I have lived in my home in Overland Park, KS. for 15 years. I need to sell but I owe to much. What can I do?

 I have lived in my home in Overland Park, KS. for 15 years. I need to sell but I owe to much. What can I do?


Question: I have lived in my home in Overland Park, KS. for 15 years. Recently, my boss has announced that our department is moving to another state. I like my job really well and have decided to move with my department. I have interviewed 4 real estate agents and they all have me coming to closing with $15-25,000 after paying the mortgage off and closing cost. My wife and I don't have that kind of money. What do you recommend.
Cliff from Overland Park, Kansas


Answer: Cliff you would not believe how many times a week I get this question. I too would find it hard to come up with that kind of money to sell my home. Since you live in Overland Park you must have refinanced your home or taken out a second mortgage. The market has slumped in Overland Park, but not that much. 


I would recommend looking into a short sale. A job relocation is one of the reasons why some banks have been granting a short sale. When the loan payoff from the sale of a home is lower than the actual loan payoff, the representative you have hired to represent you request your  mortgage lender to take the lower amount. Your mortgage lender will review the facts and if the short sale makes sense, they will accept the short sale. If your mortgage lender accepts the short sale, typically you will not have to pay the difference at closing in your particular case of $15,000-20,0000.


Hope this helps you. Short sales do have disadvantages so I would review the whole file with an experienced short sale specialist. 


   
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