It'd be best to connect with a local Realtor as condo units can vary with views/upgrades/etc. However, after review of what's sold in that complex in the last few years, I don't believe your unit would sell for asking. If you are looking to short sale, again consult a short sale specialist before moving forward. Reguardless on what friends or even other short sale people have experienced, the process is usually on a case-by-case basis.
If you are not certain where to start, connect with us as we have a lot of short sale experience, especially in the NorthEast LA area.
Keller Williams-Hollywood Hills
Even though you're thinking about not making the move for another 18mos, you should talk to a mortgage lender NOW & simply ask them "If I were to rent out my condo & show you a 1yr lease agrmt, how much can I qualify for?". I see you made a significant down payment & it sounds like your unit would currently sell on the higher end of comps because it's an end unit & sounds nicely upgraded. You're not THAT underwater, maybe $60K, I have other short sale clients who are $400K underwater!
Consider renting out your unit & buying another property. The lender is going to see you have an underwater asset, but if you can get it rented out, the lender wouldn't use the condo payment when figuring out what you can afford.
If you'd like to talk some more about it, just shoot me an email directly, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
If you need any assistance, please feel free to contact me as I am a Realtor and would love to work with you,
Best regards and good luck,
NICK EDEN GROUP
407 N Magnolia Ave
Monrovia, Ca 91016
PHONE: 626 203 3468
E Mail: firstname.lastname@example.org
real estate broker/associate
Keller Williams Realty
323 300 1143
Unfortunately, it looks like you will have to do a Short Sale. Many people who purchased in 2007 are in the same situation. Current real estate values have declined and some people either cannot continue to pay their mortgage for various reasons or do not see a good reason to continue with the property. Feel free to request a FREE home valuation online at http://www.getlosangeleshomevalue.com/ If you would like to learn more about the possibility of a Short Sale, visit http://www.Short-Sale-Vs-Foreclosure-Help.com
Depending on your situation, you may be able to receive money from your lender to help with the relocation (move). I have helped many of my clients with this. Feel free to contact me with any questions.
Sara Mehrpouyan CDPE
Dre License #01712757
Recently a 2 bed 2 bath in the complex sold at short sale for $240,000. Obviously, you won't get anything near what you paid for it. I'm sorry. You may consider a short sale. Why make payments on a $405,000 loan that's worth maybe $240,000? If you call me we can discuss your options.
Brian Byhower, CDPE
Certified Distressed Property Expert
RE/MAX Palos Verdes
I have a program available that calculates the value of your particular unit, and gives you an eight page report to evaluate the property. Email me if you'd like a copy.
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
In condos there are other factors which can effect value.
First, if the complex has maintained the FHA certification, that is a plus.
Also, is the HOA solvent? Many HOAs have big problems with delinquent HOA dues. Lenders have guidelines and if the HOA has significant unpaid dues, that can affect an underwriter's decision to approve a loan.
Lastly, the condition of the complex is important. Likewise if there is a big special assessment coming up...