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Re: Re-activate listing before or after appraisal?
Posted by Jennifer on March 24, 2008 at 5:13 PM
In Reply to: Re: Re-activate listing before or after appraisal? posted by Tom on March 24, 2008 at 1:03 PM
OK - let me back up.
We had doen a couple of re-finances to pay off credit card debts and a car.
Got new credit cards, were going to be "responsible" with them. One bad turn after another.
I had migraines every day - no health insurance - lost time from work. Used credit cards to "live".
Then my husband lost his job of 12+ years, unemployed for over 9 months. Then my mom got cancer.
Lost time from work, traveled 1000+ miles several times a year to help care for her.
Again - lived off credit till we used it all up.
Banks kept offering to re-finance again - this time we decided not to - $20k in debt, did not make sense to pay over $8k in closing costs for that much debt.
We were already over a year behind in CC payments and they were ready to sue.
We filed for BK w/o attorney - could not afford one.
Turned in a 2004 vehicle that we had just gotten 100% financed. We did not really realize that the $1600K+ a month house payments were the reason we were struggling so much (in addition to the car payemnt).
SO - after already filing chapt 7, I contacted mortgage company.
Consulted with sister in law newbie broker - said we could sell probably at $165-170K.
Owing $177k to 1st Countrywide and $29k to 2nd HSBC. Thought after BK we could walk away with "something" after being in home since 2002.
After review of the soft market and many foreclosures in our neighborhood (no sales in 5 mile radius in 6 months) she (broker) suggested short sale instead of letting it go to foreclosure.
I contacted mortgage company about in deed of lieu - would not consider till house was on market for 90 days at FMV.
SO - we listed at $122k (against my better judgement - I figured better be high and come down, than try to go up).
My broker thought if someone can buy the same house in our neighborhood in pre-foreclosure for $120k why would the even look at ours for $144k? So we went with lowball price.
All listed and BPO submitted prior to judicial notice being served on 3/6/08.
Now we have no current offers (expired), HSBC sent out someone for a "interior inspection" already and then CW called and said they would have someone call to schedule an appraisal.
Broker suggested we wait until appraisal is in to market the house slightly above or at the appraisal.
We are just so tired of showing the home - having our neighbor take our dog over his house so he doesn't yap constantly during a showing, plus the early show ups - the late show ups.
Why not just sit and wait for the "cash for keys" offer that I have read about?
We were trying to help sister in law get started in real estate, she was trying to help our credit score.
Now we all hate this - never do business with family rings in my head day and night.
She doesn't even want to list another short sale (friend) that I was going to offer her ("too much work") because
she was getting partial split deals with the owning brokerage that were not short sales.
I start learning about short sales AFTER getting into one (big mistake).
So one mistake after another - here we wait for the countdown.
I think 120 days in FL if we don't respond to the judgement till sheriff sale in Florida?
Case s/b assigned to someone in CW tomorrow 3/25/08 - so we haevnt even gotten to speak to a person to proceed
with how backed up they are - who moves quicker - loss mitigation/short sale OR foreclosure department?
So we are basically backwards with how we went about this - and as far as equity, I don't see any in this "market" right now.
Whew, sorry so long but hope I clarified scenerio/dateline.
Appreciate your advice and patience!!!
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