Refinance or sell?

I currently have a condo in Chap. 13. I would like to get some advise on whether it would be better for me to sell or refinance the condo. Heres my problem: the condo needs some repairs (approx. $7K). I have been trying to sell it (as is), however, I have not had a good response due to the condition of the condo. I would like to refinance the mortgage and get the money I need to make the repairs and turn around and sell it. I believe that once the repairs are done, I would be able to sell it at fair market value. However, I don't know of any mortgage company or bank that would do that or if it is at all possible. Any suggestions would be greatly appreciated.

You're going to have to consult of various mortgage lenders to see if your plan is at all feasible. Getting everything else done is the easy part.

Thanks for your reply.

If you are having a hard time selling because of the condition and need to refinance that would be your best bet. Of course no lender will refinance a house so it can be sold the next day (because they wont make there money back on the loan) however if you do want to refinance you dont need to tell the company that you are looking to sell the house. Take it off the market now, a lender will not refinance a property that is on the market. Once you take if off the market you should have no problem getting a refinance done. One question how much are you trying to sell it for? and how much do you think it is worth? Allot of companies will look at the sale value and if it is less then the appraised value and the house still didnt sell after a couple of months that will put up a red flag. If you have any further questions or need further consultation do not hesitate to contact me. Good luck

Do you know of any mortgage companies who I should contact that would be able to deal with my situation? There's so many out there!

Depending on what state, i can and will gladley give you a free consultation and tell you if in your situation it would beneficial and feasible to do what you are looking to do. I am with a nationwide lender/banker. So if you want contact me and by email and we can go further into detail with your situation. I will do a credit check and get a fair market analysis of the home. Good luck and again contact me for further info on this situation. Thanks,

Here's how to sell at the price you want without the repairs. I've personally done this numerous times with houses and have helped other friends/relatives do the same.
Understand the real estate process this way: (1) The real estate agents all work for you both the listing agent and the agent that brings the seller; exception is buyer's agents. (2) All proceeds for sales commission are split between the listing agents office and the agent that brings the buyer office. Also understand all monies for brokers are split 4 ways. For simple math figure a house worth $200,000 at 7% commission = $14,000 in payable commission. That $14K is typically split 4 ways #1 listing agent gets 25% of $14K or $3500, #2 listing office gets same $3500, #3 agent bringing the buyer get same $3500, and #4 the agents office bringing the buyer gets the same $3500. Now here's the point the most important person to you is the agent bringing the buyer to contract at full price. So what you do is when listing the property demand that in the listing agreement that there is a $3500 bonus to the agent bringing the buyer at full price within 30 days and that it must be so stated when listed in MLS; pad the $3500 to your sale price. This way all agents with buyers will have the opportunity to see your payout bonus that doubles the commission on one property. Let me put it real direct; when an agent working with a buyer researches MLS for property that fits the buyers location, price, and size and the system spits out 22 properties to view but one is a double they always head the buyer for the double commission payout. The exception is buyer's agents they will simply still bring the buyer but typically bring an offer minus the bonus so you're covered anyway getting your real value without the padded bonus. Create a 2 for 1 and all the agents will call it a hot property that's going to move fast to potential buyers because it will. Greed works and for an agent getting a 2 for 1 always becomes a focus property. The first time I did this I signed the listing agreement on a Sunday afternoon around 2:00pm and had the listing agents word he'd call at least 25 other agents about the opportunity (make sure you do that). Well between 4P and 8P we had over 20 agents come by just to see the house to sell it. Our contract at full price was done by the next day Monday by 7:00pm (29 hours). Next house took 2 days. My cousin (an attorney) had his listed for 7 months with no offers and when I told him to do it, it sold in 3 days. The real question is how do you get every
realator working for you - offer to pay them more!

I'm a new member. I have a question regarding buying a new house and not so hot credit score.
My husband and I are building a new home and my parents will be moving in with us, they are getting older and this is the best decision.
Last I checked (about 1-2 months ago) my husbands credit score was a 607. He will be financing the new home. I'm concerned about the type of mortgage we should look for. We will be selling our home, (not much equity in it) and my parents home, which is paid for and we'll be putting the entire amount down on the new home, so in the end we'll only be financing about $20-$30,000 for a brand new house. Will the fact that we will have the huge downpayment help us get a lower percentage rate, since the credit score is not good?

AtHomeMom, simple answer is yes! If you are putting down that much money then you should have no problem getting yourself a decent rate. With a 600 score and that amount of money down you should be able to get yourself in the high 5's to low 6's with ease. Maybe even better depending on what type of term you are looking to finance on. If you have any further questions let me know. Hope all is well.