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She also made enough money to afford both mortgages, so maybe that was partly why they allowed it?
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That is EXACTLY why it was acceptable. Lenders have never fallen for the "I'm going to rent it out" line for as long as I've been getting mortgages (20 plus years) and never permitted this for buyers. Most buyers MUST sell before being able to afford a new mortgage. Very, very few people would be approved for two primary home mortgages.
I agree. It's even tougher now to use the old lease excuse when the tenants just moved in and don't have any history.
Also, in a formal relocation situation, lenders are more generous with their underwriting. There are specific loan programs for transferees who are part of a formal program because experience has shown that these people have a lower default rate and are back by their employer.
If it were me, I would price the home so it would sell. Try listing it for $190, if it has no bites, lower the price to $185 to cover your costs. Continue lowering it until it sells. Then count your losses (really there are none) and move on.
Jane has it right. Find a price where the home will sell. If it will not sell for the amount of the mortgage, then talk with the bank about a short sale. Either way, the market is what set the price, not how much you paid or what other non-sold houses are asking.
Home values in CT are about now around 2003 values.
I have been reading in many sources (MSNBC, CBS, ABC ) that the Housing market is back and the economy is on the way up. Unemployment is way down to 6.7%! Am i to believe that the news i hear is wrong?
May I respectfully suggest that you toughen up a bit? At the moment you decide to sell your home, it becomes a building, a house, a commodity, an object to sell. It is no longer your "home", the place you have brought your babies home from the hospital, the place that you have lovingly tended for years and years.
It's a house.
Time to put your feelings and emotions aside and approach this coldly and logically.
1. Is the new job a good move for your family? If so, then it's time to move
2. Find a price that the house will sell for NOW. Stop comparing it to 10 years ago or to even two years ago. You're selling it NOW. NOW is the only time that matters.
3. Do what you need to do in order to get the house ready to buy.
Interview several real estate agents, find one that isn't telling you what you want to hear, price-wise, but can back up their pricing with hard numbers. Fantasy pricing is NOT your friend now.
Have the agent tell you what needs to be done in terms of staging, repairs, enhancements, etc. Come up with a checklist and knock 'em out methodically.
Have a VERY good friend tell you, honestly, if they can smell "dog". Carpets may need to be cleaned or replaced, etc. Be ruthless.
If you can't sell it and end up having to lease it out to get some income coming in, you CAN find something to rent in your new location with dogs, it will just take a little bit longer to find something, and you will have to put down a deposit. It might not be ideal, but just tell yourself, "It's only temporary." Never allow an object (a house) keep you from pursuing your family's dreams.
If, however, you are using the house as an excuse not to move . . . that's another thread.
Thanks for your input. The reason I said I am sensitive was because I thought that poster was framing the question in regards to letting a house go and could we handle threatening calls etc ( that was one of the examples given) We definitely aren't the type to walk away from a home, It would be a very last resort type thing for us...
We live in Litchfield County, a small city. Our mill rate is one of the highest in the state so our property taxes are high for what the home values are. Our property taxes are $5000 a year. We have a 2000 square foot house on .30 of and acre
You need to price your home aggressively so it will sell. Being an out of state landlord is not desirable and is more headaches than you'd imagine and there always seems to be damage. From my experience, every house will sell if you price it well. I know everyone wants to make money when they sell their home, but if you can manage to sell it and break even do it. The peace of mind alone is worth it. Best wishes.
You need to price your home aggressively so it will sell. Being an out of state landlord is not desirable and is more headaches than you'd imagine and there always seems to be damage. From my experience, every house will sell if you price it well. I know everyone wants to make money when they sell their home, but if you can manage to sell it and break even do it. The peace of mind alone is worth it. Best wishes.
Thank you! Also thanks to everyone who has contributed to this thread, It's given me a lot to think about. One comment that keeps coming up is about pricing aggressively, I completely agree with you all, I wouldn't mind just breaking even or even taking a loss just to get rid of it. What makes me nervous is that the homes aren't even having showings. I think the HOA issues coupled with the terrible conditions of our private roads (full of pot holes) have made people leery of looking here. A home 3 doors down is in foreclosure. The original owners of that one moved out in 2012.
A home next door is competitively priced and has been sitting for 18 months. I never see realtors in driveways etc. The rest of the neighborhood is all over the place, you've got the people who added so many upgrades so they w have it listed for 250k and some aggressively priced homes in the 180's and everywhere in between but no closings happening. Wish I could turn back time and never have bought here- who knew a place could go so down hill in a just 11 years!
Any house will sell at the right price. You can sell a crack house in the worst part of town if the price is right. To say a house is "competitively priced" and is sitting for 18 months doesn't make any sense. Competitive to what?
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