Vacant house woes

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      e-mail me off list I am curious about your for sale house

      Original Message
      From: nowurcooking75
      Sent: Wednesday, July 30, 2008 1:40 PM
      Subject: : 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.


      Holly in OH

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