Asked by lost and confused, San Diego, CA • Thu May 24, 2012
I originally wanted to sell my condo (which is underwater) via the traditional route but was unable to entertain the offers received. Now I am thinking of either short selling my condo, or renting it out and trying to buy into a more stable condo/HOA complex until the real estate market improves. I'd prefer my finances be immediately disconnected from the "weaker links" of other homeowners in our condo complex but renting out my condo would not hurt my credit score as in a short sale. However, I am unsure if it's even possible to qualify for a 2nd mortgage to buy a 2nd condo while I haven't rented out my current one yet (I'm still living in it). I have over 50K in savings, am able to afford my current mortgage/HOA monthly dues/insurance/unexpected monthly expenses that may pop up. My credit score is in the upper 700s. I am desperate for answers but the only person who seems willing to help me is the agent that wants to short sell my condo.
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