Expert: Ray Beggs - 5/8/2006

Question
i want to sell my home which is located in rialto ca.i owe 365, it is valued around 390, but with a paint job and a new lawn can sell for what other homes with the same floor plan is selling for 420-430. i'm not interested in making a fortune. i refinanced in dec 05 payed all my bills and i no longer have a need for the home. i've spoken to investors and be cause they can't make a minimum of 20 thousand they are not interested. i'm asking for 10,000 in my pocket, someone else to secure the loan and i walk away.

my question is under what program, if i can't out right sell my home, would best protect myself and credit? if you can also send me info or lead me in the right direction i would reall appreciate that. you can reach me at 661-910-6420

Answer
Hi Elliot,

My suggestion would be to put the home on the market at your rock bottom price and wait for a buyer. You're not going to find too many investors who will do it without a pretty high return in this market because of the chances of prices sliding while they own it. Your best bet is to find someone who likes the area and wants to save a few bucks. It sounds like you'll be one of the lowest priced homes in the area and I'm finding that "fixer uppers" are selling better then cherried out homes. Put it on the market for $389,000 and be prepared to drop it to $385,000 if you're not getting any activity.

Best of luck to you and I'm sure that you'll get it sold relatively quickly.

Ray