[5-DayForum] How do I avoid selling at a lower price? Can I cheat a bit ?? Your book says NO....

[Scot Burns]

Hi Karen - 
 
Regarding your recommendation for a short sale, how does this affect your credit rating. Will the bank rep[rot this as a negative against your record?
 
Scot



> From: karen at home-flex.com> To: writefromwrong1 at gmail.com; 5-dayforum at mailman.howtosellyourhomein5days.com> Date: Mon, 26 Nov 2007 09:05:51 -0800> Subject: Re: [5-DayForum] How do I avoid selling at a lower price? Can I cheat a bit ?? Your book says NO....but I am so afraid> > Hi Elaine,> > I am a real estate professional in Oregon. There are countless > homeowners in your situation. So many people have refinanced their > homes only to find that they now worth less than what they owe on the > houses.> > You do have an option to sell your house for market value, even if it > it may be under what you owe. It's called a short sale. This has > nothing to do with the 5 day forum, but there is no reason that you > can't use the 5 day system to sell with this method. In a short sale, > your lender will accept less than what you owe because they do not > want you to default on the loan. In other words, they would rather > take a loss on the $500K loan and have it paid off than to have you > stop making payments.> > Here is how it works. Let's assume that you owe $500K. Someone at > the 5 day auction offers you $450K. You accept the offer contingent > on a "short sale" with the lender. When the lender accepts the offer > to pay off your loan at $450K, the new buyer gets the house, and you > get to move on and look for your next home. In some cases, there may > be tax implications, so talk to your CPA or attorney.> > Feel free to call or email me with questions.> > Best,> > > Karen Bumgardner> HomeFlex, LLC> 541-350-1599> karen at home-flex.com> http://www.home-flex.com> > On Nov 25, 2007, at 9:14 PM, elaine thomason wrote:> > > Hello Mr Effros,> >> > You seem so confident in reading your book. I am not so.> >> > I am afraid to do this the way you say. I have the 3rd edition> > Advertise at 50% of value ???? It kinda does make sense but it> > scares me to death and all my friends think I am crazy without a> > backup plan. I know it will bring in trailor ...type people even> > though my house is worth about 500,000.00 or a bit more> >> > I have always been one to do right from wrong and I am so confused.> > it's frightening I have a wonderful happy home well landscaped> > etc. Light & airy on the inside and it's a party home. We were a> > happy family in it for years... we bought low 8 years ago and> > borrowed money about 2 years ago on a second mortgage a Heloc I> > guess.... and now they are telling me its worth less than I have> > mortgaged how can that be?> >> > Do I have to sell to the highest bidder or can I cheat?> > (somehow even a little ) I am really afraid as I owe a bit more> > than my bank mortgage . about 5,300.00 and I know I can't> > afford a realtor /// I already know that even though they said> > sign here on the listing agreements.> >> > They never told what they would do for me and if I would come out> > whole or a bit under.. I hate them ( the agents) they seem only> > interested in the listing that's it. I know this is petty but> > it's my future and my life.> >> > I interviewed 4 of the best in Raleigh they all had different> > opinions and all were below what I owed I am afraid to face this> > alone ..... what should I do?> >> > I live in NC the Triangle area which is a great place to live my> > kids go to the universities in our area ...and I am deathly> > afraid as my husband left me 5 months ago and its up to me to sell> > the homestead.> > Should I just go ahead and do it by the book and take my odds or can> > you recommend a consultant in my area to assist me ? Thank you Mr> > Effros.> >> > Elaine T> > _______________________________________________> > 5-DayForum mailing list> > 5-DayForum at mailman.howtosellyourhomein5days.com> > http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum> >> > _______________________________________________> 5-DayForum mailing list> 5-DayForum at mailman.howtosellyourhomein5days.com> http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
_________________________________________________________________
Put your friends on the big screen with Windows Vista® + Windows Live™.
http://www.microsoft.com/windows/shop/specialoffers.mspx?ocid=TXT_TAGLM_CPC_MediaCtr_bigscreen_102007
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20071126/b874ca20/attachment.html