Any Real Estate people here?

[Dieseler]

I'm looking to sell my home.
I owe a Mortgage but feel my equity (hopefully) will make a me a fair return and possibly enable me to purchase another place I'm looking at in the country and get closer to out of debt.
I have never sold a place before so if anyone can help me
what are the steps to do this by owner with consideration of the owed mortgage?
There is only a first mortgage with warranty deed.

 

[jd603]

Terrible market in most places, terrible.

There ARE people who want to buy but lending standards are now TOUGH, also its compounded by the number of people who get approved for financing but cannot sell their homes for the value needed to close!

If you have a hot place and you mark it down enough the cash heavy deal hunters may pick it up. You'd need to market it as such if you want to sell it fast.

 

[Dieseler]

Terrible market in most places, terrible.

There ARE people who want to buy but lending standards are now TOUGH, also its compounded by the number of people who get approved for financing but cannot sell their homes for the value needed to close!

If you have a hot place and you mark it down enough the cash heavy deal hunters may pick it up. You'd need to market it as such if you want to sell it fast.

Its a pretty good area but the rural is becoming a bit to city urban like for me. I believe it will sell pretty easily ( Much sought after school district, services and such) but my biggest question is the steps I need to take as far as selling goes with my mortgage company.

Ok, I've done a little Google research and all I have found are examples of people with upside down mortgages and home equity loans(2nd mortgage) situations.
From what I have read from those examples is both debts must be settled at closing or no sell period. That leaves me to believe that I can sell as long as I settle my first (and only) mortgage at closing.
I really want to avoid a realtor and calling to talk to my mortgage holder until I find the info I need about selling.
Any ideas on how to get the ball rolling please help, thanks.

 

[Dieseler]

Bump for help please.

 

[Matt Collins]

This chick does real estate and is a huge RP supporter:
http://www.facebook.com/home.php#/profile.php?id=4702701

 

[acptulsa]

Well, the mantra buy low sell high suggests that you keep them both for a time and sell the old when the market improves. Good stuff buying in a buyers' market like this one and selling in a sellers' market if you can. Not that I could make two mortgage payments myself, though. Is the rental market any good? Could you lease the old place out for a year or two?

 

[jd603]

Ironically I was planning to rent my house out and get a second too.. I already have a tenant lined up for my first home, I believe the rental market is strong, but be careful, could take 6 months to evict if the person doesn't pay you!!

 

[muh_roads]

Ironically I was planning to rent my house out and get a second too.. I already have a tenant lined up for my first home, I believe the rental market is strong, but be careful, could take 6 months to evict if the person doesn't pay you!!

90 days I believe is when you can have an officer go into the home and use some force. Request payment or throw em out.

How did you handle the background check on your upcoming tenant? Did an apartment head hunter help you out? I'm thinking of doing the exact same thing. Must you first prove to the bank you are renting already before they lend you money for a 2nd mortgage on a new house?

Any and all info you've got I'm curious about.

 

[JoshLowry]

I am a licensed agent in the state of Texas. Every area is different.

If you are looking to sell by owner, then I would recommend you do lots of googling and research.

If it were me and I had plenty of equity built up then I would just hire an experienced agent that knows the local market. I could refer you to a great agent in my company if you decide you want to pay someone to sell it. I work for Coldwell Banker and they have over 3700 offices worldwide. Send me a pm for more info.

Whatever you decide, best of luck to you.

 

[pcosmar]

I have to say I saw it coming. I sold mine in 2005 to get out of debt.
I contacted several online investors and offered it at below market. I got two nibbles and a bite.
They sent an inspector/apraiser and we signed papers a week later.
It would depend on your situation, whether this is a good option for you.
For me it was. The value was more than I owed. Even marking it down for quick sale, I was able to pay off my mortgage and buy my farm outright.
Though the market has gone down, it may still be a possible option.