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Yeah, I'm not sure about renting it out, makes me somewhat nervous.
If you mean us, we have, twice.
Yep, three times ourselves since last February. One new stress is the thought that we lowered too early (as I wrote above), the "buying season" really hasn't hit yet - another month or so.
Well, crossed fingers to all of us waiting to sell!
We had a ton of showings in March and April but none in about three weeks. The people who looked at our home are family types (as are we) and our neighborhood is a kids type neighborhood. That's why I suspect those people were here over spring break and there's a lull before school lets out.
I've done everything to sell, I live in NE GA and NOTHING is moving, I've dropped my price 3 times and my original price was below market value to begin with...I'll be taking a bath if I can sell but there is just no options, I can't get a job in this area and have got to get out.
Not to be a "downer" , however, our house has been on the market (in MD) since August of 2008.
My husband also lost his job and we had to relocate out of state. Brand new home (we built it and only lived there for a year). I stayed back with our children for amost 6 months while my husband moved to start his new job.
In that 6 months of trying to be sure the home was in "show" order, we had 1 showing...
MD was hit very hard by the real estate crumble ,although funny, it is never mentioned as one of the states that got hit hard. They always seem to talk about NV or CA.....
Now our neighborhood is crawling with foreclosures and most of them are because of job loss and people not being able to sell their home....
I wish you much better luck than we have had. I understand the stress of being by yourself, trying to sell while trying to maintain some type of normalcy for your family....
Well, I guess you have to break down your options:
* reduce price and wait until it sells/may have to repeat this several times until it sells
* short sale/foreclose
* try to get bank to reduce mortgage - can do this while trying to sell
* rent it out
I think no option is really perfect, it just has to do with what you think is the lesser of all evils...
Oh, and if you are going to try to reduce your mortgage, you have to this BEFORE you rent it out, just to keep that in mind. You'll have no luck getting it reduced if you aren't living in it...
Nothing is moving around here right now either- anything that isn't an entry level home anyway. I'm praying summer brings better news. It makes me much more sympathetic to people losing their houses. It's so easy to see how it happens. My husband HAD to take a job out of state- could not find anything here. Tough times
Nothing is moving around here right now either- anything that isn't an entry level home anyway. I'm praying summer brings better news. It makes me much more sympathetic to people losing their houses. It's so easy to see how it happens. My husband HAD to take a job out of state- could not find anything here. Tough times
I truly wish you much luck and really hope that your home sells quickly.
My husband couldn't find anything in our previous area either and that is why we had to relocate.
I did stay with our children as I mentioned, for 6 months,but when we saw the lack of activity, we thought it was best we all move....
We have had no luck getting a modification or any help because we have been current with our mortgage payments all this time and because we are not living in it.
The banks aren't willing to work with those that are being responsible right now.
We had tennants (thankfully-very good ones!) who unfortunately had to relocate as well, so our home is empty again.
Have had a few more showings and a possible contract however the bank will not approve us for a short sale (we have lowered our price 9 times since putting it on the market, we are now exactly $200K less than we purchased it for). Again, because we have not proven a hardship.
If they deny us the short sale, we will start to play their game and stop paying our mortgage. It is the only thing we can do at this point after paying for the home for almost 2 years...... we don't want to of course, but if the banks are not willing to work with the people who have been responsible, they don't leave us many other choices.
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