Results 1 to 3 of 3
LinkBack URL
About LinkBacks-
02-24-2008, 11:04 AM #1
Renter
- Join Date
- Feb 2008
- Posts
- 1
pre-payment
Hello everyone-
My wife and I want to list our house in Orange County, CA in March (looking at Monday, the 3rd). Problem is, we have a $17k pre-payment penalty on the loan that doesn't come off until early June. Thinking about this earlier, I wasn't aware that when both parties sit down to finish the sale, the check for the full balance is sent directly to the seller's lender by the buyer's lender. So you see the predicament I'm in there. I really do not want to do a 90 day escrow (for fear of turning off prospective buyers), and I don't want to wait to long to list (in April or May).
Just a couple thoughts off the top of my head were to take out a HELOC with the same lender to put the balance owed just a bit above the amount we could get for the house. I found that wouldn't work when I heard pre-payment penalties are imposed even if a large % of the loan is paid (some as low as 20%). Is there anyway, I can avoid that pre-pay? If not, should I just wait until April?- In the case that we do list in April, I doubt our house would move in a month with the market (taking into account 30 days for escrow), but you never know. Maybe I just take a chance and list in March. Any ideas on avoiding the pre-pay?
-
02-25-2008, 06:48 AM #2
Condominium
- Join Date
- Feb 2008
- Location
- Tampa, FL
- Posts
- 234
You can still put your house on the market now, I would just state that a closing could not happen until the date past the prepay penalty. An agent would know how to handle this, just make sure to let them know at time of listing.
Search the Tampa Florida Real Estate MLS
Tampa Florida Real Estate
Decorating to Fit You: Interior Decorating Blog
-
02-25-2008, 11:29 AM #3
Condominium
- Join Date
- Jan 2008
- Location
- Apollo Beach, FL
- Posts
- 340
Not sure how the market is there...but assuming that it is somewhat slow, and you are not overly agressive with your home price, the home probably will not close before that date.
Tampa Real Estate | Tampa Foreclosures | Tampa Real Estate Blog | Brandon Real Estate
Team Masse services the Tampa Real Estate market and: Tampa, Apollo Beach, Riverview, Ruskin, Brandon, Lithia, Valrico, Gibsonton, South Tampa, and Channelside District, Hillsborough, Sarasota, Manatee, and Pinellas County. Referals are welcomed and given. For more information on Tampa Real Estate, please contact us direct or visit the websites above.
Join my Techie Realtor Group on Facebook
Reply With Quote
Bookmarks