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Buying or Selling a Home/What to do when I want to relocate?
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Question
I am thinking of relocating out of CA in late 2008 to early 2009. What are my options for the property I co-owned with my aunt? Foreclosure, buy-out, sell, etc...
I am a first time home-buyer. The property is located in San Marcos, CA, where my aunt lives. But I live in Orange County. We signed on the property on July 5, 2003. I also do not live in the property. My aunt rents it out to tenants.
Dear Terence;
Of course you have several options but if you co-owned the property with your aunt you do not want to allow the property to go into foreclosure since it will affect your credit and not allow you to buy any other home. I emphasize...NEVER, EVER let your payments lapse!
Since the property is in San Marcos, you should not have problems selling if you list the property at a fair price. If the property is currently rented it can be very attractive to investors.
If you decide that you want to buy out the property,you will need to have it appraised and then pay your aunt the remainder (1/2) of the value.
Best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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