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Old 04-25-2009, 12:59 PM
 
5,969 posts, read 9,563,055 times
Reputation: 1614

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Quote:
Originally Posted by TANaples View Post
On the other hand, if you just want OUT of Florida and you just want to sell, they you are STUCK in this blasted state until you can sell.
Many in Florida are in that situation. The ones that rented did the best thing.
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Old 04-25-2009, 02:07 PM
 
164 posts, read 652,729 times
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WE SOLD AND NOW OUR RENTING .We will be buying out of state n.ga soon. We were going back up to Philly but my dd move to n.ga after we told her about the area . lol so off to ga now. I feel blessed .
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Old 04-25-2009, 02:39 PM
 
1,333 posts, read 2,200,722 times
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Quote:
I paid $100k less than value in 2006. But I worked for the Developer, so I got a good deal. Now, it's worth about 50k less than what we owe on it. All these ppl are getting bailed out and whatnot, how about the people who need or want to move northward to GA or NC, but cant b/c they cant take a 50k loss? And we pay our mortgage unlike a lot of people!
Can you live a strictly cash lifestyle for about 7-10 years? You could always move and buy a new house, stop payment on the house and give the bank the keys and let them deal with it. You save yourself $50,000 or more likely much more. The market is going to continue going down or will be stagnant for another few years.

The consequence is your credit will be shot for at least 7 years so make sure you make all your big purchases before defaulting on your loan.
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Old 04-25-2009, 06:13 PM
 
Location: The last refuge of the scoundrel
478 posts, read 1,325,328 times
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Our credit is near perfect, and I am in the process of possibly buying/starting a business in the next year or two, most likely in Greenville SC or Northern GA, or possibly but unlikely Northern FL, so I just couldnt do that, ya know what I mean?
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Old 04-25-2009, 08:30 PM
 
1,333 posts, read 2,200,722 times
Reputation: 2178
Your best bet may be to rent it out then and cover as much of your carrying costs as possible and wait. Real estate cycles last a very long time. It make take 3 years for the market to stabilize, i.e. stop dropping and 5-10 years for the market to get back to where it was at the height of the boom in 2006.
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