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  1. #1
    nowurcooking75
    Guest

    Default Vacant house woes

    My son and I reside in Ohio. I own a house (actually the mortgage

    companies do) that currently has two up to date mortgages on it for

    almost 10 years now. I've been trying to sell the house for almost a

    year now and so far have had no luck. I do have a realtor, done open

    many open houses, and over 20 showings. I am working my butt off

    trying to sell this house with my agent.



    My insurer, State Farm, has decided to cancel my coverage due to the

    home being vacant. I have to find coverage for the house before the

    middle of September. I'm not sure what way to go. I'm sure the lenders

    will try to obtain coverage for my home at an expensive price. I'm

    hoping to get it sold within the next year. I can't refinance because

    of my income I've been through 3 layoffs in 2 1/2 years with another

    one possibly coming next month. I have kept up to date on my bills in

    spite of all of this. It's eaten up all of my savings to do it.



    To rent it out, I would have to get a pretty good rental rate just to

    cover the two mortgages. The good news is I owe below market value.

    I've lowered the asking price $7,000 since May but I still need to

    make enough to cover the sales commission and other charges. Every

    time I turn around the agent makes suggestions for more improvements

    to help it sell which I don't have the money or the time to do. I have

    contacted private investors and they said that they were looking for

    smaller, closer to jobs, and more energy efficient houses. So no luck

    there. I am really at the end of my rope. Sometimes, I think maybe I

    should go for "short sale" or consider foreclosure. This house is

    costing me nearly 2 checks a month in payments and utilities since I'm

    making less money at my job because of cutbacks.




    Anybody else have any experiences with this? Insurance company

    suggestions? Any advise would be appreciated.



    Thanks,



    Holly in OH








  2. #2
    carolmcnally@sbcglobal.net>
    Guest

    Default Vacant house woes


    Try Liberty mutual. they gave us great rates on our two cars and insured our current house and the one we are preparing to sell..which is currently vacant. Our quote for the vacant house was around $450 a year...

    Carol

    My insurer, State Farm, has decided to cancel my coverage due to the
    home being vacant. I have to find coverage for the house before the
    middle of September. I'm not sure what way to go. I'm sure the lenders
    will try to obtain coverage for my home at an expensive price. I'm
    hoping to get it sold within the next year. I can't refinance because
    of my income I've been through 3 layoffs in 2 1/2 years with another



  3. #3
    Monique
    Guest

    Default Vacant house woes

    Open up your local yellow pages and look for an independent agent.

    You can also go to www.foremost.com and find an agent. Explain that

    you need insurance for a vacant house. You can buy 3, 6, 9, or

    12-month policy. Yes, it will be expensive, but less expensive than

    force-placed insurance coverage. Raise your deductible to get a lower

    premium.



    On Wed, Jul 30, 2008 at 1:40 PM, nowurcooking75

    <nowurcooking75@yahoo.com> wrote:

    > My son and I reside in Ohio. I own a house (actually the mortgage

    > companies do) that currently has two up to date mortgages on it for

    > almost 10 years now. I've been trying to sell the house for almost a

    > year now and so far have had no luck. I do have a realtor, done open

    > many open houses, and over 20 showings. I am working my butt off

    > trying to sell this house with my agent.






  4. #4
    Nikki
    Guest

    Default Vacant house woes


    e-mail me off list I am curious about your for sale house
    trolycar@epix.net
    nikki
    [quote]
    ----- Original Message -----
    From: nowurcooking75
    To: Budget101_@yahoogroups.com
    Sent: Wednesday, July 30, 2008 1:40 PM
    Subject: Budget101.com : Vacant house woes





    My son and I reside in Ohio. I own a house (actually the mortgage
    companies do) that currently has two up to date mortgages on it for
    almost 10 years now. I've been trying to sell the house for almost a
    year now and so far have had no luck. I do have a realtor, done open
    many open houses, and over 20 showings. I am working my butt off
    trying to sell this house with my agent.

    My insurer, State Farm, has decided to cancel my coverage due to the
    home being vacant. I have to find coverage for the house before the
    middle of September. I'm not sure what way to go. I'm sure the lenders
    will try to obtain coverage for my home at an expensive price. I'm
    hoping to get it sold within the next year. I can't refinance because
    of my income I've been through 3 layoffs in 2 1/2 years with another
    one possibly coming next month. I have kept up to date on my bills in
    spite of all of this. It's eaten up all of my savings to do it.

    To rent it out, I would have to get a pretty good rental rate just to
    cover the two mortgages. The good news is I owe below market value.
    I've lowered the asking price $7,000 since May but I still need to
    make enough to cover the sales commission and other charges. Every
    time I turn around the agent makes suggestions for more improvements
    to help it sell which I don't have the money or the time to do. I have
    contacted private investors and they said that they were looking for
    smaller, closer to jobs, and more energy efficient houses. So no luck
    there. I am really at the end of my rope. Sometimes, I think maybe I
    should go for "short sale" or consider foreclosure. This house is
    costing me nearly 2 checks a month in payments and utilities since I'm
    making less money at my job because of cutbacks.

    Anybody else have any experiences with this? Insurance company
    suggestions? Any advise would be appreciated.

    Thanks,

    Holly in OH





  5. #5
    yalonda king
    Guest

    Default Vacant house woes

    Have you considered lease/option or lease/purchase? Ask your Realtor about these.Yalonda





  6. #6
    Susan
    Guest

    Default Vacant house woes

    --- In Budget101_@yahoogroups.com, "nowurcooking75"

    <nowurcooking75@...> wrote:

    >Hi.

    I really don't have a lot of advice to offer, but to just say I

    feel your pain. We moved almost a year ago and our house has been

    on the market. We finally just got a buyer for it. My prayers are

    with you! I know how stressful it it to keep up a mortage and and

    pay for another place to live. Hang in there!!



    Susan

    > My son and I reside in Ohio. I own a house (actually the mortgage

    > companies do) that currently has two up to date mortgages on it for

    > almost 10 years now. I've been trying to sell the house for almost

    a

    > year now and so far have had no luck. I do have a realtor, done

    open

    > many open houses, and over 20 showings. I am working my butt off

    > trying to sell this house with my agent.

    >

    > My insurer, State Farm, has decided to cancel my coverage due to

    the

    > home being vacant. I have to find coverage for the house before the

    > middle of September. I'm not sure what way to go. I'm sure the

    lenders

    > will try to obtain coverage for my home at an expensive price. I'm

    > hoping to get it sold within the next year. I can't refinance

    because

    > of my income I've been through 3 layoffs in 2 1/2 years with

    another

    > one possibly coming next month. I have kept up to date on my bills

    in

    > spite of all of this. It's eaten up all of my savings to do it.

    >

    > To rent it out, I would have to get a pretty good rental rate just

    to

    > cover the two mortgages. The good news is I owe below market value.

    > I've lowered the asking price $7,000 since May but I still need to

    > make enough to cover the sales commission and other charges. Every

    > time I turn around the agent makes suggestions for more

    improvements

    > to help it sell which I don't have the money or the time to do. I

    have

    > contacted private investors and they said that they were looking

    for

    > smaller, closer to jobs, and more energy efficient houses. So no

    luck

    > there. I am really at the end of my rope. Sometimes, I think maybe

    I

    > should go for "short sale" or consider foreclosure. This house is

    > costing me nearly 2 checks a month in payments and utilities since

    I'm

    > making less money at my job because of cutbacks.

    >

    > Anybody else have any experiences with this? Insurance company

    > suggestions? Any advise would be appreciated.

    >

    > Thanks,

    >

    > Holly in OH

    >










  7. #7
    Suzi McMullen
    Guest

    Default Vacant house woes


    Holly,
    Wow, I can't believe it's gone on this long. It seems like it would have been better to take some rent even if it wouldn't have paid the whole thing. At least, it would have been tax free income because you would not be making money but losing money on the rental deal...if I understand that the right way.

    But hey, that aside... Have you considered renting it short term to corporations to use for temp housing when other people move into the area? If you had some money coming in on it, you also might have some money to make minor repairs. Also, sometimes houses look better when they have furniture in them. Sometimes it just takes a little creativity to get by in this world. We've sold 3 houses and bought 4. We did have to make double mortgage payments for 3 months this last time before the other house was sold. Each time we sold a house we put about 5,000 into new carpeting and new paint so that the house sold faster. We just had to include that into the sale and even though we pocketed some money at the time, with all the improvements we made over the years we lived there we did not have to worry about making any capital gains.

    Suzi
    [quote]
    ----- Original Message -----
    From: nowurcooking75
    To: Budget101_@yahoogroups.com
    Sent: Wednesday, July 30, 2008 12:40 PM
    Subject: Budget101.com : Vacant house woes





    My son and I reside in Ohio. I own a house (actually the mortgage
    companies do) that currently has two up to date mortgages on it for
    almost 10 years now. I've been trying to sell the house for almost a
    year now and so far have had no luck. I do have a realtor, done open
    many open houses, and over 20 showings. I am working my butt off
    trying to sell this house with my agent.

    My insurer, State Farm, has decided to cancel my coverage due to the
    home being vacant. I have to find coverage for the house before the
    middle of September. I'm not sure what way to go. I'm sure the lenders
    will try to obtain coverage for my home at an expensive price. I'm
    hoping to get it sold within the next year. I can't refinance because
    of my income I've been through 3 layoffs in 2 1/2 years with another
    one possibly coming next month. I have kept up to date on my bills in
    spite of all of this. It's eaten up all of my savings to do it.

    To rent it out, I would have to get a pretty good rental rate just to
    cover the two mortgages. The good news is I owe below market value.
    I've lowered the asking price $7,000 since May but I still need to
    make enough to cover the sales commission and other charges. Every
    time I turn around the agent makes suggestions for more improvements
    to help it sell which I don't have the money or the time to do. I have
    contacted private investors and they said that they were looking for
    smaller, closer to jobs, and more energy efficient houses. So no luck
    there. I am really at the end of my rope. Sometimes, I think maybe I
    should go for "short sale" or consider foreclosure. This house is
    costing me nearly 2 checks a month in payments and utilities since I'm
    making less money at my job because of cutbacks.

    Anybody else have any experiences with this? Insurance company
    suggestions? Any advise would be appreciated.

    Thanks,

    Holly in OH





  8. #8
    dash
    Guest

    Default Vacant house woes

    Lower the price. Horrible thing to tell you......but if it is cheap enough it

    will sell. I am retired Real Estate Broker. You have to have an edge and in

    this buyer's market the only edge that will really work is lower price.



    If you end up in foreclosure or lose the house to fire with no insurance, your

    loss will be very great ... so perhaps to cut your losses, take a loss on the

    house.



    The other thing is to sell it on your own, and lower the price. Caution here

    though, you need a good mortgage insurance company to work with to do the

    closing. It is much cheaper than a percentage that you would pay out to the

    realtor.



    Also what are you paying the realtor in percentages for selling it and depending

    on how long a contract you signed, you may renegotiate the percentage of realtor

    fees. They "charge" so much but they can charge less very often, plus they

    need the money to make the sale. IF your percentage is already low, it is

    counter advisable to lower that though. Are you in multiple listing? Where all

    kinds of realtors can sell the home? What does your contract look like? In a

    multiple listing you have hundreds of sales people working on selling your home.



    Perhaps your realtor would reduce the percentage of fees and you can lower your

    price. That would help if you can do this...



    You can shop insurance companies by calling independent insurance brokers.

    Check your yellow pages, ask agents and see what you can find. The thing is,

    most insurance companies see an empty house as an invitation to trouble and

    financial loss. These houses are often broken into. Try other ins

    agencies.... there must be one that will insure it even if for a short

    time.......



    As for foreclosure, a bank and your credit, will view that worse than a

    bankruptcy. dash



    .





    ----- Original Message -----

    From: Susan

    To: Budget101_@yahoogroups.com

    Sent: Wednesday, July 30, 2008 8:34 PM

    Subject: Budget101.com : Re: Vacant house woes





    --- In Budget101_@yahoogroups.com, "nowurcooking75"

    <nowurcooking75@...> wrote:

    >Hi.

    I really don't have a lot of advice to offer, but to just say I

    feel your pain. We moved almost a year ago and our house has been

    on the market.






 

 
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