Drained ...what Would You Do? VENT

Jen, I am sorry to hear about your situation. We put our house up for sale 3 years ago, about 2 weeks before Fannie Mae and Freddie Mac went down. It took 2 years and over 100 showings before we sold the house. My husband worked out of town and was rarely home. I worked full time and juggled 3 kids while trying to keep the house ready for the countless showings. When I look back at this time, I am amazed that I got through it. I cannot imagine doing it again. It was a very difficult time for all of us.

Looking back, I wish we would have J. lowered the price of the house to the lowest possible amount (without owing on the mortgage). The thing is, homes ARE selling if they are priced well. In fact, we put an offer on a home 2 weeks ago; the home was incredibly priced and what happened was several people put offers on the home within 2 days of it being listed. The owners said they would accept the highest offer and asked if we wanted to submit a higher offer; we offered the listing price plus $1.00- and were outbid. So this home was sold in less than a week, for more than the listing price! When we listed our home, we slowly reduced the price over time, hoping to still get some decent equity out of it. I think that with how many homes are for sale, the house has to seem like an awesome deal to get sold quickly. Another thing to consider is switching realtors. I am glad we did; once we switched, we got better feedback and made some very inexpensive changes to the home and it sold in a few months.

Many people would buy a house "full price", even with all the short sales out there, because short sales are a pain. We are actually closing on a home today and we would not consider any short-sale homes; we have heard too many stories of people waiting for months to a year on the bank(s) to approve an offer. There are many people who are not patient enough for that process.

It sounds like it might be a good idea to call around and interview some new realtors and see what they can do for you. Find an office that clicks with you and has an aggressive marketing plan. Find out what they can and will do to get your home sold quickly. In the meantime, it helps to know that this phase WILL END and when it does, I promise life will be much sweeter...while I hated that stressful time in my life, I really think that I appreciate my life and family much more now than I would have because of going through that. Good luck to you!

Given your situation, I assume you have a pending divorce. So, I would avoid ruining my credit at all costs. You need to have money stashed and boost your credit as much as you can to be independent, boyfriend or not. I am not sure what a short sale would do to your credit - but if it hurts it, I would explore other options.

Do you have a realtor? Are they agressive? If not, get a new one!

Have you considered lowering the price of the house? Even if you J. break even, that is better than what is going on now.

Hang in there....it will all work out. We all have situations like these that seem like they last forever. They don't. You and your daughter will be J. fine.

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I would do a short sale. With the new rules surrounding them, your credit won't be ruined. Yes, it will take a hit, but not nearly as bad as a foreclosure. And if you're still separated after two years, I'd get a divorce too. Ask your realtor to assist you in setting up the short sale or refer you to someone who can. You may need to stop paying the mortgage in order to qualify.

Can you guys rent it out and cover your mortgage?? that might be an option to look into....

If you are still paying on the mortgage, why can't you still live in the house until it sells?

You can also ask the bank if they would consider a "deed in lieu of foreclosure" but I am not sure how this affects credit rating. Also, have you looked into programs for single moms that might help you stay in the house - lower your payments so you can afford them or get some other type of assistance?

if your house isn't selling...rent it....talk to the real estate agent and ensure it's priced to sell....

did you have a home inspection done to find out any deficiencies that would keep it from selling quick?

is the house ready?! if you can't put money into - do the HGTV thing - call and or write one of them and ask for their help..

Yes, I'd pay full price for a house that was what I wanted, where I wanted and had what I was looking for...there are many times that I settle for things - but a home - no, I try very hard NOT to settle there....

It sounds like you need to stop running all over the place...look for a job closer to home...you are doing a lot of running around...since it's on the market you can't refinance it but you can do simple things to help it sell...to save money? bring your lunch....that saves $200 a month....watch your errands...don't skip all over town - make a list....use coupons....

bottom line? talk to your real estate agent and ask their opinion...find out what people who are touring your home are saying....if you aren't getting foot traffic - then either the real estate agent isn't doing their job or your house is over priced and not ready to sell....sorry!! if push comes to shove - consider a short sale - a short sale is better than a fore closure.

Is there still furniture in the house? Fixtures? Perhaps you could rearrange and redecorate a bit. Dust and shine things up. Add a couple of large mirrors that would reflect windows to make it look larger. Simple things that don't cost much and things you might already have in the house and J. need to rearrange. Make sure the yard is being tended and have someone add perennial flowers that don't need tending. Make sure your ex is involved in the upkeep of the yard until it sells. Find a realtor that's invested in the sale and will help with the upkeep and give suggestions for handling the inside even if it's J. washing floors and mirrors to make things sparkle and smell clean when people show up.