Wannaplan?
Bounty Hunter
- Messages
- 3,228
- Points
- 29
Anyone here ever sell their home without the assistance of a realtor? If so, how did it go? What pitfalls did you encounter? How did the closing go? What kind of fees did you have to pay, like title insurance, etcetera? How long did it take between the time is was on the market and time of sale? What books should I read to make sure that everything goes smoothly?
Let me tell you why I am asking. I am desparate for help.
Last year my family found out my mother took out a $97,000 mortgage on her house. She was 68 years old. She also had 30 credit cards of maxed-out debt. Over the past 12 months my mom went through bankruptcy and will foreclose on her house. That date will be in early November. We just spoke to a relator to see if it's worth our time to put it on the market. After fees, my mom could pocket $105,000. I went to the register of deeds office to find out what we would have to pay the mortgage company, if we wanted to sell the house. If we were to close in September, my mom would have to owe $108,000. My mom doesn't have the $3,000 to make up the difference. So, if I were to help her out by selling it without a realtor, we could pocket the $6,000 in relator fees and actually make $3,000 after we pay back the mortgage company.
My mom is not opposed to foreclosing and losing the house outright. But as her son who grew up in that house - a house my dad built in 1959 for his wife and new family - it feels awful to know that the house will be lost. There is some grace knowing we sold the house. But if we lose it to the mortgage company, that's just awful. My dad passed away six years ago. I am sure if he were alive today, none of this would have happened. I should be angry at my mom for squandering the biggest asset my dad left for. But I'm not. She just doesn't know how to handle money. I feel sorry for her. My sister and I are picking up my mom's mess as best as we can. It's hard telling my mom's neighbors that she will no longer be living in the neighborhood she has lived in for over 40 years.
I don't know what to do. I want to sell the house, but if it isn't cost effective, then I guess the house must be returned to the mortgage company.
Let me tell you why I am asking. I am desparate for help.
Last year my family found out my mother took out a $97,000 mortgage on her house. She was 68 years old. She also had 30 credit cards of maxed-out debt. Over the past 12 months my mom went through bankruptcy and will foreclose on her house. That date will be in early November. We just spoke to a relator to see if it's worth our time to put it on the market. After fees, my mom could pocket $105,000. I went to the register of deeds office to find out what we would have to pay the mortgage company, if we wanted to sell the house. If we were to close in September, my mom would have to owe $108,000. My mom doesn't have the $3,000 to make up the difference. So, if I were to help her out by selling it without a realtor, we could pocket the $6,000 in relator fees and actually make $3,000 after we pay back the mortgage company.
My mom is not opposed to foreclosing and losing the house outright. But as her son who grew up in that house - a house my dad built in 1959 for his wife and new family - it feels awful to know that the house will be lost. There is some grace knowing we sold the house. But if we lose it to the mortgage company, that's just awful. My dad passed away six years ago. I am sure if he were alive today, none of this would have happened. I should be angry at my mom for squandering the biggest asset my dad left for. But I'm not. She just doesn't know how to handle money. I feel sorry for her. My sister and I are picking up my mom's mess as best as we can. It's hard telling my mom's neighbors that she will no longer be living in the neighborhood she has lived in for over 40 years.
I don't know what to do. I want to sell the house, but if it isn't cost effective, then I guess the house must be returned to the mortgage company.