If your loan to value (how much you owe compared to what the value is) over70% your whole payment will count against your debt to income for qualifying for the loan.(75% for an FHA loan)
So it probably would be beneficial to get pre-approved to make sure that you can qualify if you rent the property out. I can do this for you pretty quick if this would be helpful.
That way you will be able to make a more informed decision...
Re renting-- I think aside from market conditions you need to ask yourself if you are ready to be a landlord. There is a lot that goes to being a landlord, such as finding good tenants and being available whenever they need repairs, etc. Sometimes finding tenants with a good credit history may be harder than finding a buyer. Also, you should realize that its possible that you may not find a renter right away. With today's economy and some people's bad credit, its possible you may not find a renter for months leading you to pay two mortgages (again, I'm not a broker so I don't know your township's specific statistics).
Re selling-- how much below market value are you selling? If its a few thousand then maybe you can withstand the loss, but if its 20-30k or more then I think you'll need to do some serious soul searching. If you really just need to move right away, it may be wise to unload your property, eat up the loss and get that good buying opportunity. Important thing though is if you do sell at a loss, don't look back and wonder why you did that. Let it be water under bridge and enjoy your new home.
My recomendation is put it on the market and try it ...and if not happen rent .
I work in the Berwyn area a lot , bilingue in Berwyn is a must
(312) 730 3320
In your case it may be beneficial to seek the best of both worlds.............. renting a home that you are trying to sell isn't normally advisable. However, in some cases sellers have found the perfect tenant. One that knows the home is for sale, one that doesn't mind keeping it presentable for showings, one that doesn't mind an occasional inconvenience etc.
In return for their kind understanding an willingness to work with you as the owner, it may be beneficial to offer them a rental discount. Sometimes the best individuals to deal with in this type of arrangement are personal acquaintances.
The Eckler Team