Poll: WWYD?

jaime ma famille

Scenerio 1:  Keep your house on the market until it sells.  You haven't had any showings in 3 months.  You REALLY want to move, however.  You have been trying to sell, off and on, for 3 years but haven't had any luck.

Scenerio 2:  Take your house off the market for 1 year, or until the market improves.  Refinance and lower your mortgage payment by about $600 in the meantime.   

[Poll]

JOEBunny

Questions:

Why isn't it selling?  Price, condition, other?

How much does the refi cost?  Are you rolling that cost into your loan?  Getting to what is the payback on the refi?  What is the new rate vs the old rate (spread)?

MelandJeff

It sounds to me as though you have your home over priced. Like significantly. Well priced homes in the worst markets dont take 3 years to sell--- my point is, the value is probably much less than you think thus possibly hindering a refi unless you have a ton of equity,

Also, some mortgage comnpanies require the home to have not been listed in so many months prior to the mortgage application. You definitely will not be able to refinance while the home is on the market.

But, my advice is to take the home off the market and refinance if it will really reduce your payment 600.00 per month!

jaime ma famille

MelandJeff:

It sounds to me as though you have your home over priced. Like significantly. Well priced homes in the worst markets dont take 3 years to sell--- my point is, the value is probably much less than you think thus possibly hindering a refi unless you have a ton of equity,

Also, some mortgage comnpanies require the home to have not been listed in so many months prior to the mortgage application. You definitely will not be able to refinance while the home is on the market.

But, my advice is to take the home off the market and refinance if it will really reduce your payment 600.00 per month!

 

Actually, we are the lowest priced home in our neighborhood right now, and we're the only home for sale with a finished basement and a deck.  We put it up for sale in 2006, but took it off the market when I found out I was pregnant.  Then, we tried again in 2007, but took it off the market when DH got laid off.  Now, we're trying again.  We've had our house appraised.  We are not overpriced.