Looking for some advice_ selling SFH in California

[Daeun Lee]

Hi everyone, I’m looking for some advice regarding the sale of my property.

I currently own a single-family home in Winnetka, California, located in a quiet cul-de-sac. A comparable home next door sold for $1.1M a few months ago, and I’m seeing similar listings in the area now going for $1M-1.2M.

Due to a recent international move, I had a tight timeline and hired an agent to handle everything on my behalf. The house was listed this past Friday, but the market seems quite slow at the moment. I priced it roughly $200K below other similar homes, as mine needs some love, whereas the others are fully renovated. (But it is not a fixer, major things like window, furnace, electrical pannel etc were updated couple years ago.)

Here's my concern: I'm on an FHA loan with a 3% interest rate (around 4% with PMI), and the loan is assumable. Ideally, I'd like to find a buyer interested in assuming the loan—it would give them a great interest rate and possibly allow me to negotiate a higher sale price. However, my agent advised against it and said it's not possible. I'm not sure why she dismissed the idea, but since I'm under contract, I feel stuck following her guidance.

Did I rush the process? Are there any other options I can explore to make the most of this sale? I’d really appreciate any insights or similar experiences you’re willing to share.

Thanks in advance!

[Jesse Rivera]

Hi Daeun,

Most FHA loans are assumable, but you'll have to check the note to be sure. Even if it is assumable, it can be a long process because you have to go through the servicer and it's not something they do very often, so usually don't have staff assigned to doing it. If you want a quick sale, I would stick with normal financing.