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Old 10-06-2008, 11:44 AM
 
17 posts, read 35,913 times
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...Just moved from the northeast and had bought my condo in June. Now I want to move back NE. Am I asking for trouble here? Wanting to dump my condo already. What steps should I take? I really don't want to rent it out. I'm sure I left out some useful information so let me know what other details to help you help me! Thank you for any and all help!

Last edited by ItsMeMatt; 10-06-2008 at 12:13 PM..
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Old 10-06-2008, 12:50 PM
 
10,130 posts, read 19,822,550 times
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Well, turning around and selling a property after less than 6 months of ownership is pretty much universally a bad deal for you. But, if you have to move, you have to move. Figure on a loss of about 6% + 2X closing cost based on no increase or decrease in the the value of the condo (basically a flat market).

I think location of the condo will be a big factor in how fast you can unload it. If it's one of the few newer ones in downtown that have actually opened, it may be more desirable (as much of the inventory coming on line isn't completed yet)...
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Old 10-06-2008, 01:00 PM
 
134 posts, read 490,235 times
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Why do you want to move back home so soon? Are you sure you have given Austin a chance yet? We just moved here in August and are loving everything about it. Maybe just give things some more time.
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Old 10-06-2008, 01:07 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,008,769 times
Reputation: 5531
Quote:
Originally Posted by ItsMeMatt View Post
...Just moved from the northeast and had bought my condo in June. Now I want to move back NE. Am I asking for trouble here? Wanting to dump my condo already. What steps should I take? I really don't want to rent it out. I'm sure I left out some useful information so let me know what other details to help you help me! Thank you for any and all help!
Step 1:
Write down on a piece of paper the 5 digit number that you are willing to pay to be able to walk away. This is the amount you are willing to bring to the closing table, in cash, when you sell, or the amount (if you made a large downpayment) that you are willing to forego and not recapture upon sale. Since it costs about 8% to 10% of the selling price to sell a piece of real estate, you will lose money unless you can sell for 110% of what you paid.

Step 2:
Contact a Realtor experienced in selling condos in your area and find out what it will sell for, in this market. Also, find out what it will rent for.

Step 3:
Decide whether you want to bleed from a vein or an artery.
Selling and taking a big hit now might be favorable if you can stomach it financially and emotionally. Renting for a smaller monthly loss for a year or two, until such time as a better selling season returns, will be more of a slow bleed, but you might come out better two years later.

Good luck,

Steve
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