What's the status?

Posted by Keith(CA) on December 01, 2004 at 20:18:18:

In Reply to: possible foreclosure in Iowa? posted by katt on November 23, 2004 at 15:28:20:

Katt,

What's the status of the home (vacant, occupied, needs fixup, etc.)? How close do you live now to your old home? Is it listed with a realtor, or are you selling on your own?

Your lender can attach a judgment lien on your new house for any money they fail to recover in foreclosing the old one. As already pointed out, solving this thing is definitely in your best interest.

There are usually only three(3) reasons why a home will not sell: (a) poor location, (b) poor condition, (c) overpriced. Any one or some combination of these could be hindering your sale. And a home that sits a long time on the market will often be considered stale and buyer's agents won't want to show it.

Do you live too far away and you've been relying on an agent to sell the property? How long has it been since you've seen the property (if it's been a while, can you have a neighbor send you some pictures)? Agents might tell you they've been keeping up the appearance, having the lawn mowed and what not, but they sometimes bend the truth (to put it nicely).

As already suggested, can you rent it out? Can you sell it as a rent-to-own (lease/option)? Can you sell it on a contract for deed (land contract)? How about selling with wrap around, owner financing?

If you can offer better terms by extending owner financing, you might sweeten the pie enough to attract a buyer. Or you can go the other way and draw a buyer who has less than desirable credit and couldn't finance the purchase without your help.

Do a little research on some of these strategies and take matters into your own hands.

: Please Help!! We live in Iowa.
: We purchased a new home 12 months ago. Since then we have been trying to sell our old home. We are unable to get any offers and are afraid that our credit union will foreclose on us. Can anything happen to our new home if they foreclose on our old home? Both mortages are with the same Credit Union.
: Thanks

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Comments:
: Katt,

: What's the status of the home (vacant, occupied, needs fixup, etc.)?  How close do you live now to your old home?  Is it listed with a realtor, or are you selling on your own?

: Your lender can attach a judgment lien on your new house for any money they fail to recover in foreclosing the old one.  As already pointed out, solving this thing is definitely in your best interest.

: There are usually only three(3) reasons why a home will not sell: (a) poor location, (b) poor condition, (c) overpriced.  Any one or some combination of these could be hindering your sale.  And a home that sits a long time on the market will often be considered stale and buyer's agents won't want to show it.

: Do you live too far away and you've been relying on an agent to sell the property?  How long has it been since you've seen the property (if it's been a while, can you have a neighbor send you some pictures)?  Agents might tell you they've been keeping up the appearance, having the lawn mowed and what not, but they sometimes bend the truth (to put it nicely).

: As already suggested, can you rent it out?  Can you sell it as a rent-to-own (lease/option)?  Can you sell it on a contract for deed (land contract)?  How about selling with wrap around, owner financing?

: If you can offer better terms by extending owner financing, you might sweeten the pie enough to attract a buyer.  Or you can go the other way and draw a buyer who has less than desirable credit and couldn't finance the purchase without your help.

: Do a little research on some of these strategies and take matters into your own hands.

: 
: : Please Help!! We live in Iowa. 
: : We purchased a new home 12 months ago.  Since then we have been trying to sell our old home. We are unable to get any offers and are afraid that our credit union will foreclose on us.  Can anything happen to our new home if they foreclose on our old home?       Both mortages are with the same Credit Union.
: : Thanks 


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