Need to Sell My House Fast

Our current house is assessed at $655K, and we own $140K on it. (Potential sale profit of $500K) How is the best way to get the maximum amount for an immediate down payment (the house we like will sell FAST!) without having already sold our current house? Or are we out of luck? Our existing house should sell quickly when it’s ready to go on the market, so we should be in a position repay a loan or HELOC within a few months. We also have retirement plans from which we could also consider borrowing.

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I am in my mid-twenties, and I am attending an expensive university in Southern California to get my Master’s degree in Clinical Psychology.

By the way, please excuse me if I use financial terms incorrectly…I’m really unfamiliar with financial terminology.

I am originally from Canada and am a home-owner in Calgary, Alberta – my parents sold their large house when I was 20 and bought another house for themselves and build a smaller house under my name. I am technically a property owner. They did this so that I could get a substantial loan for university.

My property assessment in 2008 was $416,000 (Canadian funds).

I received a loan of $150,000 (Canadian funds) in October of 2008.

I recently spend a large amount of money ($47,500 US) to put a family member through alcohol treatment. I realize that is really expensive, but I tell you, it was worth it to see this person sober. However, that was basically 1/3 of my loan.

My schooling is costing around $62,000 US for the 2 year Master’s Degree. With rent, utilities, living expenses, plus everything I needed to buy when I moved down here from Canada (furniture, etc), I am running out of money really quickly. I’m working on getting an $80,000 (Canadian funds) line-of-credit from a Canadian bank with my parents’ help.

After the economy improves, I would like to sell my house in Calgary (say, within the next 5-7 years) so that I can begin my life debt-free. My parents want me to keep the house so that I can have some sort of collateral/assets (?) in the future. I am arguing that the house is not really “worth” anything because I have loans that are $150,000 + interest. I really don’t want to spend the rest of my life paying off student loans if I don’t have to.

Any advice??

Thank you so much in advance.

~K
The first poster is right, it’s not a student loan. I was mistaken when I said that at the end.

Also, I am renting the property in Calgary for $1700 (Canadian), which is around $1500 US.

I don’t really anticipate moving back to Calgary. I love Canada and miss it a lot, but I can’t take the winters…lol. It does get warm in Canada, but not as warm as So-Cal!
Also, because I’m here on a student visa, I can’t legally work in the States until I’m finished school, except for working on campus (and I can only work 19.5 hours/week.). I checked and there aren’t any jobs available right now.

To be a Marriage and Family Therapist in California, I need 3000 hours of clinical work experience (which I will most likely be doing for free), so even though I could potentially work on campus, I would like to focus my time on getting my 3000 hours.

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I have two years left on my mortgage…I am pretty much paying principal at this point. My home would sell for around $165,000 in good condition, however, due to being a single mom I have not been able to keep up with many repairs and I do have some water damage in the basement. I would like to relocate due to a job situation. My question is…should I hold on to my home and pay it off and fix it up or sell as is quickly and move on? Any advice would be appreciated.
This is in a Pittsburgh suburb, nice neighborhood house is located in a cul-de-sac.

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I talk to my Real Estate agent back in August my home is listed on the market. Now is December. When will my home will be sold. The home market price is $212,000 but I’m selling it from $190,000 since the market is not doing so well. I only refinance once. I would sell it for 175 or 189 but I need the rest of the money to pay dues, loans and 20 grand for moving expenses moving cross country to west cost. I’m a veterans so I don’t need to put a money down on a house.
My forecast is that my home will be sold by early next week. I had 3 prospect buyers but they change their minds.

Here my listing http://homes.realtor.com/map/search/listingdetail.aspx?zp=08879&mnp=21&mxp=20&typ=1&sid=c3664834d4024c7bb21bc893f8c02c1c&lid=1088599585&lsn=5&srcnt=6#Detail. What are my option to sell my home more quickly ?

Kansieo.com

I would like to sell my home myself in a fast-moving neighborhood. But really don’t want to pay a real estate agent. Is there a way I can put it on the local MLS for a fee? I’m sure it will sell quickly and I may consider giving the buying agent a commission. But due to the low value of the home, I doubt a listing agent will represent it well or lead buyers to it. I don’t want to pay him/her a commission he/she doesn’t deserve.
I know a listing agent can be beneficial. The problem is there aren’t any good ones in my area. I don’t need assistance in marketing my property. Most houses for sale like mine aren’t featured in the local publications. Agents focus on the expensive houses. Often I see selling agents encourage the sellers to take a low ball offer. I know what my house is worth and what the ones in the area are selling for. I know what I will accept for the house. I know what to disclose about the house as well. Like I said houses in my neighborhood move quickly. The FSBOs go just as fast as the ones listed. Thanks to everyone for their input.

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My grandmother’s home has just been sold. This home has a lot of sentimental value. While I know there is no way that I could persuade the new owners to let me have the home, I am praying that someday in the future this home will be up for sale again and I would be able to buy it. I’m only 22

Let’s say this were to happen. From now until then, what would be the best way to save the money quickly to put a downpayment on the home? I started thinking about buying a foreclosed home in the area in a year from now, but I don’t know anything about foreclosures. All I know about real estate is that if you buy a home and eventually sell it, you will most likely profit from the sale.

Could someone advise me about foreclosures (in layman’s terms, since I don’t know real estate lingo)? And has anyone ever heard of an actual case where this actually happens (my scenario that is)?

I know this is a crazy pipe dream, but I feel like this home needs to belong to a family member, maybe me
I want everyone to know that while I’m only 22, I feel like I would be financially responsible enough to handle this kind of a situation. It requires lots of sacrifice financially, and if that means I only provide myself with essentials to live, then so be it. I have dreamt about having this home since I was a little girl. I can’t see it belonging to a stranger. It has already been very hard on my grandmother, as she is moving out of there because she cannot keep the house up, not because she wants to leave.

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Hello. I am in a bad situation. I was forced to refinance my home about a year ago at a payment that was way too high for me but i would rather not get into details on that part
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I need to come up with about 10k very fast as i really have some issues that need to be resolved QUICKLY and refinancing is out of the question by the way.
my home is worth around 88-90k , the payoff on the loan i have out now is around 76k. Is there a way i could sell this home to my fiancee which has no legal tie to me yet and we could come out with a lower payment and at least that much cash out of the deal?

I was forced into a 15 year mortgage by the way so my payments now are problably double what they should be.
Fiancees credit rating is around 550-600 according to an online estimate at bankrate.

I am desperate if you didnt notice, we would rather pay a high interest loan or even the monthly payment we have now than to face what would happen if i dont come up with the 6-10k .
And if you tell me you may be able to help like marty the real estate guy down there im not going to email you- your not getting a dime from me. Sorry but internet scams are becoming worse than the real life scams.
cheryl g, yes you can be forced or tricked into this. Its called fraud, where one party offers a certain amount of money for your deed of trust but then switches the paperwork around.

My situation was along the same lines as a foreclosure rescue scam, but i was not in foreclosure actually my home was paid for in full but i wanted to purchase a business from someone, they ended up being a dirty real estate broker that switched the paperwork up after i signed it and before it was recorded so as the look like i borrowed money from them for “no reason”.

Situation is terrible.

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I live in a half a double house in a small country town. Because of family problems my husband and I would like to move quickly. We have listed our home in the past with several different agents and have had no luck. Our biggest problem is that we put more money into the house than it’s worth. Regardless…I am willing to take a loss as long as I can sell it for the balance owed and hopefully a few extra thousand for closing cost and what not. My question is…what is the best route to take in order to sell my home as quickly as possible? This situation is driving hubby and myself crazy! Any and all advice and suggestions would be appreciated. Thank you so much!

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We need to sell our house quickly due to relocation. I’ve contacted a couple of those websites that offer to buy your house no matter the condition for cash. My house is in great condition and we know we’re going to take a hit financially whether we try to sell it the ‘old fashioned’ way or otherwise (we’ve only had it a year and homes don’t appreciate well here, even with a good market). My questions are these: What are the pros/cons of selling for cash? How do I pay off my mortgage if I get ‘cash’? Will it affect my credit? Will I take a hit from the IRS? We really need to be out of here in about 5 weeks. Our house has been on the market now for about 2 months with little to no response – Texans and their irrational belief that any house with an upstairs master is not worth their time…
Please, any useful advice would be greatly appreciated!
Thanks to those who have reponded so far. First, yeah I know it won’t be a big bag of cash with a dollar on it or anything, haha! Also, it’s listed slightly below market value at this time and if we go any lower we will be selling it for less than we bought a year ago. Renting – we’ve got it listed in a couple of places, no interest in that either right now and it makes me nervous to rent when we’ll be out of state.
Thanks for such great answers. I should totally take back what I said about Texas and their beliefs. I know prideful people in TX can be and honestly, I do understand the downstairs master thing, we just prefer to have all beds up and knew it would make for a difficult sell later on. We just didn’t count on having to make it sell after just a year. I’m in Houston, by the way.

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I am in the military and just got short notice orders. I applied for a humanitarian due to a death and now will be moving in about 30 days. I did not realize that it would go through that quickly and I know that my house would not sell that quickly. A woman at work suggested that I sell my house to a real estate agent so that they could turn around and rent it. Has anyone heard of this , if so can you step me through the process. Thank you for your help in advance.

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