Need to move, but stuck in a 1 bed condo

Asked by Ezjensen, Thu Dec 20, 2012

I bought a 1 bed, 1 bath condo back in 2006 for $92k. I just refinanced in December 2011, and it was appraised at $27.5k. I've recently gotten married and have a baby. Needless to say things are very cramped. We have only a single income. Any advice for moving to a single family home?

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Nancy Eisele, Agent, chomburg, IL
Thu Dec 20, 2012
Although you mentioned the purchase price, you didn't mention the amount of the outstanding loan. Is it a safe assumption that you have little if any equity due to the decline in the housing market? Every seller's situation is different and there is no "one size fits all" in real estate issues, so i ask a lot of questions and try all angles. Can you rent the condo? Check with both your homeowners association rules and your refi documents to see if this is an option. If so, I will be glad to give you an idea of what you can reasonably expect for a rental income. If the rental income can cover your monthly expenses, including association fees, that might be an option. It is possible to buy a home for very little down and also to potentially get your closing costs covered by the seller. Of course, you would have to qualify based on your income and credit history. If the purchase of another property isn't an option at this time
, you might want to consider becoming both a landlord and a tenant. I work with a group of investors who work purchase rent to own properties for tenants. The best part is, the tenants actually get to select the property that they will rent until they are able to own it! Call me at 630 776-1410 for more information or ideas for your solution.
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