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The problem is if it hasn't sold in the first 30 days it may not sell until you lower the price enough. You just don't know what we happen (and we really don't because we are not looking at your house or location). Think if yourself taking a 10-20% hit on the house and how would that make you feel. Or, if the house is still sitting unsold months from now?
I think one problem is that market is in a period of adjustment right now. I know where I am it would be difficult to price right. Our neighbors sold and they dropped the price 5% and still had to put a new roof on it. I think they had to sell as his business went tango uniform.
Why don't you just rent your house long term? Hire a property management company.
Renting is a big headache especially from out of state. There is allot of responsibility and I really want to keep things simple. Im a professional by trade and make enough that I can avoid taking unnecessary risks. Ultimately want to live a debt free life and do as I please with cash flow.
If you were to buy first while waiting to sell, Will you have enough cash to afford a down payment on the new $650k house? Much less the closing costs, moving costs, etc? You only have $40k.
I’ve was living in DC and renting out my condo in Florida. It wasn’t too bad or took much of my time, but all depends if you find a good tenant. With todays technologies, you can easily schedule repairs without needing a rental management company.
Lastly, just my opinion, but I would never rush on something of this huge financial decision because “I want to be mentally there”.
It's very likely, IMO, that these houses are already rental properties and the owner wants to dump them so he offers prospective tenants an option to rent the house and then apply a portion of the rent to the purchase price. Typically, this is a deal offered by owners of rental property to sell it for more than market value to someone who has little to no money for a down payment and closing costs. It also could be attractive to some people who want to buy but have a bad credit rating. The owners of MOST houses that you see for sale would not be a bit interested in this situation.
We are in the process of selling and have a contract in place. We had numerous people approach us to do some sort of rent to own or even one asked to take over our mortgage, LOL. We don't have one but he thought allow his to take on our mortgage and walk away. A lot of strangeness we went through as we are doing FSBO.
I have always advocated that a person moving to a new/unknown area should rent for a year to get a better feel for the area. I can assure you if you do so, your decision will be a better one. Not that an out of the barrel will be a bad decision but waiting teaches you a lot about the area.
I have always advocated that a person moving to a new/unknown area should rent for a year to get a better feel for the area. I can assure you if you do so, your decision will be a better one. Not that an out of the barrel will be a bad decision but waiting teaches you a lot about the area.
I think he should rent in this market. I believe he said he's coming back to Jersey which was home for him.
If that's the case, I heard on the radio that foreclosures have been hitting the market that were supposed to hit when COVID stopped the world. The Jersey market could change depending on where he's coming.
We just sold in June, we rented. I had a feeling it would turn. Wasn't about to lose money on a depreciating house.
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