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Here's the dilemma. What would you do if you had a job relocation to a different state but we live in a neighborhood where no homes are selling. Several sellers have simply walked away. We wouldn't want to do that but just wondered what are our options. Do people leave the house on the market indefinitely and rent in a new state? I can give more details as asked, I'm terrible at these first posts
Any insight would be great.
Need a lot more info. Do you want to buy in the near future? Are you ok renting? How would you describe the thickness of your psychological skin? How much do you owe on the house, and what might it be worth. Would you be open to renting in the new location, or even buying if you can qualify, then stripping the other house down to the studs and selling everything but the sticks, then letting it go?
It's a rather ruthless proposition to "let" a house go back. LOTS of threatening calls, letters and actions, adverse results on your credit standing, possibly leading to a bankruptcy, as any balance that results will not "fall off" your report, and will prevent you from buying in the future until it is paid. Lots of moving parts here.
Need a lot more info. Do you want to buy in the near future? Are you ok renting? How would you describe the thickness of your psychological skin? How much do you owe on the house, and what might it be worth. Would you be open to renting in the new location, or even buying if you can qualify, then stripping the other house down to the studs and selling everything but the sticks, then letting it go?
It's a rather ruthless proposition to "let" a house go back. LOTS of threatening calls, letters and actions, adverse results on your credit standing, possibly leading to a bankruptcy, as any balance that results will not "fall off" your report, and will prevent you from buying in the future until it is paid. Lots of moving parts here.
Home was built in 2003, we are the original owners. Neighborhood has an HOA that has been plagued recently with a lot of issues and has even been in the newspaper because of it. (mismanaged funds, our roads are in disrepair etc )
Purchased home for 200k in 2003. We owe 167k
Several people have put their homes on the market for 220k but they have been listed for over a year. Some people have walked away causing the homes to go into foreclosure making the situation worse for the people still trying to sell legitimately.
Because we have kids and 2 dogs we would prefer to buy vs rent in the new state.
My husband has a thick skin...me, I'm quite sensitive.
I even wonder if we should put the brakes on the relocation and just stay here to avoid all of this...
At what price do homes sell for in your neighborhood? You have a lot of wiggle room, only owing 167K.
What if you just break even? By breaking even, I mean sell for as low as 167K (including your closing costs). That would be better than just walking away.
If you can scrape together 3.5% down, you can buy with FHA loan where you are moving to. They will even wrap the closing costs into the mtg. My daughter has done this twice. The first home is now a rental. FHA let her buy another FHA financed home and turn the other into a rental, because she was moving far enough away that commuting wasn't feasible.
If you could come away with enough down payment for FHA home in your new location, you could qualify for the FHA and keep your credit.
If you don't think you can even break even, I suggest you buy in your new location, tell the lender you intend to rent out your current home...then, if necessary, you can let the first one go back to the bank, and file bankruptcy and still keep your new home, if I understand bankruptcy laws correctly. It would be a way to get into the new home BEFORE it hits the fan with the old one.
negotiate the terms of your relocation with your employer
some larger corporations have sellers assistance and temp corporate housing
listing at 220k does mean that is what the market can bear, get a CMA and see what the sold have been doing in your zip and your actual subdivision/ association
I would be a landlord/ via a property management company before I would wreck my credit with a short sale
Get an appraisal.
Price it $5,000 under the appraised value. See what happens.
ANY house will sell if the price is right. It just depends on how much you are willing to lose. $185,000 would come pretty close to covering your expenses, and anything extra is gravy, at this point.
If worst comes to worst, you can rent your house out in Connecticut to offset the expenses (or even, perhaps, to make a small profit), then put it on the market again in a year.
Home values in CT are about now around 2003 values. If people were buying in the $200,000 range in 2003, why would they be putting homes on the market for $ 220,000 now. Obviously they are hoping for a profit or a break even point after real estate fees maybe. ,
However, that's not the real word. Either pay for an appraisal or have a few real estate agents in and develop a value for January 2014.
Your neighbors have made poor marketing decisions are paying for it. You're not underwater on your home, most likely have some small equity in it. You can probably sell and walk away easily maybe even with a little left over.
Just put the right price on it. Good luck
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