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

[Labrina Apuya]

Hi Scot-

Based on my understanding, a short sale will impact your credit rating by
lowering your credit score.  A foreclosure will lower your credit score
more.

Labrina

On Nov 26, 2007 9:18 AM, Scot Burns <jengah43 at hotmail.com> wrote:

> 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
> > > _______________________________________________
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> > >
> >
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