Last Resort Advice Before Foreclosure.
My family bought a new home but can't sell the old one. We didn't expect to have difficulty selling and jumped into a new one to get the kids enrolled in school before the new school year. We are now stuck with two mortgages and quickly feeling more than a little squeeze in finances. The previous home is very nice and large and in a nice neighborhoold but in a bad school district. We have it priced as low as it's mortgage allows and are willing to take a small loss but still can't seem to get rid of it. Before we end up in foreclosure, does anyone have advice.
Have you tried offering it up as Seller Financed (Lease Option).
Since you have already purchased another home ... you do not require the money to put down on another home.
How about renting it out to make the mortgage payments?
You may get tenants that would want to buy it. Then you would also save money on real estate commission fees.
I say ... when you are trying real hard to make something happen and it is obviously has not happened ... then step back and approach it a different way.
Good Luck
Cheryl Lopez
Call some of the "WE BUY HOUSES" ads in the classified section of your local newspaper. Find an investor that can help you out of your situation.
GOOD LUCK
there is no quick easy fix. you have 2 choices sell {l/o, owner fin., sub2} or lose your home.......kenmax
Look in the phonebook for property managers.
You should find at least a few that will earn a % of the monthly rent and give you the assurance that they can get your house rented quickly.
y using a property manager, they will handle everything - including stopped toilet, etc if you let them.
The cost ranges from about 7% to 10% for single family homes in most of the areas I have looked, but since the tenant will be making most if not all of your monthly payment, and you will receive some nice tax benefits, why not try to "invest" your way out of this situation.
Go talk to a mortgage broker about a bridge loan. This loan basically taps the equity in your old house to make the payments till it sells.