Please tell them! The tenants are usually close to tears when I show up as a buyer agent and tell them I am showing their apartment as the house is for sale. One party had just moved in 2 weeks prior.... more
Susan, you need to determine how quickly you need to change your current financial situation. If you want to stay in the first property you described, why is it on the market? If you want to sell your other property, contact a real estate agent in that town, find out what the real estate agent recommends you list at based on a comparative market analysis of what similar homes have sold for in the past 3-6 months. Price your house to sell quickly by listing it slightly below the market price. If you do this, and prepare your home for sale properly (decluttering, making necessary repairs) it should sell quickly.
If your financial situation is less urgent, you may want to talk to a local realtor about what you can rent the other property for. However, if you have to contribute $500/month to cover the mortgage that may not be financially sound. It's not always easy finding good tenants, maintaining a rental in the condition necessary to rent it, dealing with tenant issues, etc. Talk with a mortgage lender about your financial situation and then make a determination that fits your situation. Good luck!... more