Buying A Home
lorist202
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What to do with my condo?
I own a single-BR condo in a nice area that I lived in before I was married. In this market, I could not sell, so I've been renting it. The tenants are leaving and I'd rather sell than keep renting it out.
Unfortunately, I could probably only get $30,000 less that what I owe on this place. I already have a subsidized interest rate.
Does anyone know of any programs or have any suggestions?
Re: What to do with my condo?
Does your rental cover the costs of owning the property? If so, you might want to find new tenants and wait until the market recovers. Your other option may be a short sale, which has a negative impact on your credit rating. If I was in your situation, I would probably find new tenants and wait until I could sell at less of a loss in a few years. If you really need out, can you bring $30,000 to closing?
Good luck. it's a hard time to be selling.
If you don't have the cash to bring to closing, I would look into getting a personal loan to cover the difference. The process to qualify for one is pretty simple.
That would be my first question too.
If you're covering your expenses by renting, I would continue to rent until the market turns around and you can sell without that $30,000 loss.
If you're losing money each month, how much are you losing? If it's a couple hundred or less, I would keep renting. You can rent for many years and not lose as much as you would if you sold right now at a $30,000 loss.
If you're losing a significant amount each month (say, $500 or more), I would sell, assuming you have $30K in savings to take to closing with you.
If you don't have $30K in savings, you could consider a short sale, but you would need to be approved for that. This means you might need to be behind in payments on the mortgage (not always, though). You'll also have to prove hardship, meaning you'll have to prove that you can no longer afford the home due to approved reasons (job loss, divorce, decreased income, job relocation, etc.).
Mr. Sammy Dog
The rental just about covers the cost of the property, yes.
I didn't consider a short sale. I'll rent it as long as I can...
Thank you for your responses
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