a 2 story house isn't
something i want to get into. And to answer the question, no we have
not had any offers in 4 years. It has been rented throughout the
years...but after last renter moved out, we have been a bit leary to
rent it out. Have been burned too bad. Ended up replacing some of
the carpet a couple years ago after a renter moved out. Maybe i'm
trying to take the easy way out by letting it go back...

Well, what are the realtors telling you the problems are? They see
hundreds of homes and can tell you exactly why a home hasn't sold yet.
Just ask them to be honest with you.

In every apartment I have lived in, carpet was replaced and walls were
painted after every person left. So, I am not surprised you had to
replace carpet after someone moved out. That's why you keep deposits.
Since it's an older home, what do the floors look like under that
carpet? Most that I have seen from those days have hardwood that just
needs to be refinished. I would call and get estimates to have someone
paint it. They say that is the best investment you can make to sell
your home. Plant some flowers in the yard and make the lawn is well
manicured. I'm sure after 4 yrs it needs some tenderloving care. What
about age of furnace, AC (if there is one), and other appliances like
stove , fridge and dishwasher. I don't think the kind of buyer you are
looking for will be able to afford any extra expenses. $30K doesn't
say "starter home" to me, it says "huge project" or "potential rental
property".

This house doesn't have some kind of history does it? Like used to be
a meth lab or everyone in town refers to it as "That" house, as in "Oh
you don't want to buy "that" house. So-and-so lived there or
this-and-that went on there." We had one of those in a neighborhood I
grew up in where the woman killed herself in it. Took quite a long
time for the memory of that to go away and the house eventually sold.


(gnabean) wrote in message . com...
(Mike) wrote in message . com...
Rent it out, Sell it on Ebay or have a public auction.

Have you even had one offer yet? What are the realtors telling you
the problem is? They are the experts and should be able to give an
honest answer to that question. Is it at least clean inside and out?
$30K house in Kansas, I am imagining an old toilet laying in the front
yard with grass a foot tall, maybe an old camaro engine laying by the
side of the house, the neighbor sitting on his porch with a Who Farted
hat on. Vacant homes are much harder to sell and when a prospective
buyer comes along, they want to know how long it has been on the
market. When I hear 4 years, I assume there are major problems that
may or may not be fixable. How much are lots selling for in that town?
In my area, a .4 acre lot sells for $50K, maybe you should bulldoze
it, build a nice little home and then sell that one. Many possible
solutions to avoid debtors prison.




(gnabean) wrote in message om...


Last i checked there wasn't a toilet in the front yard ..and only
fellas in missouri wear the "who farted" hats. I'm not saying this
house should sell for 30 grand. It was built in 1926 its an older
home...but was a great starter home for my family & I. Yeah, a new
coat of paint would be great but painting a 2 story house isn't
something i want to get into. And to answer the question, no we have
not had any offers in 4 years. It has been rented throughout the
years...but after last renter moved out, we have been a bit leary to
rent it out. Have been burned too bad. Ended up replacing some of
the carpet a couple years ago after a renter moved out. Maybe i'm
trying to take the easy way out by letting it go back...

On Thu, 6 May 2004 06:36:23 +0000 (UTC), someone wrote:


Which is why I talked about a short sale. Lenders agree to them all of the
time.

Sometimes they inexplicably don't. A few years ago, I was the
putative Buyer on what turned out to be a short sale (the proposed
sale price more than covered the mortgage, but as it turned out, some
other creditors had liened the property also). One of the minor
creditors wouldn't budge and it ended up killing the whole deal for
less than $2k. Oh well.

But I do agree with you it is worth the try.

-v.