I own a condo. It is worth less than I paid for it in 2003. Purchased for $84K, now appraised at $73K. I
divorced last year and can't afford the mortgage and HOA. A few months ago I began a new relationship and have moved from the condo (now vacant) and live in the home of the gal I am seeing. I am not able to make my condo payments. I contribute very little to the home I am living in now. My income at work has been cut by 50% this past year. (I work in sales on commission). I have the condo listed with an agent, but NO one has shown interest in renting or purchasing. My condo is one of serveral on the market in the condo complex that are have been on the market since 2008.Since I live in another location, can I still list with my lender that the condo is a primary residence in short sale and foreclosure proceedings? Do I need to move back into the condo for it to be considered my primary residence? (its empty of all furniture). I do not want the condo. I want to move on.
I would take the most conservative postion when addressing the primary residence. If you leave a question about if it is a primary residence or not, the answer will be most likely be that it is not your primary resident. It is best to discuss with a tax expert but the evidence of proof will be your responsiblity.
With regards to selling the property, I would aggresively address the price and continue addressing the price until the property is sold.
Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfiled,Wisconsin
Hi H,
I would suggest you have your realtor drop the price and work through a short sale. Your realtor will know how to negotiate this with the lender that the property is vacant, etc. Drop the price aggressively to get a good offer to stick and hopefully you can sell to that buyer. Good luck!
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