Should we rent or sell? We live in Ocean Springs, MS. We are planning a move to Baton Rouge in a month or two.

Ms. Rodriguez
Home Seller
Ocean Springs, MS

Are properties moving enough to even try to sell fast?

Answers (3)
Bridget Beck
Agent
Biloxi, MS

No..It is a slow market right now. Properties are not moving quickly. You should at least be prepared for 6 months wait if you want the price your asking. Depending on how nice your home is and if priced well it may go fast. You can put it on the market for sale and while your waiting interview renters and check their refrences(past places they rented) . You can still rent it out while it's on the market as long as the renters are okay about showing it. Many times it will be listed with asking buyers to honer rental lease.
Some investers do like to buy a property with the rental income in place.
Unfortunatly for my job there is a bigger demand for places to rent then buy. You may even look into the lease/purchase option because you will get asked about it.
Good luck and it will all work out fine..
..

Wed Oct 1 2008, 19:50
Rich
Home Buyer
19506

I am in your shoes as I am trying to relocate to OK. I gave up on selling (not many can get loans) and unless you want to give the house away you will sit on it forever. So I decided to rent it and give it a few years for this banking situation to blow over before selling. We have 2 other rentals and if you screen properly you should be OK. The key is getting someone that has the finances and you feel confident that they will take good care of the home in your absence. If you are new to rentals you may want have someone manage it for you as being an absentee landlord isn't easy.

Now here is the kicker I was just informed today by the broker that I am dealing with that if you are leasing/renting you previous primary residence you do not qualify for FHA ( this has been like this for a few months -I was told) and now as of today their conventional lender will not do it either. The banks are afraid of the "buy and bail" scheme- buy your new home and foreclose on the old one. So unless you can financially swing both mortgages they will not give you a loan on a new home. So unless you are going to rent in Baton Rouge you may be stuck.

Wed Oct 1 2008, 17:59
Scott Godzyk
Agent
New Hampshire
FIRST ANSWER

If you are in a position where you can hold on to yoru property, then yes, value will increase in the upcoming years. However if you get a bad renter it will be all for not, missed rent, damage or worse. Best case is a good tenant who will pay on tiome and leave the home in good shape when you are ready to sell. You should at least talk to a couple of realtors now and se ewhat they can do for you now. No one knows the future, so it is a gamble if you wait or take what you know now. Good luck with your decision.

Wed Oct 1 2008, 10:07

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