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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] This is a long shot. Posted by Tom on April 03, 2008 at 4:16 PM In Reply to: About to go into foreclosure, about $40k in equity, need advice posted by SS on April 03, 2008 at 12:08 AM How long did it take to sell the neighbor's home and how much did they have to drop the price? How many homes are for sale in the neighborhood? Generally the way houses look externally reflects their interior condition. You didn't tell us the state that you live. Time to foreclose will depend whether it's a judicial or non-judicial foreclosure state. What other house sold for 2 months may not be attainable today. Nationally there's a 10 month supply of homes on the market, and the worse areas it's 18 months and higher. The required repairs are a huge negative in any market and the price will have to be a bargain to move and a super bargain to move fast. If the 2nd is still willing to settle, you might have come out with some equity if you can sell before either forecloses. I'd talk to three experienced F/T realtors in your market and get their opinions as to the value of your house. Use the lowest value given. Call the 2nd and see if still willing to settle and how much time they'll give you. Assuming the second is game, then call the first and tell them the game plan and ask how much time they can give you. Unless there's some enacted mortorium on foreclosures there's probably not enough time to sell the house before foreclosure. Start tomorrow. Time is wasting. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : How long did it take to sell the neighbor's home and how much did they have to drop the price? How many homes are for sale in the neighborhood? Generally the way houses look externally reflects their interior condition. You didn't tell us the state that you live. Time to foreclose will depend whether it's a judicial or non-judicial foreclosure state. What other house sold for 2 months may not be attainable today. Nationally there's a 10 month supply of homes on the market, and the worse areas it's 18 months and higher. : The required repairs are a huge negative in any market and the price will have to be a bargain to move and a super bargain to move fast. If the 2nd is still willing to settle, you might have come out with some equity if you can sell before either forecloses. I'd talk to three experienced F/T realtors in your market and get their opinions as to the value of your house. Use the lowest value given. Call the 2nd and see if still willing to settle and how much time they'll give you. Assuming the second is game, then call the first and tell them the game plan and ask how much time they can give you. Unless there's some enacted mortorium on foreclosures there's probably not enough time to sell the house before foreclosure. Start tomorrow. Time is wasting. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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