That is a tough situation. You are limited by your ability to lower the price while your "competition" on the market is foreclosures that can go as low as they want. Unfortunately, you have few options in this position especially since you have zero control over the neighborhood or neighbors.
Some people would say that you should auction your property and get whatever the market will bear for your house, but doing that would mean that you would likely need to pay whatever difference there was between the auctioned value and the mortgage amount which could be significant.
Unless you can demonstrate hardship to the bank, they are unlikely to allow you to short sale for less than you owe to be able to compete with the neighborhood foreclosures. You might consider seeing if you might qualify for a loan modification to lower your payment so that you could rent out your house after you meet the residency requirement. Doing that might allow you to move out and wait for the market to recover a bit before selling.
If none of those things are options, you need to seek legal advice to find out if you have any other options and to explore what your rights and the banks rights are.
Some people would say that you should auction your property and get whatever the market will bear for your house, but doing that would mean that you would likely need to pay whatever difference there was between the auctioned value and the mortgage amount which could be significant.
Unless you can demonstrate hardship to the bank, they are unlikely to allow you to short sale for less than you owe to be able to compete with the neighborhood foreclosures. You might consider seeing if you might qualify for a loan modification to lower your payment so that you could rent out your house after you meet the residency requirement. Doing that might allow you to move out and wait for the market to recover a bit before selling.
If none of those things are options, you need to seek legal advice to find out if you have any other options and to explore what your rights and the banks rights are.
Unfortunately there is lots of homeowner in this situation. If you are a homeowner who is facing this situation I am truly sorry that you are facing this, but you are definitely not alone. Many are in the same boat.
One of the options you may want to consider is lease option - ask your WNY agent about this (for a buyer who may not have the credit or cash to make a purchase, they buy the option to purchase your home. It's not a guaranteed sale - it's a lot like renting because you don't know if they will buy. But you should get cash for the option, and you'll get a "renter" who has a vested interest in the home. You'll have to follow up with your Realtor and an attorney to see if this is an option for you.) These options could maintain your good credit. There are a lot of owners who are under water right now. We are not going to get out of this situation as quickly as we got into it. This property could be part of your long term investment portfolio if you can see it that way.
Please before you decide to make any drastic decisions regarding this topic please be sure to get counsel from your attorney for he/she can guide you on this matter and if you are dealing with a Realtor. If I didn’t ask for anything I will ask you this? Please make sure this Realtor is experience in this area of sale for this is not for the average agent.
If you should have any question regarding this topic please feel free to contact Me and I will help you beyond belief of this subject matter for I have experience in this field of sale and I will see that you get the representation you deserves and if I can’t help I would be sure to guide to a respectable Attorney who can.
You may want to refer to WNY Home Sellers Will You Ever Consider Rent To Own?
Mark Key
RealtyUSA.com
716-603-8649
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