Home Buying in Connecticut>Question Details

lisamichaud7, Both Buyer and Seller in Newington, CT

We are living in a condo now and currently owe about 20,000 more than it's worth. We are looking to rent or buy somewhere else what are our options?

Asked by lisamichaud7, Newington, CT Fri Oct 4, 2013

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5
Did you have the property appraised? How do you know that it is worth 20K less than what it is worth?
Why do you want to move or do you need to move because it costs too much to stay there.
Step one: Answer these questions.
Step two: Contact your mortgage company to see if they can help you.
Step three: Have the property appraised or have a comparative market analysis done by a professional realtor.
Step four: Review your options before doing anything. Then decide between selling, renting or possible short sale.

If I can help you, please feel free to give me a call. 860-916-2744
1 vote Thank Flag Link Fri Oct 4, 2013
Hello,

Are you interested in moving because you need more room? One option is to rent your property and buy another. Part of of your rental income would be used to determine what you can afford on your new property. Once you are pre-qualifed, before doing anything, make sure there are properties available that would satisfy your needs. Renting your current property and renting another should not be an option.

You know for sure your current property would sell for less than you mortgage? I can help if you like.



Esther Farr, GRI
http://www.adfarrrealty.com
0 votes Thank Flag Link Sat Oct 5, 2013
If you'd like to buy another property without selling this one, then you will have to be able to qualify for the payment on your condo AND the new mortgage payment. You should speak to a lender to see if this is a possibility.

Mortgage guidelines, especially as it relates to debt-to-income ratios, are set to experience sweeping changes this coming January. So if this is an issue you may want to act before then.

If you are OK with renting then this is a non-issue.

Don't get sucked in by some of these vultures who tell you how easy it is to do a short sale. While it may be an option, you can forget about purchasing a home anytime soon if you do that. Also, it WILL damage your credit.

You could try and sell the condo and just make up any shortfall yourself. That would suck to have to write a big check (which would likely include a 6% realtor commission on top of any shortfall) but it would put you in the clear to pursue a home that suits you better.

So you'll need to speak directly to a lender and realtor and provide further details to determine what your options are and to decide the best course of action.

Feel free to contact me with any financing questions.

Tony

Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
tony.grech@pmac.com
0 votes Thank Flag Link Fri Oct 4, 2013
Without knowing all the details about your exact situation it may be hard to come up with the BEST answer for you. First verify just how upside down you are, if you don't want to hire an appraiser at least get a few more CMA's from agents. Have you looked into refinancing? that may help your situation. You could also rent it (even at a slight negative) while property prices go back up, this may allow you to keep your condo. If these options don't work you could consider a short sale if allowed by your lender. If you would like some additional information or help in your future home search please don't hesitate to contact me directly.
0 votes Thank Flag Link Fri Oct 4, 2013
Your options are to rent it, sell it or stay put. There's no way to know what's best for you personally until you sit down with a realtor and get an analysis of your financial situation. A good realtor can lay it all out for you and help you make the best decision.
0 votes Thank Flag Link Fri Oct 4, 2013
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