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How to Sell a House When It's Worth Less Than the Mortgage: Options for "Underwater" Homeowners and Investors Paperback – March 9, 2009


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Product Details

  • Paperback: 202 pages
  • Publisher: John Wiley & Sons; 1 edition (March 9, 2009)
  • Language: English
  • ISBN-10: 0470418613
  • ISBN-13: 978-0470418611
  • Product Dimensions: 6 x 0.6 x 9 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Best Sellers Rank: #1,021,821 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

Smart Options for Homeowners Who Owe More on Their Mortgage Than Their Property Is Worth

The crash in housing prices and other economic forces have left millions of property owners "underwater"—owing more on their mortgage than their property is worth. If you're one of them, trapped in a home you can't sell and pressured by mortgage payments, the situation can feel hopeless.

But you do have options. And giving up is not one of them. Whether you're a homeowner or an investor, there are ways to get out of this mess before it bankrupts you. The first step is to arm yourself with full knowledge of all the alternatives available to you. You may be able to renegotiate loan terms with your bank, or short sell your home, or even rent the property out—just don't wait until it's too late.

How to Sell a House When It's Worth Less Than the Mortgage explains all of your options, helps you pick the best one for your situation, and shows you how to get it done step by step. Inside, you'll discover the ins and outs of:

  • Estimating the real market value of your home

  • Understanding mortgage forgiveness and debt relief legislation

  • Putting together a short sale package to convince your lender to write down your mortgage

  • Finding a buyer yourself or using an agent

  • Negotiating new loan terms with the bank

  • Tapping into government aid programs

  • Surviving bankruptcy or foreclosure as a last resort

About the Author

Dwan Bent-Twyford, "The Queen of Short Sales," is the country's leading authority on buying and selling "underwater" properties. She runs popular boot camps for real estate investors and is a sought-after public speaker on real estate investing. She is also the coauthor of Short-Sale Pre-Foreclosure Investing, from Wiley.

Bill Twyford is a successful real estate investor, speaker, author, motivator, and teacher.


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Customer Reviews

The information in this book is priceless!!!
Todd
I had her get this book from him and told her some quick things to read, now she knows some things she can do also.
Mike
This book will be a go-to resource to help homeowners get out from under a difficult situation.
Kindle Customer

Most Helpful Customer Reviews

14 of 15 people found the following review helpful By Lauren Walt on November 27, 2010
Format: Paperback Verified Purchase
I bought this book seeking information, but the useful information in this book--which is not great--can be found with a 10 minute internet search. The balance of the book actually addresses the emotion of owning a distressed property. The authors spend a good bit of time discussing religion, which is completely inappropriate for a book of this nature.

When I ordered this book I did realize that the authors were trying to cash in on The Housing Crisis, but at the time there were not a lot of books on this topic; and I thought for ~$13 maybe it'll have a few bits of good information. I was completely wrong. This book is not worth the paper it was printed on, and certainly not worth the time it takes to read it.

The authors are a married couple with little formal education to speak of--in a state of destitution they discovered they could make a living as real estate agents. With the fall of the housing market they opportunistically began "helping" desperate home owners to dispose of distressed properties. They claim altruism, but their guise is very thin.

If you are the owner of a distressed property it would behoove you to hire a competent real estate attorney. Likewise, if you wish to read an informative book about dealing with a distressed property, it would behoove you to select a book written by an attorney or another person of similar credential. I have not yet found such a book, but am actively searching; and you should keep searching as well.
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14 of 15 people found the following review helpful By R. Aris on October 1, 2009
Format: Paperback Verified Purchase
The title suggests a book that is very topical today. While that's accurate, the text is very lightweight in its treatment of the issues. The writing comes across as more of a transcript of a radio show conversation between two moderately informed individuals than a serious, well researched take on a serious set of financial issues facing many families. It's ok, but to me the text is more brochure-ware than financial reference or guide.
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2 of 3 people found the following review helpful By Paul Thacker on July 28, 2009
Format: Paperback
Short Sales is not an easy market to work without correct and complete directions from someone that have experience and are willing to show you how to do it the right way. Dwan is making some very good points and the reader should appreciate the value, especially a begginer real estate investor in todays recession!
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By Todd on December 7, 2013
Format: Paperback Verified Purchase
The information in this book is priceless!!! Whoever would have thought you can make money on selling a home when it is worth less than the mortgage. Dwan's techniques are absolutely phenomenal!!! Whether you are just starting out in real estate investing or a seasoned investor, this book is a must read!!!
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3 of 5 people found the following review helpful By Mariusz Skonieczny on August 17, 2009
Format: Paperback
The author is totally right about the fact that banks are in the business of lending money, not owning properties. To banks, loans are assets, and if people are making their payments, their loans are considered performing, and when they stop making payments, they become non-performing. If these loans do not begin to perform again, they have to be written it off, meaning that the banks have to take them off their balance sheets and declare huge losses. If the banks are publicly traded on the New York Stock Exchange or the NASDAQ, this means that reporting huge losses that can plunge their stock prices. This is not good news for the banks' CEOs, who very likely hold these stocks in their own portfolios, but also have to report to shareholders. As a result, the banks have incentives to make deals with homeowners.

In this book, you will learn what a short sale is and why it is your best option, if you are "underwater," meaning that you owe more than your house is worth. Because sometimes banks do not allow short sales, this book also covers other alternatives such as loan modifications, forbearance, and renting the property out. I think people will find this book useful because there are other solutions than simply declaring bankruptcy or going into foreclose.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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1 of 2 people found the following review helpful By Mike on August 19, 2009
Format: Paperback
I bought this book and read it on vacation last month, I go home every year and stay with my best friend. This year he was under a lot of pressure because he had banks breathing down his throat. Long story short, I bought the book and read it to find out if I could help him out. My wife and I are in the real-estate business -she's a realtor, and we own rental units. I guess I didn't realize until after I read this book just how little I knew about helping a person when they're in jeopardy of losing their home. This book not only gives you the options that you didn't know you had, it also explains them in simple terms, and gives you step by step procedures. There are a lot of forms, I didn't have any problems opening them, but if you do, right in the front of the book on page vii is a phone number to call if you're having problems. This book also tells you what to say to lenders, creditors, debit collectors and so on.
Another impressive thing the author does is take you step by step through the emotional rollercoaster that you go on, this way you don't feel like you're all alone - that's a very depressing place to be. This book gives you hope and a purpose again when your ready to accept it. The following are words from the author that struct me the first time I read them: "Please read this book with an open mind. Its never easy to start over, but it may be necessary. We promise, life can be great again. You can own a home, you can invest in rentals, you can become wealthy, you may even share your story and offer encouragement to others... we do!" and they did in this book.
Well my best friend is still going through foreclosure but he knows what his options are. I'm a thousand miles away and I am able to give him advice. I bought him a copy of this book also.
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