Home Selling in Wilmington>Question Details

Pisqsig3, Home Owner in Wilmington, DE

My neighborhood is losing value and my mortgage is underwater. How do i decide if I should get out or wait it out to my value comes back?

Asked by Pisqsig3, Wilmington, DE Sat May 26, 2012

I can still pay my mortgage without issue, but i'm concerned that as the value drops around me, the quality of the neighborhood is also dropping. I don't want to be stuck in a neighborhood that becomes unsafe.

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Answers

8
Hard question to answer.
It really all depends on your home, its value in today's market, how much you owe, what you can
realistically sell it for, and what your actual net to seller after commissions, outstanding taxes,
survey, closing costs etc. will be and what will you do thereafter...

In order for you to find out what the market is like in your area, you need to connect with an experience local Realtor who will be able to give you some insights, nobody can predict the future, really not

It depends on so many factors, the economy, the unemployment in your area, and how many short sales and foreclosures are on the market and may still be coming on the market and how many distressed homeowners will have to sell their homes below market just to get out.

A good local Realtor with many years of experience could help you out with some more distinct numbers and some suggestions.....

It all also depends what your next step would or could be.
EdithSellsHomes@gmail.com
@Properties North Shore, 30 Green Bay Rd, Winnetka, Il. 60093
covering the city of Chicago, all N and NW suburbs and the fine homes of the North Shore
Edith always works in the very BEST interest of her clients, Buyers, Sellers and Investors alike and she certainly goes the x-tra Mile with a Smile for all her clients with experience and market expertise

Have a wonderful Day!
0 votes Thank Flag Link Sat Jun 2, 2012
If you are still in a position to meet your mortgage obligation than it suggested that you wait for the market to rebound, because its cyclical. It's hard to predict neighborhood quality changes. If on the otherhand you are unable to meet the mortgage obligation short sale is an option & homeowners doing a short sale will no longer have to wait 60-90 days for bank acceptance/denial of any offer. The Federal Housing Finance Agency now require servicers to acknowledge receipt of short sale purchase offers within three business days, respond to the short sale request within 30 days (with possible extension), and make a decision within 60 days of purchase offer. This will certainly speed up the lender responses and improve the short sale process. Hopefully, these new guidelines will help bring relief to distressed homeowners! Please call me to discuss other options at 302.266.7544. Have a great day.
0 votes Thank Flag Link Thu May 31, 2012
I do not recommend you start a renting business... it is obvious you area of "comfort" is not around strangers -- besides you WILL lose your tax "relief" if you have to go into a short sale situation.
DO NOT RENT your primary.
0 votes Thank Flag Link Sun May 27, 2012
I do not recommend you start a renting business... it is obvious you area of "comfort" is not around strangers -- besides you WILL lose your tax "relief" if you have to go into a short sale situation.
DO NOT RENT your primary.
0 votes Thank Flag Link Sun May 27, 2012
Do both! Rent out your home for a few years; you'll get out of the home and wait for a higher value at the same time. Problem solved!

If you want to know rental values in your area, feel free to contact me. If not, I wish you the best of luck!

-Manoj Philip
ManojSellsHomes@gmail.com
(302) 383-8812
0 votes Thank Flag Link Sun May 27, 2012
Your concerns are quite valid and unfortunately very real for many people in today's market, so as Chris mentioned, you are not alone. A qualified professional Realtor that is familiar with your neighborhood will be able to give you some honest answers and several scenarios to allow you to make a good, informed decision. There are many factors to consider including when you made your purchase and how long it would take for the market to recover to similar values. It is always nice to know what your options are and most Realtors will provide this service for free. Best of luck and please don't hesitate to call if you have additional questions. 302-383-5412
0 votes Thank Flag Link Sat May 26, 2012
Hi Pisqsig3

You find yourself in a very difficult situation, but you are not alone. Many people purchased homes in neighborhoods that included neighbors who cannot afford to maintain or landlords who do not seem maintain their residences.

Edith is correct in stating that you need to find a professional who will be honest with you and generate the information about the sale of your home in today's market. You need to understand all of the options available and weigh the positive and negative impacts of moving versus staying put.

Remember that information is your friend. You may not wish to hear the results, but not getting valid results can make your decision skewed and coerce you into not doing the right thing for your and your family. If you have any further questions or concerns, don't hesitate to contact me. Best of luck.....................chris 302-562-0628
Web Reference: http://www.Come2DE.com
0 votes Thank Flag Link Sat May 26, 2012
You really need to consult with an experienced area, local Realtor who knows your area well.
Then all depends on the market in your area, on your home itself, i.e. age, upgrades, size, lot size
and so much more....
And do not forget to put into the entire discussion, what will you do after the sale, where would you
go..... May be the latter is even more important than the first.... but make sure you sit with an honest and straightforward Realtor who puts the true facts and numbers in front of you.

I am wondering if the village health department and animal control is not taking care of RATS
Iknow that several suburban villages do take care of rats..... That would be my first call.....

Mice is another story, but rats I think they do check where they are nesting, they double check if they are still using the hide out, and then
they put poison to kill them....

Hope this helps.
Edith
0 votes Thank Flag Link Sat May 26, 2012
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