Boston

[Manoo]

Dear Real Estate Professionals and Experts: 2 years back we bought a house in MASS, but we are planning to relocate to another state due to a new job! If I want to sell this house, what is the process: we bought for 400 K for 20 year, and for example, if we sell it for 350K, how much I end up paying to Bank, i.e.e, do we have to pay the total amount that Bank calculates for 20 years or how does it work? Sorry for this lame question! I know it is not the right time to sell, but any input will help us in planning to allocate some $$$. Your help is greately appreciated! Alos, when we plan to sell it, who should we approach? Ziprealty professionals also has this service OR they only work for BUYERS?

[Lee Hanlon]

Hi Manoo,  YES! ZipRealty offers this service.  If you are considering selling your home the first step is to contact a Realtor who would complete a market analysis of your home and determine what it should sell for in this market.  You can contact me at lee.hanlon@ziprealty.com to discuss further. 

 The amount you would pay the bank when you sell your home is the difference between the original amount you borrowed (principle) minus what you have already paid towards the principle.  A portion of each monthly payment goes towards paying down the principle with the remaining paying the interest for the loan.

[Lori Poirier]

The first step is meeting with a realtor (yes ZipRealty can help you sell) and assessing the present market value of your home.   The next step would be getting a payoff statement from your lender so that you know how much of a loss you are going to take so that you may market and sell your home in the time frame you need.  There are also other fees associated with the sale of a home that you'll need to factor in as well (deed stamp, recording fees, etc.)  Please feel free to call me if you have any other questions at 508 254 8093 or you can email me direct at lori.poirier@ziprealty.com

[Manoo]

Thanks Lee for your reply. I will let you know as soon as we finalize our moving plans.

[Manoo]

Thanks Lee and Lori for your reply. I will let you know as soon as we finalize our moving plans.

[Craig Pitzi]

Have you had an appraisal done lately?

this is also a helpful step to take

Craig

Craig M. Pitzi,

REALTOR(R) ZipRealty, Inc. cpitzi@ziprealty.com Cell: 617.818.7260 Fax: 866.406.6097

Former Bank Appraiser www.craigpitzi.com

www.ziprealty.com/agent/cpitzi

[Manoo]

sorry Craig for the belated reply.

Thanks for th note. Yes, for Refinancing by W F in OCtober, it came to 360K [versus original 385].