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Old 03-24-2011, 04:07 AM
 
Location: Michigan
38 posts, read 105,816 times
Reputation: 39

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Like many, I have a home that has lost value and is upside down. I need to sell it but have not been able to. I have known others who just gave it back and/or walked away. I prefer not to do that. Does anyone have advise on how to deal with this type of situation?
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Old 03-24-2011, 06:15 AM
 
166 posts, read 375,152 times
Reputation: 265
GMM you might contact a property management company and find out the demand for rentals in the area. You might be able to let them rent it for you & manage it while living out of the area. I certainly wouldn't "give it back", you'd still take a credit hit. Good luck to you.
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Old 03-24-2011, 11:14 AM
 
1,489 posts, read 3,600,029 times
Reputation: 711
Quote:
Originally Posted by gmmhastings View Post
Like many, I have a home that has lost value and is upside down. I need to sell it but have not been able to. I have known others who just gave it back and/or walked away. I prefer not to do that. Does anyone have advise on how to deal with this type of situation?
Don't sell it if you can keep up the payments on it. Try renting it out.
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Old 03-24-2011, 11:42 AM
 
Location: Grosse Ile Michigan
30,708 posts, read 79,764,742 times
Reputation: 39453
Raffle it off on E-bay.
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Old 03-24-2011, 12:26 PM
 
Location: On the brink of WWIII
21,088 posts, read 29,206,191 times
Reputation: 7812
patience..lots of long suffering...
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Old 03-24-2011, 04:13 PM
 
72 posts, read 206,181 times
Reputation: 33
We are not upside down on our property, but we are still having a hard time selling. We recently changed realtors as we felt that was our biggest problem. We have been listed with our new agent less then a week and have more action on it.

We are also working with a Property Management company that has several people interested in renting it out. One couple decided after seeing it that they would like to possibly buy it in 6 months. Our hard part was getting people to just see it, and now that they have seen it they want to own it. So maybe just having it with a property management company will help bring more people and maybe some of those people will want to buy it down the road.
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Old 03-24-2011, 04:46 PM
 
1,489 posts, read 3,600,029 times
Reputation: 711
Don't sell it unless you absolutely have to. Just because it's under water now doesn't mean you have to dump it.
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Old 03-24-2011, 05:27 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,330,688 times
Reputation: 21891
Where will you live when you sell your home? Are you able to make the payments now? What has happened that has changed your mind about the home other than the price decline? When you bought the home what was your plan on making the payments and paying the place off? Are you now not working as well as being strapped with the payments?

leahy8, I have yet to see massive suicides related to the housing market. I have seen 6 posts from you, 5 I think that are the same post in differant forums and you make no sence. Are you a former poster that has created a new screen name and holding a grudge for City Data Forum? Sounds like it to me. Most people on the forum are not realtors, just regular people, and a few complainers.
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