Buying or Selling a Home/Relocating

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Expert: Jim Root - 2/28/2010


Question
My husband is being transferred to Idaho. We would like to sell our current home, in California, and purchase a new home right away. The problem is our current home is worth less than what we owe. We are not behind on any payments, and would continue to stay in this home if it was not for the transfer. We do not want to rent.

Answer

There are several NEW FHA loan programs that have just recently been announced. One is for the
refinance of loans held by Homeowners who are not behind on any payments, have good jobs and high credit scores BUT OWE MORE ON THEIR LOANS THAN CURRENT FAIR MARKET VALUE OF THEIR HOMES.

These REFIs will lower the Borrowers monthly payments--perhaps sufficiently so that you can relocate to ID, leave the CA home empty (no renters) and absorb the "negative cash flow" until Market Values increase enough to allow for a profitable sale.You MIGHT have a TAX WRITE-OFF on the loss? (Check with CPA)

I know this isn't the greatest of plans--in fact, you may not be able to afford it. But I can think of no other e-z way out!

--JIM

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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