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Foreclosure as an option?

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A

AbeAndMe

Junior Member
What is the name of your state? New York

We have been trying to sell our home since Jan 04 and have had no offers. Husbands job has transferred him down south. We are just curious if we should consider foreclosure if it has not sold by the end of the year? We don't want to rent the home out as we will be so far away to have to come back and take care of things the renters don't want to take care of.

Any ideas on this would be appreciated.

Thank you
 


H

HomeGuru

Senior Member
AbeAndMe said:
What is the name of your state? New York

We have been trying to sell our home since Jan 04 and have had no offers. Husbands job has transferred him down south. We are just curious if we should consider foreclosure if it has not sold by the end of the year? We don't want to rent the home out as we will be so far away to have to come back and take care of things the renters don't want to take care of.

Any ideas on this would be appreciated.

Thank you
Click to expand...

**A: Do not, I repeat DO NOT, let the property go into foreclosure.
 
U

Ummonx

Member
not sure where you are in NY, but if your near NYC or any other metro area, I find it difficult to believe you can't find a buyer for your house in this market. It sounds like its way overpriced or in really poor condition. I would lower the selling price and see what happens.
 
A

AbeAndMe

Junior Member
Tried everything

Upstate New York (Cortland)

Our house is 1 year old, we had it built. When house first when on market in January 04, Realtor said lets try $193,000.00 we said fine after some time with no one looking she said lets lower price so we did to $189,000.00. After 4 months of little traffic and her contract being up we went For Sale By Owner and dropped price to $171,000.00 as we need to get out of here. We saw more traffic but still no offers. All brand new appliances staying as well as new snow blower and new lawn mower. We have to get down south. We finally decided to get another agent, someone from Ithaca, NY an area where housing costs and taxes are high there. So now we are with him. Of course the price had to go up to pay the commission but we had no choice. We plan on going ahead south and hoping for the best. Just thankful we have somewhere to go until home sells as we cannot afford 2 mortgages. We were just trying to look at our options and foreclosure ended up on the very bottom of the list. Doubt it's something we would do, we were just curious if anyone had done it as a last resort.

Thanks for all your comments.
 
A

AbeAndMe

Junior Member
P.s.

Upstate New York

Also, I have contacted those companies you see that say "We will buy your home no matter what you owe". Not true. I contacted several of them and the one's that called back said basically they take homes that are in bad shape, 1 step to foreclosure and with not so high a mortgage.

So if there are any other ideas, would love to hear them.

Thanks again
 
H

HomeGuru

Senior Member
AbeAndMe said:
Upstate New York (Cortland)

Our house is 1 year old, we had it built. When house first when on market in January 04, Realtor said lets try $193,000.00 we said fine after some time with no one looking she said lets lower price so we did to $189,000.00. After 4 months of little traffic and her contract being up we went For Sale By Owner and dropped price to $171,000.00 as we need to get out of here. We saw more traffic but still no offers. All brand new appliances staying as well as new snow blower and new lawn mower. We have to get down south. We finally decided to get another agent, someone from Ithaca, NY an area where housing costs and taxes are high there. So now we are with him. Of course the price had to go up to pay the commission but we had no choice. We plan on going ahead south and hoping for the best. Just thankful we have somewhere to go until home sells as we cannot afford 2 mortgages. We were just trying to look at our options and foreclosure ended up on the very bottom of the list. Doubt it's something we would do, we were just curious if anyone had done it as a last resort.

Thanks for all your comments.
Click to expand...

**A: what is your current mortgage payoff amount?
 
H

HomeGuru

Senior Member
AbeAndMe said:
I believe $around $185,000.00 other homes in my area ranging in prices from $182,000.00 to $248,000.00
Click to expand...

**A: read my post again. I did not say other homes in the area. I said comps as in market data approach appraisal comparables.
 
F

FloridaRob

Member
talk to the lender. sometimes a lender will take a home back under a "deed in lieu of foreclosure". It is not the best thing but much better than a foreclosure.
 
S

SailorJulia

Guest
or don't rule out renting

Don't totally rule out renting it, even though you will be far away - if you have a local management firm handle the details (and of course they'll make a fee) and if you can recover all or most of your mortgage payment you can maybe hang on until someone is willing to buy it. Or as someone else mentioned, advertise it as a lease-to-own and see if you get a taker. Yes, it's more trouble and expense but not like trying to live down a foreclosure.

I would NOT under any circumstances try to manage it myself long-distance- that is way too hard. But surely you know a good realtor locally?
 
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