I’ve been reading a lot on this subject lately and am hopeful that someone on here would be willing to work with me on my sale.
I own a duplex in NJ; rent out the downstairs and live in the upstairs. I estimate it’s probably worth about 100k, but I’m just guessing, could be more. I’ve done a lot of work on it and the upstairs is in excellent condition, the downstairs could stand to have the cabinets in the kitchen and the sink and shower in the bath, replaced. I have 3 mortgages ~73k, 60k, 22k for a total of ~155k.
I am not yet behind on my payments, but am struggling. Not sure how much longer I’ll be able to keep up. I guess I’m looking for an honest assessment of my options. Whatever the deal, though, I don’t want to be left holding “the bag” for any difference in payoff. I just want out from under this thing, free and clear. Nothing more.
Thank you in advance for any help or advice you can offer.
Im a newbie and wouldn’t touch that deal. Besides, you, the seller can’t profit from a short sale. And since you aren’t behind yet, I would see what it would possibly fetch by running the comps. Hopefully, you can get out of under it unharmed. Best of luck.
Get an appraisal so you know exactly how much it’s worth.
Do the needed fix ups (more if you can) to get it worth more than you owe or at least so it’s not negative equity and then see if someone is intrested in buying it.
You might even get a little cash if you can get it worth more than you owe.
I’m not looking to profit from the sale, skz75, just looking to get out free and clear. I would think a lender would be more willing to accept less than owed on a property like mine that is so “upside down” since they wouldn’t get their money anyway if they had to foreclose. If I need to have equity in order for a short sale to be feasible why wouldn’t a lender just foreclose and get fair market plus profit? Exactly what makes a property more short sale worthy vs. foreclosure?
Well… this is my understanding. Someone correct me if I’m wrong.
You may have negative equity. You can get comps/apprasials to be sure. A previous poster suggested improving the property, but if you’re having a hard time with payments, that really isn’t much of an option.
I’m assuming that the 1st mortgage is 73K. I don’t really expect them to come down much from there. You can discount the 2nd and 3rd in preforeclosure since the 1st would wipe them out if it goes all the way.
I would just try to sell it ASAP. Maybe down the road you could short sale it, but I, myself, would dread being in a situation like that.