Buying A Home
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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.
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.
XP: 2 mortgages
Hi. I've never posted on TN (I joined TB and never ventured anywhere else), but I thought you all may have some great advice! I described everything pretty well in the link. Sorry if it isn't clicky. TIA!
http://community.thebump.com/cs/ks/forums/thread/74483357.aspx
Re: XP: 2 mortgages
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I agree with PP. Two mortgages means you're on the hook with two loans and personally, I am not comfortable with that.
If you rent, you could always pay a small penalty and break a lease, and move BACK into the house if you couldn't sell it.
To me, that feels safer financially.
Curious...why did you buy this home to begin with if it is in an undesirable neighorhood?
And if you cannot attrack a decent rental tennant, how will you attract a decent buyer?
DH bought this house with his ex 12 years ago. We tried to sell before I moved in, but that was in 2007-2008 when there essentially wasn't a market. The population here of renters is very different than those that would buy. Sorry if that doesn't make sense.
Makes total sense to me, we're in the same boat.
We DID decide to rent. Our current tennant is a recently released felon who paid us 6 months in advance (cash) and a 1.5 month security deposit. Our "neighborhood" is terrible and getting worse by the day, we HAD to get out and we are underwater on our mortgage. Luckily, H & I make enough money to qualify for a $325,000 mortgage to buy a second home. We are under contract right now and staying with family until we close.
Hopefully we can sell our home in a year or 2, until then we will rent it out to whoever takes it.
I had to distance myself from the property, and that was REALLY hard. It's no longer my house and I can't be attached to it. If the renter destroys it, we use the deposit to fix it up just enough to get the next person in until we can sell it.
Honestly, if it weren't for the fact that H & I require security clearances for our jobs (which include an extensive credit check) we would have walked away from the house 2 years ago -- the 'hood is THAT bad.
We have enough saved to cover 6 months of mortgage payments in the event the house is vacant for awhile.
Good luck to you.