What can I do

I have had my mobile home on the market for a year and a half and it hasnt sold. Is there any thing i can do to save my credit and not have it repod?
In Selling Property - Asked by cheryl t. - Jul 6, 2009
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Answer(s)

Diane F.
Broker/Agent
Port Orange, FL

You can do a short sale. It will be put on the market for a realistic price that the market is calling for now. When sold, if the bank accepts the price you will not make any money but will be able to possibly save your credit.

Jul 6, 2009
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Paul S.
Broker/Agent
Glendora, CA

Given the long time you have had it on the market you probably are asking too much? I would suspect that in 1 1/5 years the price has declined since you first put it on the market? Look at it like a rolling ball down hill. You are probably following the ball down? You must get ahead of the ball. Four things cause a property to sell. Price, terms, location and condition. The last three affect the first (price). The terms are probably out of your control but if interest rates shot up to 10% it would no doubt lower your price. You probably can't change the location either. You might be able to change the contidition to get your price? The ball is rolling down hill in most areas so you probably need to focus on your price and get ahead of the rolling ball? If you are in jeopardy of a foreclosue keep in mind a short sale doesn't damage your credit nearly as bad as a foreclosure does.

Jul 6, 2009
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Paul S.
Broker/Agent
Glendora, CA

Cheryl
I just read Fannie Mae's new guidelines on buying another home after a foreclosure or short sale as follows: Foreclosure 5-7 years. Short sale 2 years. As you can see the short sale is far less damaging and you can market the property at a price it will actually sell at. You are prohibited from receiving any money from a short sale.

Jul 6, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

Drop the price to market and pray your lender is willing to accept a short sale. It's a long painful process, but it is probably your only option.

Aug 3, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

Can you refi it and hold?

Aug 14, 2009
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