Asked by Eric, 33184 • Tue Aug 5, 2008
I am approved for the purchase of a short sale. Now I need to think about what to do with my house. Options: 1) Sell now. Short sale is 15-20% below market, so even if I sell in low market, I'll be coming out ahead from a net worth standpoint. 2) Rent now and hope for a turnaround within 3 years. Don't want to pay capital gains tax so have to sell within 3 yrs. Can cash flow property without problems even if no renter. 3) Rent and ignore capital gains tax. Look to 5-10 yr horizon to sell.
Concerned with having too much net worth tied up in real estate. If market declines another 10-20%, I would have been better off selling today, because no way that turns around within 3 yrs.
I live in West Dade. 3/2 double car garage. Nice house near Belen Area.
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