My husband is being relocated. We must sell but have a short sale on both sides of us

**lizinva1** · 04-01-2011, 12:45 PM

My husband is being relocated to Huntsville.

We are underwater in our home but his package will help with up to $36,000. We have a second mortgage of $44,000 which we will pay off.

We live in a suburb of D.C., Prince William County which has been hit hard with foreclosures and short sales.

We don't want to rent because we would lose at least $1400.00 a month and we want to take advantage of low interest rates and the buyer and seller assistance we get from the company.

We also just want to get rid of the stress, we already have a condo in Oklohoma City that we were stuck with from a military move. We only owe $25,000 on that with a VA loan and the rent makes the mortgage.

I need to get $475,00 for my home. The one short sale that is now pending got multiple offers at $370,000 and got above that price. The other sale has closed, they sold for $385,000 after seller assistance was thrown in.

Two questions. Is it possible to get a fair price when competing with short sales.

I also want to know if I can buy another house using our VA if we have some tied up in the condo?

I appreciate your time. Thank you!

I do have a call in to a realtor and filled out info for a market analysis but I would like as much input as I can get from experts who might have run into the same situation.

I also want to add that a short sale is not an option. We would not want to ruin our credit and my husband has a security clearance.

**Greg** · 04-02-2011, 06:17 AM

If the houses on both sides of you sold for the high 300's then your house is worth the same. Sorry, but short sales affect prices of everybody.

**stopmyforeclosure101** · 04-09-2011, 01:14 PM

Unfortunately your situation is not uncommon. The fact that you need to relocate is by itself considered as a hardship.
If I may, I would suggest 2 things:
First: contacting your lender and let them know about your situation.
You should find out about what your options are even though you are not considering a Short Sale. Can they reduce your interest rate? Do a short refi. Do you have enough equity to sell the house at market value? Since the comps you have are in the high $300 K you might have no choice but get in line with the market if not your house will be sitting for a very long time and get no activity at all.
Second: Try to rent it out if your mortgage payment is no less or close to your monthly payment.
I am afraid; you might need to adjust your priorities and chose the best option for you.
Good luck to you.
JJ

**lizinva1** · 04-09-2011, 06:21 PM

JJ,

Thank you for the reply. We have decided to sell the house and get what we can, and come to closing with the rest. It is a harsh reality, but we are fortunate that we bought a house we could afford and we have saved some money.

We think moving to a lower cost area is going to offset the cost out of pocket. We will have just as nice a house for half the mortgage.

We can't do a Short Sale for a couple of reasons. We can pay the mortgage and even the loss between mortgage and rent. My husband also has a security clearance. I really feel for people who have clearance and have to do a short sale.

We also got stuck with property in the 80's when the military moved us. We still own it and rent it out. It isn't high cost realty and we break even with the rent.

The house we have now would put us in the hole each month.

I am ready to sell and move on and I will use this as a lesson when buying my new home. We bought in 2004 before the peak and had no idea what was ahead!

**LVrealestateHELP** · 04-11-2011, 10:42 AM

When selling your home you will need to price it competiively amungst both REO's and Short Sales. This is unfortunately, today's market sellers are forced to deal with.

**Zach Sikes** · 04-11-2011, 12:54 PM

On your home in OKC: You could refi that one to a conventional loan, and use your VA loan elsewhere. You can only have one VA loan at a time.

I am actually work the OKC area. Where is your home?