Home Selling in Oak Park>Question Details

Edeza, Home Seller in Oak Park, IL

I want to list my condo but I know it will sell for WAY less than what I owe. There's no financial hardship-.I just want to get out of there.

Asked by Edeza, Oak Park, IL Fri Jan 6, 2012

Advice?

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5
As others have mentioned, consider renting it out. It may depend on the financials, and how that would work out in your situation, but at least give it consideration and run the numbers.

Also, you may want to consider trying to do a HARP refinance on it. If you are eligible, this may save you money, lower your interest rate, and/or lock in your interest rate (if it's not already). You can read more about it here: http://richardschulman.com/2011/10/25/exciting-changes-to-th… and contact your lender for more information too.

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Fri Mar 23, 2012
Hi,

Just happened to be on Trulia tracking the page views on some of my listings. The simple answer is that if you want to sell it, you will have to price at today's market value. If you can't demonstrate a financial hardship, then a short sale is probably out of the question. Giving the deed back to the bank (if they would even allow this) is not a good idea because a voluntary foreclosure is still a foreclosure and it would have great impact on your credit. Renting might be a good option if your association allows this. You would have to be prepared to hold the condo for many years in order for market value to rise significantly. Sometimes it is better to just cut your loss and move on. I'm willing to discuss if you want to get in touch.

Marion Digre
Re/Max In The Village Realtors
Oak Park, IL
708-386-1400
0 votes Thank Flag Link Fri Mar 23, 2012
If you can stomach being a landlord, why not rent it until the market improves?
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Fri Jan 6, 2012
In the movies the protagonist would throw the keys on the table and just walk away:
Unfortunately, it doesn't work that way.
You have three choices:
1.) Tough it out, until the value rises,
2.) Rent it out (if you can),
3.) Do a Deed-in-lieu, with the Lender, in exchange for a letter that says they won't come after you for the Deficiency. (This should probably be done through an Attorney in Illinois,)

Good luck and may God bless
0 votes Thank Flag Link Fri Jan 6, 2012
You might be stuck. Does your building allow rentals?
0 votes Thank Flag Link Fri Jan 6, 2012
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