Need Your Ideas On My Personal Home...

Comments(9)

• 
  HKS2nd December, 2003

  "I want out of it (Desperately!).
  It needs some work and I have very little equity (30 yr. mtg., lived in for 11 yrs.). "
  
  
  sounds like a motivated seller to me

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  myfrogger2nd December, 2003

  You may have more equity than you think. If you lived in the home for 11 years you likely have some equity built up. Are you looking to fix it up before you sell it or just sell it off? Consider calling the "we buy houses" ads in the newspaper or talk to a local real estate agent.

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  BethE2nd December, 2003

  Rent it out...get a home equity line of credit ...use the $$$ as a down payment in a better neighborhood. Congrats! you will just have completed you first RE transaction. There is a neighborhood for everyone. Just because YOU want out, the next guy might be thrilled. You DO have 11 years under your belt. Where in MD are you?

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  nevertoolate2nd December, 2003

  Thanks everyone.
  
  I don't want to put any money in it. Just want to be rid of it "As Is". I'm near Towson, but in an area thats runs the gamut from homeowners to war zone.[ Edited by nevertoolate on Date 12/02/2003 ]

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  Tedjr2nd December, 2003

  Load your stuff in a BIG truck and close the door behind you and leave. Find a better place to rent or ??? If somebody wants it the give to them ASAP.
  
  Good LUCK and HAPPY HOLIDAYS
  
  Hope this helps some
  
  Ted Jr

• 
  Brandon20022nd December, 2003

  Contact a listing agent and ask them to give you "comps" for what your home is worth.
  
  You might be surprised at what you have.

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  nevertoolate2nd December, 2003

  Thanks Ted Jr.
  
  Would foreclosure be a viable option as a last resort? Would it be more harmful to let this happen?

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  Sandbahr2nd December, 2003

  Why would you even think of forclosure unless the house is so bad that it is not saleable at all? Since you say that you've lived there for 11 years but have no equity I'm going to assume that you've refinanced your home at some point and that you perhaps have refinanced at 100% of the value. A forclosure is a last resort but you haven't even tried step 1 yet. Call a realtor and get an opinion on the market value of your house. Then be honest about what you want and what you are willing or not willing to do to get the house sold. If you really just want to get out of the neighborhood and you don't expect to make a profit then sell it as low as you can to just pay off the mortgage. A foreclosure will affect you for many years. Don't think that you will be able to buy another house so easily if that happens. You'll just be another renter at the mercy of your landlord's standards of living whether good or bad. Just make a phone call to an agent who knows your area well and can give you some good ideas. If you owe more than the property is worth then you may have a problem that you will have to work out with the bank. They don't want to forclose if they can find another solution.[ Edited by Sandbahr on Date 12/02/2003 ]

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  nevertoolate2nd December, 2003

  Thanks Sandbahr and everyone else.
  
  You all have helped me get things in perspective.
  
  Happy Holidays and Happy Investing to all of you!