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#1 by ThatLady at July 31st, 2009
It sounds to me like the stress of your husband’s death might make you make a big financial mistake. Don’t foreclose on the house, you’ll ruin your credit rating. Get yourself a good agent. I got one when I had to sell my house fast (moving because of a job). A good agent can help you sell fast and help you deal with the owner for the other house. Surely, this house isn’t so great it’s worth you rushing into it…
Otherwise, sell fast by making the house spotlessly clean. Make sure it looks new. Paint job, broken stuff fixed, etc. Pay someone to help with that. You’ll lose less money this way. Then get it on line with one one of those 360 degree shows.
Good luck!
#2 by fireflyy at August 2nd, 2009
Put up an ad on Craigslist for your state/city (www.craigslist.com). Where on earth is a house worth only $100k??? Add some details here to your question … Size/location/yr built/ etc … may be able to help you with a forsale by owner situation. But please dont make any hasty decisions during this difficult time in your life.
#3 by gman at August 2nd, 2009
Spend the time, money and effort to make the house look like it is worth $100K, then ask for less. It’s better to lose a little, than foreclose and lose it all.
#4 by Vince M at August 3rd, 2009
First, please don’t consider letting the mortgage holder forclose on the loan. This will absolutely ruin your credit. Plus, remember that the bank does not want the house. If they foreclose they will try to resell it right away, for anyone who wants it, at ANY price, no matter how little, and you will STILL owe the difference between your loan amount and how much they get for the house.
If you really just want to get rid of it, sell it as cheaply as you can. If you are willing to take a loss on it, then you can afford to sell it even cheaper and that means a quicker sale. You will still owe the mortgage difference, but your credit will remain clean.
Next, put on a fresh coat of paint on the interior walls, and exterior if it needs it badly. On the inside, make sure it is a very neutral color. It will be worth the relatively cheap cost of this and other cosmetic repairs to assure a quick sale. Make sure the landscaping is at least watered and perhaps trimmed.
If the outside lacks color, drop a few cans of flowers into strategic spots. It’s only eye candy, but the look from the street will bring in more potential buyers.
It is a delicate balance between how cheap you want to let the house go, and how much money you want to put into it before you leave.
If you don’t want to put ANY effort into the sale, then the only way to go is to sell it cheap. A low enough price will attract a buyer very quickly.
#5 by Chacie at August 5th, 2009
Where is your home located? My husband is a real estate investor and it looks like you need some serious help. He can advise you on your best alternative for this situation.
e-mail me
#6 by mortgage help at August 7th, 2009
lower the price