Urgent! Your Input Needed!

By
Real Estate Agent with RE/MAX Haven - Northeast Ohio Real Estate Specialist

I have a lovely family that needs to move into a larger home.They would like a property where they can raise chickens!

No problem, right? Let's go, great bargains available and rates are down! They have great credit and a very good job, too!

Unfortunately, they own a home now that they have been very faithful paying down, but the market has been unfaithful swallowing all their hard earned equity, and we cannot sell their home without creating a loss.

They can't add on to have the space they need, because they will overbuild the neighborhood.

They can't get a renter to solve the problem, because they won't be able to get a new mortgage since the first mortgage will be a debt and ruin their ratios. If they do get a renter, it will be two years before the property is considered an investment property.

They really need to move asap. The family is growing and the current square footage is postage stampish...

I have run out of ideas: lease option, rent theirs and they rent another, etc. These choices do not seem like good alternatives.

I told them I would ask my brilliant friends on AR - so what do you think?

Dawn Maloney, REALTOR®, ABR, with RE/MAX Commitment.

Serving Hudson and Northeast Ohio since 2003, Call 330-990-4236.

www.DawnSold.com

Your Referrals Are Treated With Skilled Care & Appreciation!


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Dawn Maloney, REALTOR®, Member of The Institute for Luxury Home Marketing
RE/MAX Haven Realty

Best Listings from Dawn Maloney, REMAX Haven Realty    Direct:  (330) 990-4236         Email: dawn@dawnsold.com

"Distinguished by Service" Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, Lake, Geauga and Cuyahoga Counties since 2003. Dawn Maloney, REALTOR® | RE/MAX HAVEN| (330) 990-4236 | All content ©2006-2014 by Dawn Maloney, REALTOR® unless otherwise noted.

Disclaimer: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.

 

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Topic:
ActiveRain Community
Groups:
ABR-Accredited Buyer Representatives
Diary of a Realtor
Ohio Active Rainers
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Tags:
rentals
getting a new mortgage
missing equity
upside down sellers
do you have a brilliant solution for this problem

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Rainmaker
210,457
Tim Bradford
NMLS 250013
American Midwest Mortgage

Dawn,

I will try to find out this week and drop you an email. 

I agree that the program is great and very under used.  For any realtors that would like a little more information about the program, Check this site  

March 22, 2009 08:59 PM
Rainmaker
178,702
League City, TX - Worrell Team, REALTORS, GRI, CNE
Bayou Properties Realty

Sounds like they may have to bite the bullet or wait.  Let us all know how you work this out...  Sorry I can't think of anything that hasn't been mentioned already.

March 22, 2009 11:11 PM
Rainmaker
340,150
Lori Mode
Mode and Durham, Your Elk Grove Real Estate team
Keller Williams Realty - Elk Grove, CA Homes for Sale

Dawn - unfortunately we all have clients like this at this time.  There is no easy answer for the millions of homeowners in this situation.  I wish there was.

March 22, 2009 11:47 PM
Rainmaker
210,457
Tim Bradford
NMLS 250013
American Midwest Mortgage

Dawn,  I sent an email off last night and got the reply already.  They did recieve additional funds and also funds from the new Federal budget and believe they are now good the the year.  

March 23, 2009 06:33 AM
Rainmaker
1,516,859
Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Dawn,

Unfortunately Lenn is right on this one!

April 08, 2009 07:07 AM
Anonymous
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Rainmaker
340,269

Dawn Maloney

330-990-4236 Hudson Stow Cuyahoga Falls Silver Lak
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