Personally, I would not run. You might be able to do a short sale if you decide to sell, so talk to your agent about that.
Personally talk with 3 Realtors and see what they each have to say about your specific situation. When you say "Run" - to where ? Unless you do a short sale and get the lender to approve it, you may still be responsible fo rthe deficiency (I don't know the laws of Michigan so speak with an attorney)
On the other side, everything I am reading here in CA is that Michigan is going to turn around faster than everywhere else - so this may correct itself in the next few years.
Chat with family, friends, and 3 great local Realtors and make an informed decision.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
I would agree with Todd & Monir to ride the storm out if at all possible, but if leasing the home is causing you more stress & headache than a slight profit may be worth you might be better off selling. Has an agent completed a market analysis on your home to see what it is actually worth? If not contact me today for a free market analysis since you will need to know your homes true value before you make a decision to sell or keep leasing it out.
Century 21 Premier
The market WILL come back. More specifically, your home's price WILL come back. The dollar is deflating fast these days due to government deficit spending being out of control. Just this week inflation-protected bonds sold for a NEGATIVE short term return -- meaning Wall Street is factoring in inflation, and SOON.
If you can't beat those slimies, join em. If you want to sell in two or three years, you'll probably be able to exit at a decent profit. If you aren't losing money and your stomache is doing ok and you can sleep at night, hold on for the ride. As a trained economist, that's my best advice.
Just to give you an up-date, the house on Delaware does have an accepted (pending) offer (21 days on the market). Also, If you would like one, I would be glad to provide you with a no obligation Comperative Market Analysis of your house.
Mike Warren, CDPE,SFR
Keller Williams Realty
I would stick it out at this point. Remember, the worst time to sell is at the bottom.
Michigan Turnkey, LLC
You should certainly speak with an experienced area agent, in-detail, about your options. There are many questions that need to be answered before someone could give you some clear guidance.
If you would like to speak about this further, please contact me through my Trulia profile, or email, Derek@DoorToDreams.com
Hope to hear from you. Thanks, Julie.
Your house is in a very desireable area of Redford Township. Unfortuanately home values in Redford have been greatly impacted by foreclosure. Approximately 70% of the sales in 2009 were bank owned and from
Jan. to August of this year approx. 60% of the sales were bank owned houses. During the last six months
4 houses in Redford (with Redford Union Schools) over $90,000 have sold, there is one currently pending, So you are in a price range were there is currently not a lot of demand or movement. The house on Delaware for $94,500 is an estate, looks like it may need some up-dating. It is hard to say if the market has reached the bottom and it may be a while until it rebounds. If you have the financial resources, it may be best to cut your losses and sell the house and not have to worry about things in Redford (may want to consult your tax advisor). There is a lot of demand for rentals in the area, but it is always tricky getting good tenanants. You may want to put the house up for sale and rent and see what interest there is. You do not have a easy decision. Call or email if you have any further questions.
Mike Warren, CDPE, SFR
Keller Williams Realty