1) Get a real estimate of value for that home. Even if you take a loss - and sell for less than you have in it you might be better off than trying to hold for a couple of years. Get a realistic number - get a straight talking realtor to evaluate ( not an appraiser )
2) If short sale is not an Option How about Refinancing? From your sales price - Can you get refinanced with an new long term loan ( FHA / FNMA ) ? Check this out. Maybe get your partner back in the mix with the refinance ( If both of you have the income, etc )
3) Then rent out , even if there is negative cash flow - the market will come back slowly over the next 4 years. It may be easier to feed it monthly and keep your credit.
4) Go back to your construction lender. Find out if the Feds are putting alot of pressure on your bank to get their real estate loan portfolios down and may be forcing you out of their bank. See if they will take less for the loan without damaging your credit.
Then refnance - you may pick up some cash / equity by paying off your construction loan.
5) Consider a lease option - rent the home with an option to buy and credit the tenant with some portion of their payment toward the purchase price.
6) BE A BUYER with your property - Offer to fix some other investor's problem by taking over their property with your property. Is there a run down house, apartment, land or other property that you could trade for.
You may be able to find someone that is desperate to get out of their investment - you probably have the fix up skills and other talents they don't have to solve a diffrent problem.
Don't be area bound - May be go out of your area to trade your property.
Don't be afraid to take a "Toy" ( Boat, Camper, Fishing lodge, Airplane ) in trade as a down payment. You want to move through this asset.
Get Creative.
Carry back financing
Get Started
Terry
2) If short sale is not an Option How about Refinancing? From your sales price - Can you get refinanced with an new long term loan ( FHA / FNMA ) ? Check this out. Maybe get your partner back in the mix with the refinance ( If both of you have the income, etc )
3) Then rent out , even if there is negative cash flow - the market will come back slowly over the next 4 years. It may be easier to feed it monthly and keep your credit.
4) Go back to your construction lender. Find out if the Feds are putting alot of pressure on your bank to get their real estate loan portfolios down and may be forcing you out of their bank. See if they will take less for the loan without damaging your credit.
Then refnance - you may pick up some cash / equity by paying off your construction loan.
5) Consider a lease option - rent the home with an option to buy and credit the tenant with some portion of their payment toward the purchase price.
6) BE A BUYER with your property - Offer to fix some other investor's problem by taking over their property with your property. Is there a run down house, apartment, land or other property that you could trade for.
You may be able to find someone that is desperate to get out of their investment - you probably have the fix up skills and other talents they don't have to solve a diffrent problem.
Don't be area bound - May be go out of your area to trade your property.
Don't be afraid to take a "Toy" ( Boat, Camper, Fishing lodge, Airplane ) in trade as a down payment. You want to move through this asset.
Get Creative.
Carry back financing
Get Started
Terry
