[nt2008]

Hi All,

In research to sell/rent my current dwelling, I just joined here.

We own a 3 bed, 2 bath, fully furnished house (raised ranch) , cul-de-sac, near Silver Sands / Walnut beach and Jonathan Law.

I am looking to rent it because selling (even at a loss) is frightening at this point for me to think about.

There are NO other houses for sell that can compare to ours, so it's hard for me to get an idea of comps / rental. On rental front, I don't really know where to begin, either. I'd be living away from this house, if I could successfully rent it out.

No idea where to begin, I have an ad out on Craigslist so far.

Thanks for helping.

[Stylo]

Square footage? Year built? Updated? Garage?

Zillow does a rough estimate for rent.

[Cambium]

Lots of people and banks are doing short sales. Misconception that its as bad as foreclosure. ITS NOT.

Ask the bank if they are willing to do a short sale on the home this way you are releaved from making any more mortgage payments and the bank accepts whatever the home sells for.

Your excuse for selling should not "because I want to". They prefer to hear you lost a job or something(need proof). As soon as they know they might not get paid on their loan, they would rather do a short sale and get as much for the property as they can.

I'm all for renting though. Just giving you another option. If the rent can cover your expenses and a little extra, go for it. Just qualify the tenant and run credit and background checks!

best of luck. PM me the address, I can look on the MLS for comps.

[JayCT]

You might want to consider going to an agent. Despite there being no comparable homes in your neighborhood, the price is really set by location. you are not going to get $4,000 per month in a neighborhood where the homes commonly rent for $2,000. An local agent could get you the maximum amount per month. Jay

[willow wind]

Be very careful about considering a short sale. It is not as easy as one would think. There are serious ramifications to it. Your credit will take a hit and don't let anyone tell you it won't. The lender can, if they want, come after you for the deficiency in CT in a short sale. And the bank won't tell you until after the short sale is approved if they will. It is up to the bank and your short sale attorney to work out a plan that works best for all.

Even if you got lucky and the bank agreed to forego their right to obtain a deficiency judgment against you, you still have to deal with the IRS. The IRS considers the difference between what you owe and what the bank accepts
as profit and will tax you for it. Let's say you owe $ 200,000 and the bank accepts $ 170,000 in a short sale. The IRS is likely to send you a bill for taxes due on the $ 30,000 deficiency.

Simply put , do not even think about doing a short sale unless you have a very good short sale attorney working for you and able to guide you through the process and the monetary implications. But seriously , if you don't have a hardship, it might be best just to stay put.

[nt2008]

Originally Posted by Cambium

Lots of people and banks are doing short sales. Misconception that its as bad as foreclosure. ITS NOT.

Ask the bank if they are willing to do a short sale on the home this way you are releaved from making any more mortgage payments and the bank accepts whatever the home sells for.

Your excuse for selling should not "because I want to". They prefer to hear you lost a job or something(need proof). As soon as they know they might not get paid on their loan, they would rather do a short sale and get as much for the property as they can.

I'm all for renting though. Just giving you another option. If the rent can cover your expenses and a little extra, go for it. Just qualify the tenant and run credit and background checks!

best of luck. PM me the address, I can look on the MLS for comps.

Thanks cambium,

We are not underwater, not by a long shot. It's a nice property, I just don't want to deal with the vultures (in case of sale).

Rent will cover my expenses, for sure. It's a matter of "how" to rent at this point, that;s the reason I'm asking for help.

[nt2008]

Originally Posted by Stylo

Square footage? Year built? Updated? Garage?

Zillow does a rough estimate for rent.

Hi Stylo,

Sorry for not giving more details on the house. The house is very typical of Milford.

A raised ranch, about 1700sqft, built in late 70s, updated to modern taste, newly done kitchen, opened up and airy with lots of windows etc. on a level yard.

Zillow is suggesting 2K rent.

[blakesq]

I am in milford too, looking to sell, had house on market from Sept to Jan, no offers, very few people looking. HOpefully, this spring will be better.


Call a couple of real estate agents, they will each give you a housing report with comparisons (comps) for free. YOu can hire them or not.


good luck!

[nt2008]

Originally Posted by willow wind

Be very careful about considering a short sale. It is not as easy as one would think. There are serious ramifications to it. Your credit will take a hit and don't let anyone tell you it won't. The lender can, if they want, come after you for the deficiency in CT in a short sale. And the bank won't tell you until after the short sale is approved if they will. It is up to the bank and your short sale attorney to work out a plan that works best for all.

Even if you got lucky and the bank agreed to forego their right to obtain a deficiency judgment against you, you still have to deal with the IRS. The IRS considers the difference between what you owe and what the bank accepts
as profit and will tax you for it. Let's say you owe $ 200,000 and the bank accepts $ 170,000 in a short sale. The IRS is likely to send you a bill for taxes due on the $ 30,000 deficiency.

Simply put , do not even think about doing a short sale unless you have a very good short sale attorney working for you and able to guide you through the process and the monetary implications. But seriously , if you don't have a hardship, it might be best just to stay put.

I appreciate the reply, willow wind. We are not in this situation and it's not going to be a short sale.

[Stylo]

Milford has an extremely low vacancy rate rental-wise, so it may be easier to rent than sell.

$2,000 sounds fair for rent. You'll want to get a real estate agent involved. You'll have to pay a fee, but it will be worth it.

Originally Posted by blakesq

I am in milford too, looking to sell, had house on market from Sept to Jan, no offers, very few people looking. HOpefully, this spring will be better.

Definitely relist in Spring, but consider lowering your price. Even in a slow time of year, the fact that you had little interest means you're asking too much.