R, Home Buyer in Los Angeles County, CA

I've owned by condo (in Monterey Hills) since 11/09 and would like to find something with a little more privacy (like a townhouse)

Asked by R, Los Angeles County, CA Thu Jan 10, 2013

The value of my condo is about $289k and I owe about $330k. What is the best way of getting out of the 2 bed condo and purchasing a 2-bed townhouse in the same area.

This question was asked from this property: http://www.trulia.com/property/3102945243-4295-Via-Arbolada-…

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I would speak to your lender to see if you can qualify to rent your unit & buy an other ,the market is going up so you maybe able to break even or get a small return on your investment in the next year or two .Good luck !
0 votes Thank Flag Link Thu May 30, 2013
Hi R.,

Before considering a short sale, talk with an experienced realtor, that will provide you a Comparative Market Analysis (CMA) for your condo.
You'd be surprised at what has happened to the market in the last 90 days.

Interview several realtors to get their thoughts, and pick the one that you feel most comfortable working with.

Douglas Lagos
Realtor®, Certified HAFA Specialist (CHS)
DRE# 01921046
Coldwell Banker Residential
Tel. (310) 463-8088 http://www.douglaslagos.com
0 votes Thank Flag Link Mon Jan 14, 2013
You need to do a short sale. Work with an Agent who has experience in this. I strongly recommend Shannon Chang 626-319-8545.
You have to get the Bank to agree to the Short Sale first.
The problem if you do a Short Sale is your credit will be shot for a 3 years and you will have a hard time getting a loan
0 votes Thank Flag Link Thu Jan 10, 2013
I would suggest renting out your condo and purchasing a new townhouse. When you get some equity in your property then sell it. Let me know if you need an agent to lease out your property and help you with the new purchase.

Carmel Casas
Tarbell Realtors
0 votes Thank Flag Link Thu Jan 10, 2013
Please call me direct to discuss your situation 424-777-9377

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0 votes Thank Flag Link Thu Jan 10, 2013
Hi R,
Richard is right, you can probably do a short sale. You can more than likely qualify for a loan, while the condo is being sold. I would start the process right away. Here is a link to the available homes in the area: http://www.mrmlsmatrix.com/DE.asp?k=1571706X3V5F&p=DE-12…

I have a lender I can refer you to, if you don't want to use the same lender that helped you purchase the condo, originally.

Also, there are more homes available in Monterey Park and Alhambra, etc. If you want me to email other listings to you, let me know.

Good luck,

0 votes Thank Flag Link Thu Jan 10, 2013
You can sell it and pay the difference, short sell it, rent it and buy another.. Depending on you other debt obligations and credit score, you may have several options available to you. I would be happy to discuss those options with you directly. Please contact me. I would be pleased to assist you.
0 votes Thank Flag Link Thu Jan 10, 2013
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