We're relocating and our home hasn't sold in over 5 months,facing foreclosure.?
Question:
Answer:
No, the foreclosure won't affect your current home but it will affect your ability to refinance your current home in the future. Also, if the bank were to sell your old home and they didnt recover all the money that you owe they may come after you for the difference. And in that case they could possibly put a lien on your new house. But this is a rare possibility.
i have no clue sorry
A few ideas for you:
1. Find a Realtor which will buy your home from you or guarantee it will be sold. There are a few companies which do that, but most (if not all) give the guarantee only when you are also BUYING a home from them as well.
http://www.guaranteedsell.com/?gclid=cmp...
2. Hire a person who can help prepare your house to be more attractive to potential buyers. Sometimes small improvements is all you need. (There's a show on HGTV which features these types of helpers. I think it's called "designed to sell" or something like that. Another is called "Curb Appeal.") Here is a link for a consultant:
http://www.whatsellshomes.com/
3. Rent the house to someone until a buyer can be found or offer the home with a "Rent to Own" contract.
http://www.google.com/search?hl=en&rls=c...
4. There are companies which buy hard to sell homes.
Here is a Google for a sample:
http://www.google.com/search?q=we+buy+ug...
5. You could auction your home: Either with a local Auction house or with Ebay (Real Estate site)
http://pages.ebay.com/realestate/...
Yes, a lien can be placed on your new home if you still owe money on your last.
Depending on your area it should sell now that school is out. However if you are in a very slow area and it's over priced you could be in trouble. An empty house doesn't show well at all because people aren't that visually acute. They can't see their furniture etc in the house. Plus if it's a mess now well...
Anyway I would suggest incentives to realtors who bring offers, and to potential buyers. Instead of selling it right now in a sluggish market think of a rent to own scenario. At least you'll be getting something out of it. Try 10K or so down x dollars in monthly payments and balloon in 5 years. That way you'll get 10k out of it now plus the rent and they'll be working on building equity for the future and if they default so what you got the 10k plus you can do it all over again!
It will certainly effect your credit rating. If you already bought the home, that is, closed on the home and paid closing costs, and the only thing left is to make the monthly payments, then the only thing that will effect this new house is the dependability of those payments. You may have a tough time borrowing for something else from this time, or you will certainly be facing much higher interest payments. Also whatever the bank gets from the sale of your previous home, if it does not cover the entire note, then you are liable for the remainder. Another thing, if you fell behind in property taxes, Then the bank will have to pay that off out of the sale of your previous home. That means that the remainder that you will have to pay becomes greater. The bank can garner wages until you pay off the debt to them. That shrinks the money for paying the present mortgage. So yes, it does effect the new home.
If you have already bought a new home then you qualified for both payments so your in better shape than many facing foreclosure. Why not rent the former home until the market picks back up. If the bank does foreclose and a defiency judgement lien is filed that could attach to your new home. An IRS lien could also occur in several situations. Lowering your price and or improving appearance can help but offering it as a rental to a lease option buyer might help you create some income to assist with the payment. 5 months is excessive market time in any market and is often reflective of an ineffecient agent. It is the agents job to advise you of what it takes to sell whether it is pleasant to hear or not. Any agent that has neither the guts or know how to tell what you need to know does not deserve your business.
Too bad you didn't list your city and state. Someone here may have purchased it.
Myron and Susan have given you some good advice.
Get another realtor.
I am sorry to hear about the foreclosure but the market right now seems to be really bad... most people cannot afford to buy a home even if you lowered it 125k... have you talked to your realtor? if you have a good realtor they should be able to help you not go into foreclosure...found some great seller tips maybe they would help.. best of luck
http://www.deedeehomes.com/realestatetip...
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