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    painted4love's Avatar
    painted4love Posts: 6, Reputation: 1
    New Member
     
    #1

    Nov 25, 2006, 09:24 AM
    Must Sell Home but don't have the resources
    :eek: I am in a bind to sell my home because I can no longer afford to pay the mortgage. I have since found out three days before listing that my "7yr" old roof is leaking. I have no problem with that because that can be a credit to the new buyers. However, I have since found out that a permit needs finalized on my home and there are major corrections that need to be done.

    1. I cannot get a loan because I was a stay at home mom for 16 years and though our credit history married was beyond excellent mine however after the divorce is considered to not have enough history.

    2. I cannot afford my home but can't sell it. What do I do? Permits must be corrected in order to sell the home. But I have no funds.

    3. Are their funds available for people that need to sell their homes in order to survive. I have two kids with weekly visits to a therapist and a father that doesn't pay his 1/2. Funds are dwindling fast and I can't afford to lose my home and its equity.

    Advice?
    Answers?


    Thanks,:eek:
    J
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,305, Reputation: 7692
    Expert
     
    #2

    Nov 25, 2006, 12:36 PM
    I would ask where you live, and is this "permit" to allow someone to get a loan ?

    I buy houses all the time, a few had holes the size of a small piano in the roof, many had no windows, and no working plumbing,
    I have bought these in at least 4 states.
    Dwight_Pigg's Avatar
    Dwight_Pigg Posts: 26, Reputation: 3
    New Member
     
    #3

    Nov 28, 2006, 12:26 PM
    Quote Originally Posted by painted4love
    :eek: I am in a bind to sell my home because I can no longer afford to pay the mortgage. I have since found out three days before listing that my "7yr" old roof is leaking. I have no problem with that because that can be a credit to the new buyers. However, I have since found out that a permit needs finalized on my home and their are major corrections that need to be done.

    1. I cannot get a loan because I was a stay at home mom for 16 years and though our credit history married was beyond excellent mine however after the divorce is considerd to not have enough history.

    2. I cannot afford my home but can't sell it. What do I do? Permits must be corrected in order to sell the home. But I have no funds.

    3. Are their funds available for people that need to sell their homes in order to survive. I have two kids with weekly visits to a therapist and a father that doesn't pay his 1/2. Funds are dwindling fast and I can't afford to lose my home and its equity.

    Advice?
    Answers?


    Thanks,:eek:
    J

    Are you saying that some work was done to the home that the inspector will not pass before some corrections are made to bring it up to code?
    If this is the case, let me know. I know of some ministries that may be able to help. It depends on where you are located.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
     
    #4

    Nov 28, 2006, 08:01 PM
    First I am assuming that you have ample equity in your home to cover the needed roof repairs and other repairs, and will get some net proceeds from the sale. If that is the case, you should be able to sell your home. Find a knowlegable Realtor who can help you. If that Realtor secures a buyer who will buy your home SUBJECT TO the needed repairs being done, there are two ways to consummate the sale. One is to have the repairs done before Close, which would make it necessary to find a contractor willing to spend his time and materials on a house that might not Close. Things can be done to protect the contractor. The second option is to do the repairs after Close through an escrow hold-back where you would leave 1 1/2 times the cost of the repairs in escrow to insure adequate funds to pay the contractor. Most lenders don't like to do this, and some of the agencies such as FHA have strict limits on this practice. With a Conventional loan where the minimum property standards are not as stringent, the buyer could buy the home "AS IS" with the price discounted for the cost of repairs. Don't despair, where there is a will, there is a way.

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