Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
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.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Relocating to a new state..but house underwater heeeeelp
So my husband and I are moving from Chicago to Houston this fall. We have been in our house 4 years and its gone down in value almost 80K. According to Zillow it would sell for about 200K but we still owe 265K on it. If we were to rent it out, we would still be short about 600$ a month according to what we can find about current rental rates. We feel like short sale is our only option, but if we do that, does that mean we absolutely cannot buy a house down in Texas? We have about 25K we can put down on a house OR would be it be smarter to use that to pay off part of the 65K we would be out if we sold it? OR are we going to be stuck renting? Any advise would be greatly greatly appreciated!!!
Re: Relocating to a new state..but house underwater heeeeelp
Forget Zillow! They are so not accurate for many areas.
I would talk with a realtor first for recent sale of comps.
A short sale will ding your credit and you would have to pay a higher interest rate IF you could still get a mortgage in Texas.
Is the mortgage in both names currently? Have you refinanced recently?
It looks to me that you will be renting at least for a while (which is not a bad idea - you get to know the area, where you want to be etc and save $$$)
I did little research for you and from what I understand is, Zillow undervalues the property value. So will it be viable for you to talk to a realtor directly?