How Can We Sell Our Underwater Home?
Q: Is it possible to sell an underwater house without emptying your bank account through creative use of loans?
My wife and I need to sell our house in order for me to take a job out-of-state. We consulted a local realtor, and she estimated that we could lose as much as $37,000 on the sale. We have that much money, but don’t want to empty our bank account (this is part of our retirement savings). We also don’t want to stiff the mortgage holder. Are there loan programs that would allow us to sell the house, supplement what we receive from the sale with the loan funds in order to pay off the mortgage, and allow us to pay off the supplementing loan in a way that would keep us from losing all we’ve saved?
A: I’ve done short sales for owners who were moving out of state for employment reasons. That qualifies for a hardship.
They were also current on their payments but because their house was not worth what they paid, they had no choice. Is your retirement money in a 401K or other type of retirement account? Typically they bank will not require retirement money to be accessed to pay what you owe. I’d be happy to talk with you about possibly doing a short sale. Another option is to talk to a creative lender.
– Ginny Vickers
RE/MAX REALTY CENTER, Real Estate in Wisconsin
Thank you for visiting our REMAX REALTY CENTER, Real Estate in Wisconsin website.
Please feel free to contact us for any of your residential or commerical real estate needs including an online market if you are a seller, or finding a home if you are a buyer.
Our real estate focus in the Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dane County, Dodge County and Washington County areas. Several agents in the office also their IRES designation (International Real Estate Specialist) so they can assist you with all your real estate needs in Wisconsin, the USA or anywhere in the WORLD!
When you are seriously looking or just browsing at real estate in Wisconsin, RE/MAX REALTY CENTER, Real Estate in Wisconsin, is the BEST resource to help you with all your needs and questions, whether a first time home buyer, relocating to or from the beautiful LAKE COUNTRY area, looking to invest or explore foreclosure opportunities or just thinking ahead to the future.
Lisa Bear is the broker/owner of RE/MAX Realty Center, Real Estate in Wisconsin (262-893-5555) is an experienced real estate agent in Waukesha County and the entire Milwaukee Metro area. Lisa thinks "outside of the BOX" and encourages her agents to do so as well. If you want creative options and exceptional marketing and service - look no further!
The RE/MAX Realty Center Office, has experienced agents with expertise in luxury home marketing, lake property experts, foreclosure and short sale specialists, investment and property management brokers and commercial brokers.
Our agents areas of service include, but are not limited to:
The prospering communities of Waukesha County including Delafield, Waukesha, Oconomowoc, Pewaukee, Waukesha, Sussex, Wales, New Berlin, Dousman, North Prairie, Mukwonago, Chenequa, Menomonee Falls, Brookfield, Elm Grove, Okauchee, Eagle, Muskego and Merton.
Great municipalities in Milwaukee County including Milwaukee, South Milwaukee, Wauwatosa, Hales Corners, Greenfield, Glendale, Franklin, Bayside, Brown Deer, Cudahy, Fox Point, Greendale, Shorewood, Oak Creek, St. Francis, West Allis and Whitefish Bay.
The hometown favorites of Washington County, Jefferson County and Dodge County including Watertown, Hartford, West Bend, Germantown, Jackson, Richfield, Ashippun, Lake Mills, Jefferson, Johnson Creek, Slinger and Erin.
Lake Country Living on one of Waukesha Countys great lakes as a full timer or vacationer is a must and there are some great lakes to choose. Nagawicka Lake, Pine Lake, Oconomowoc Lake, Beaver Lake, Okauchee Lake, Pewaukee Lake, Moose Lake, North Lake, Lake Keesus, Lac La Belle, Upper Nashotah, Lower Nashotah, Upper Genesee, Lowe Genesee, Middle Genesee, Upper Nemahbin, Lower Nemahbin, Fowler Lake, Golden Lake, Pretty Lake, Silver Lake, Waterville Lake, and Crooked Lake. Great lakes of the surrounding area also include Lake Michigan, Rock Lake, Big Cedar Lake, Little Cedar Lake, Pike Lake and Lake Ripley.