Question
my 5/1 arm expires 2010 sept. but i'm trying to sell my home by then. my question is?
when i try selling by august 2010, i dont want to miss the FHA govt. program for refinancing which expires june 30,2010. but at the same i want to make use of the spring and summer time selling market of 2010. what is my best options to handle this? i dont want to refinance before selling but at the same time i dont want to be in trouble when i can't sell and end up refinancing by the end of 5/1 (which is oct 2010) ? will the govt. extend the FHA after june 30?
4 weeks ago - 2 answers
Best Answer
Chosen by Asker
The biggest thing you can do is spend a few hundred dollars and have the home appraised. The concern I have for you is that unless you have been making additional principle payments on your home, you most likely have not been paying on the principle of your mortgage and with the crash of the housing market, there is a chance that you could be either at break even or upside down in your home. This would eliminate the opportunity to refi if you are upside down. The other concern I have is that this is a buyers market, and all buyers, unless they REALLY want the home, are low-balling the offers they make. Some homes have been on the market for years and still not selling. It may be wise to speak with a local realtor to get a feel of the market in your area and project how long your home could be on the market. Investigate everything, review the fact and make the best decision you can
Source(s)
loan originator, short sale negotiator
by Big daddy
4 weeks ago
Asker's Rating: 
Other Answers
If you are planning to sell it anyway, why even worry about refinancing it? If you are trying to sell your home by next August you should start now. Price it right and fix it up so it looks perfect, and with any luck it will sell at the beginning of the selling period. A home that looks better and has a lower price than anything comparable will sell, never fear!
by CAtransplant- 4 weeks ago