jon & Corrie A asked:


We have not missed or had any late payments on our mortgage (through M & I bank), although we are now paying our mortgage with student loans (bad idea, I know) because my husband lost his job, and we’re both now in school. We had three offers and accepted one a week ago. We are approximately 15K short due to paying too much 3.5 years ago, the dip in the market, several bad choices to refinance, and some problems we found in our house AFTER we bought it (water in the basement that sellers didn’t disclose–we have spent thousands to fix this issue). Our realtor deals with short sales regularly and seems very confident, but I won’t be sure about anything until the deal is done! Just looking to hear what others experiences are or from anyone who has knowledge on short sales!

Sue

SteveO asked:


I am looking to buy my first home and I found one that is listed at $210,000 but it is a short sale. What does this mean? Thanks

Dora

miss_fred asked:


We are putting our home up for sale and wonder if maybe any realtors out there, or recent home buyers have any advice on personal touches we can add to our home, such as simmering vanilla on the stove, opening all the curtains, setting the table with your best china, that sort of thing. Thanks.

Kelly

Nicole K asked:


I asked a owner of a home for sale if she would consider renting to own. She said “she is open to anything” so she will talk to her bank about it. So what happens next? She also has a Realtor, will this make things more difficult? Who makes the decision to accept me or not, the bank or is it up to the owner?

Earl

Len M asked:


I am looking for information to avoid a bad situation.

Stacy

muddog1121 asked:


Made an offer on a home, offer accepted. Sent sales contract and ck made out to title company, got an e-mail today stating that the seller received another offer after ours was accepted (and the home wa not on the market after our offer was accepted), and the offer we submitted is now not going to be accepted, they want us both to resend another offer and they will review those offers. Can they do this?

Phillip

E S asked:


I hear too often that if my home has equity then thats great when it comes time to sell. The way I see it is that If I own a home free and clear then selling the home will allow me to keep all the money. If I still owe 20000 on my home and it has equity of 400k If I sell it for 400k then I simply pay off the balance of my mortgage (20k). Am I missing something here?

Jeremy

JUSTON G asked:


I am joining the Army and will be leaving in May. I am not going to be able to pay the mortgage once I am gone. I have been unable to sell my home over the past 60 days, to investors only, I have tried to sell it for the principal balance, and I am being told I owe more than it’s worth, i only have one mortgage. I am currently 30 days past due. I could pay the mortgage. But I was told by my mortage company that to be eligable for a short sale, I would have to be atleast 60 days past due! so I didn’t pay them last month and worked very hard to try and sell it, I have had no luck!

Ella

BEJARANO asked:


I am interested in buying homes at the trustee sale. My concern is to know exactly what liens I will be responsible to pay if I am the successful bidders at the court house. Any advice would be appreciated.

Earl

bigboatguy asked:


I have a spec home on the market (Metro Detroit - the foreclosure capital!) and the carrying costs are starting to add up. I’m wondering if I should try to rent it out to cover my expenses, or just continue to ride out the market. Dropping the price isn’t always the best option (plus, I’d like to make a little money on the deal:)). I’m wondering the pros and cons of renting. I really don’t feel like being a landlord, but I also **** to see money fly out the door each month while I sit and wait for the horrible housing market to turn around. Based on current rentals in the area, I’ve determined I could make a little money each month, but I really need to get that construction loan off my credit! Any suggestions would help.

Thanks

Jeff