View Full Version : Is Anyone Out There Who Works At A Bank or Mortgage Company, I Need Advice

04-24-2012, 01:32 AM
I own a house in Anderson that has dropped in value because of the way the economy has been and that there are a few houses for sale in the same area that are crappy. I just dropped the asking price by 3000$. We have come to the conclusion that we need to drop the price even more to get it to sell. Our realtor discussed that we should drop it again and that if it sold at a lower price that we should expect to have to pay out and extra 4000$ or so at the closing. I asked her if we were to go to our bank that has our mortgage would we be able to continue to pay that down like a loan so we wouldn't have to come up with an extra 4000$ To try to get. She said that banks won't do that. I am going to the bank tomorrow and I am going to speak with their loan officer to see if there are other options that would be better. We just want to get out of the house with the least amount of getting screwed as possible. My wife says we should find another realtor and my brother in law thinks we should rent it out for a few years. I'd prefer not to rent it out because I have a fear of having someone trash the house. Any advice would be great.

04-24-2012, 04:23 PM
Not promoting myself as your realtor....ahem....ask your agent to work up a sheet showing what your break even point is with these points in mind:

What do I pay in seller closing costs, and
how much do I pay in pro-rated property taxes
how much do I pay if the buyer asks me to pay their closing costs (figure 3-3.5% of the sale price)
What is the sales commission?

With that considered....where is my break-even point?
(you may have to tell them your mortgage balance at this point)

Set the price a couple grand over that for wiggle room and accept the fact that they will try to argue you down, want you to pay their closing costs, and want pro-rated property taxes.

Remember too...an inspection may turn up needed repairs. You don't have to agree to repair anything unless it is a health or safety issue, but some issues can be so important to a buyer that they'd be willing to walk away if you won't make the repairs.

If your agent cannot tell you this give me a holler and I'll see if I can figure it out for you.

04-27-2012, 03:12 PM
Just curious how things are working out for you???

04-27-2012, 06:22 PM
I haven't heard anything from her but she usually does her e-mails at night. I usually have to send 2 e-mails also because she responds better that way. I know my wife is getting frustrated with her so she may caqll her tomorrow while I am at work. It has been listed for 2 years now and dropped the price from 57000 to 53000. I am gonna ask her about break even again and see if we can drop it again.

04-27-2012, 06:36 PM
Good luck, hope it all works well.

04-29-2012, 01:08 PM
Thanks a lot, she did get back with me and I sent her my property tax info and she said she would send something to me by later tomorrow. Thanks a lot for the advice.

04-29-2012, 03:15 PM
??? She's just now getting your property tax info?? Perhaps it's done differently in Anderson but here we enter that when the house is first listed for sale. Just curious, that was not meant disparingly.

04-29-2012, 11:27 PM
She told me that they have recently changed something with the taxes and she was just wanting to be accurate. She said she would have a break even sheet to me before I go to work tomorrow afternoon.

04-30-2012, 07:51 AM
Yes, I did just get my Prop tax statement for this year so perhaps that is what she meant. No doubt in this market she is trying to do the best she can...nobody wants to lose a client.

05-05-2012, 12:40 AM
Yeah, she is getting back to me more often now and I hope we can sell the house soon, but not too soon now since I am still waiting on the Veteran's Administration to find out if I am gonna get the grant money to start my own shop up officially. I am starting to get too much business and I only have a little space. I have to get three engines done by May 15th for advertisement. I have zero done now, but I am waiting for parts. Hopefully some of the rebuild kits come so I can get these things done. I think because I really take my time and make sure everything is just right it looks like I am a slow worker, but it is much better to be a little slower but mistake free rather than knocking them out and having to take one back apart to fix something dumb that could have been prevented. Sorry about the tangent there.

05-05-2012, 01:13 AM
i'll sell that house! :p