Can't afford to keep paying 2 mortgages!

[exotiq]

What is the name of your state? FLORIDA

I accepted a position with NASA (in another county), which I felt was an opportunity that I couldn't turn down. As I was preparing for the move and transition, I put my home up for sale, initially through BuyOwner.com (I was trying to save a little money). As I was seeking out a new residence in the county that I would be working in, I found a home that I purchased. I'm now living in that home, but now I'm faced with the dilema of trying to sell the old house. I recently decided to list it with a realtor (as of Sept. 2006), in the hopes that this would speed up the process. So far, nothing...and I've just about run out of money. I just borrowed some money from a family member, to help pay last month's mortgage on the house for sale. The next mortgage payment will be due on the 15th of this month (Nov. 2006), and I know that I won't be able to pay it. My cousin has loaned me more money to make repairs/upgrades on the house for sale, in the hopes that someone will be interested. She can't lend me anymore money--which I felt that she did more than anyone could and I'm very grateful & indebted to her eternally! I've tried negotiating with the lender, but they claimed that since the loan is not yet 12 months old (I refinanced in May 2006--prior to finding out about the NASA job), there's nothing they can do for me, especially since I'm no longer living in the home. What on earth am I to do now?! HELP!!!!

[moburkes]

Lower the price?

[exotiq]

Hi moburkes,
Yes....as a matter of fact, I did lower the price....twice. Then, when I listed it with the realtor, they hiked it back up again! ...Obviously, they don't care one way or another, about my financial dilema. I don't want to go lower than what I actually owe on the mortgage...but I'm willing to accept an offer for what I actually owe, just to get rid of it! I realize the place needs work, which is why they're doing that right now. I'm assured that the work should be done in about 2 weeks---the sooner the better! ...In the meantime, it does nothing for my mortgage payment, and with the way the market is, right now...especially in expensive Palm Beach, Florida....who knows how long it will be before I get an offer! I just wish the lender could have worked with me....a deferrment would have been the best option to save my credit! A friend of mine told me that it's a good thing I already purchased another home....atleast I won't have to worry about trying to buy one in the future, if, heaven-forbid, I can't sell the other house and it goes into foreclosure. I just wish, short of a miracle, I could find another way to salvage the situation. Any suggestions? Someone?!!! :-) ...PPLLLEEEAAAASSSSEEEE!!!!

[moburkes]

The realtor works for YOU, not the other way around. Tell the realtor what price to list the home at.

[CraigFL]

I agree with moburkes--- you set the listing price not the Realtor! But... other things you can do/try --- contact the local "buy-anything" home buyer. Look for their ads in the pare and on billboards. Some will buy anything for the right price as an investment. Not a good time right now but it's still a shot. And... even if you take a loss at closing, you might be able to come up with money to cover it. How about renting/leasing it for a while?-- the Realtor should be able to help you on this.

[LindaP777]

Hire a management company & rent the house out?

[exotiq]

I tried to hire a rental management company, however, after they reviewed my 12-month leasing agreement with my unmotivated, unproductive real estate agent/company (which I was a fool to sign a 12-month listing agreement in the first place!; ), it was determined that they can't help me with renting my home as they also list on MLS and that would create a conflict since the realty company owns rights to the listing. Oh Great!!! ...It just keeps getting better doesn't it?! ....I'm so frustrated.

If I could simply cancel the contract (which they refuse to do), I could get more money out from what's left of the equity....this way I won't continue to head for the poor house and hopefully, and by also helping to save my credit, this could buy me more time to sell or rent the house through my loser realtor...lol...isn't that a joke! .....What makes me think they'll work hard to get it rented, when they know they won't gain any monetary profit from it?! ....Just shoot me now, to relieve me from my misery!

[lcannister]

Forget equity, lower the price to the very bare bone and get it sold. The markets are very against you as is the time of year!

[acmb05]

Originally Posted by lcannister

Forget equity, lower the price to the very bare bone and get it sold. The markets are very against you as is the time of year!

And next time you use a realtor try researching them first. Many of the top Realtors are nothing more than "listers" meaning they get the contract, throw a sign up, list it on MLS and do nothing else. They dont openly market the home but instead rely on other realtors to sell it and then collect thier commision. They dont do open houses because this would take time away from thier busy schedule to get more listings.

We have a realtor like that here who consistantly gets top realtor every year and yet everyone who actually uses her says they will never do it again because she list the homes and then does nothing with them. My own neighbor signed a contract with her ( after I advised her not to) She signed the contract and that morning the realtors husband brought out a for sale sign. It has been 3 months and they have not shown the house but one time and she has only seen her realtor one time because she is always on the road getting more listeings.

[lcannister]

Originally Posted by acmb05

They dont do open houses because this would take time away from thier busy schedule to get more listings.

That is because for the most part they are a complete and utter waste of time and all you get is people tromping through the house with no intent or means to buy it.

She signed the contract and that morning the realtors husband brought out a for sale sign. It has been 3 months and they have not shown the house but one time and she has only seen her realtor one time because she is always on the road getting more listeings.

What's wrong with her hubby doing some of the leg work? The time period you mention is NOT a good time to sell anyway and throw in the current markets and you have LOTS of real estate just sitting there with no showings.

[acmb05]

Originally Posted by lcannister

That is because for the most part they are a complete and utter waste of time and all you get is people tromping through the house with no intent or means to buy it.

We always do open houses and have quite the good luck with them.

Originally Posted by lcannister

What's wrong with her hubby doing some of the leg work?

There is nothing wrong with him doing some of the leg work, However so far he is the only one who has done anything. She is the realtor he is not and yet she has not shown the house nor even been out to it except for when she signed the contract for it. The house was shown one time by another realtor who saw it on the MLS. These are the types of realtors who give everyone a bad name.

Originally Posted by lcannister

The time period you mention is NOT a good time to sell anyway and throw in the current markets and you have LOTS of real estate just sitting there with no showings.

They have no showings because the realtors are not actively selling the home. Simply listing it on MLS and hoping people see it is not enough. We have sold two homes in the last month and a half, Why? Because we actively look for buyers not just list it and pray.

I did not say it was a slow time to sell. What I said was the realtors try to get as many listing as they can and hope that a couple sell without them personally having to do anything.