Monday, November 9, 2015 / by Extreme Home Selling Team
Many people have found themselves in this predicament... You might be one who managed to hold onto your primary home through thick and decidedly thin times. You're not late on any payments but you simply don't have the necessary funds to make much-needed repairs like Termite Damage, Cracked Foundation, Roof Replacement, etc. Before you panic, let's take a look at some of the myriad solutions for your situation.
We'll need to play a game of "If This, Then That"!
Do you have any Equity in your Home?
No? You should look at the HARP (Home Affordable Refinance Program) if you have a very high interest rate with little to no equity. Additionally, the loan must be owned by Freddie Mac or Fannie Mae. It must have been originated on or prior to May 31, 2009. The Loan-to-Value Ratio must be greater than 80%. There are complete details at www.harp.gov/eligibility
Yes? Can you refinance and take out cash to pay for the repairs? Or perhaps get a Line of Credit versus a complete Refinance?
If these options aren't going to work for you, consider listing the property for sale with the cost of repairs built into the price to encourage immediate offers.
Don't forget though the Jobs Report says Sarasota's Employment Outlook is rosy, many people are still working multiple jobs to pay all their bills. There are contractors who ARE HUNGRY and will work with you. You've just got to do your due diligence and find them! You may be able to get the work done for less than you imagine especially if you can barter or trade something of value to the contractor. It doesn't hurt to ask and all they will say is no thanks!
Please keep our Team in mind when you do decide to sell your home. Put the Extreme Home Selling Team to work for Your Family!
CHIP DEACON, Broker-Associate
Jeff Kaplan, Customer Care Team
Shari Shepard, Team Admin
Laura Dobrin, Realtor - Buyer's Agent
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