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Will, Home Buyer in Southwest Community...

Got a condo in L.a. and moved out to Tx. and bought a house there. Renting the condo alone won't pay the mortgage, Should I sell it or refi it?

Asked by Will, Southwest Community Assoc., San Antonio, TX Mon May 6, 2013

Got a Condo in Los Angeles 4 year ago and because of the economy the value went down. Renting it is no making enough money to cover the expenses plus association fees. Refi would help some, but not enough. How can I try to sell it, take a lost or return it to the bank. Thanks for advice.

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Mark Mintz’s answer
Have you considered a short sale? Determining how "under water" you are will give you a slate of choices. If the gap is huge, just do a short sale and be done with it. If the gap is small, consider that the LA RE market is on fire. Home prices could increase by 20% this year. If the numbers work out, I would suggest holding the property until you are able to sell it without negative credit repercussions.

If you want to talk further, please call me. Either way, good luck!

Mark Mintz
0 votes Thank Flag Link Wed May 8, 2013
Call a licensed calif. real estate agent and short sale specialist. It may be your best option, costs you zip and helps with credit profile. Mike (310) 467-9399
1 vote Thank Flag Link Mon May 6, 2013
Several, very capable Realtors below, have answered your question. You should call one of them now. That's what I would do if I were you.
1 vote Thank Flag Link Mon May 6, 2013
You should find a great local agent with plenty of short sale experience to help you with the short sale.

Try reaching out to all who respond to this post and see who you feel most comfortable working with...

We are all great agents here, that is why we take the time to answer questions... give us a try!

1 vote Thank Flag Link Mon May 6, 2013
Hi Will,

You will have to speak with your lender to see what they will accept. You can either take a loss and pay the difference or you might be able to do a short sale.

I would be happy to provide a free professional estimate of your current condo value at no cost or obligation. Currently, the condo inventory in Los Angeles is very low and properties are selling very fast, and we are seeing multiple offers on many properties.

Feel free to contact me anytime at (310) 717-1321 or JamieTian@RodeoRE.com.


Jamie Tian
Rodeo Realty
(310) 717-1321
DRE #01920120
Web Reference: http://www.JamieTian.com
1 vote Thank Flag Link Mon May 6, 2013
How much are you negative in your condo? What is your present interest rate? If you do short sale it should be fore the year end. Are you going buy another property? If yes should you decide to sell through short sale of deed in lieu of foreclosure or foreclosure it will have a negative record in your credit . To discuss more please call me at 818-923-8480. Hoping to hear from you. Regards
0 votes Thank Flag Link Mon May 6, 2013
I happen to specialize in these sorts of situations and you may want to explore a short sale. If you were to contact me directly I can look at the property, values, even which lender you have your loans with will make a difference and then we can go over options. Obviously, with no obligation, unless you like what I say and we decide to work together. Please consider and let me know. Thank you.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-278-4934 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Mon May 6, 2013
I can help you get most money in your situation!

Call me 424-777-9377

Help with Any Real Estate Transaction - Buy or Sell   

Call me 424-777-9377 -  FREE CONSULTATION!   

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0 votes Thank Flag Link Mon May 6, 2013
Hello Will, I just helped another client with the exact situation. He is VERY happy as I was able to get him nice amount back...Call me and I'll explain it, especially if your condo is SFV /surrounding area.

Ronit Bendavid,
Specialized in Short Sale & the approved expert by HUD (Housing dept.HAFA and Redfin.com in SFV)
Realtor, Certified E-Pro, GRI (Graduated Realtor Institute, national), ABR (accredited buyer Rep) & SFR (Short sale)
Voted Favorite Realtor by Daily News Readers every year since 2005 and now 2012 too!!!
Pinnacle Estate Properties
18653 Ventura Blvd Suite 704
Tarzana, CA 91356
Office: 818-330-3333
Fax: 818-274-5910 / 888-220-3434
DRE # 01311212
0 votes Thank Flag Link Mon May 6, 2013
I know you have a lot of answers already, but I want to say at least this. If there's just no way you can sell & not be short.

My experience with closing short sale properties sets me apart from 99% of other agents who are trying to work with short sales.

Short sales are very very different from working with Mr. Smith to sell his property that is Free & Clear. It's a very special set of skills that is needed to successfully close a short sale.

In California I have a 100% success rate closing the short sales I list. What sets me apart from other agents is I CAN PROVE THIS TO YOU IN WRITING. Maybe only 1% of all agents nationwide can make this claim. I fight tooth & nail to close my short sale because I don't want to mess up my success ratio.

If I can meet you in person I will do a Live demonstration in the MLS to show you, otherwise I'll have to do a screen shot to send to you. Most other agents if they have any short sale experience at all, are closing, on average 50-70% of the short sale listings they take & they will try to hide from you their MLS listings that they had to cancel or expired because the bank foreclosed.

Shoot me an email directly, I would like to talk to you about this further. I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
0 votes Thank Flag Link Mon May 6, 2013
Hi Will,
We are very low on inventory here in Los Angeles, homes and condos are selling fast and in some cases over asking. I just sold a condo, in Los Angeles, that my clients bought in 2010 for 390,000 and it sold over asking with 5 offers at $468,000. My marketing is outstanding you can go to my website and check out what I am about http://www.madelainek.com and see for yourself...If you refi, you may not sell while doing so, and if you refi then sell you will just be paying some of the closing cost twice. Call me and we can discuss this more...

Madelaine Kolisnyk _ Realtor
License #01377862
0 votes Thank Flag Link Mon May 6, 2013
Dear Will,
You might want to consider that the condo is paying off some or a good portion of your mortgage for the property, and that eventually you will have a paid off an investment property. This is only if you can handle the additional expenses of holding on to the condo. If you can't do that, you do have the refinance or short sale to consider.
0 votes Thank Flag Link Mon May 6, 2013
Hi Will,
I'm sorry to hear about your condo. Right now in LA we have very low inventory and the market has switched to a sellers market. Have you discussed a sale with a realtor? The loss may not be as great as you're thinking it will be.
My suggestion is to compile a list of 3 realtors and discuss your options.Also, if it comes down to a short sale or deed in lieu of foreclosure speak with an attorney or your CPA as well so you have a clear financial picture moving forward.
Hope this helps!
Kenya Reeves Costa
Keller Williams Los Feliz
0 votes Thank Flag Link Mon May 6, 2013
Not enough information to determine. please contact one of us here in Los Angeles to help you out.

0 votes Thank Flag Link Mon May 6, 2013
First get a good professional market evaluation of the real current market value, any local experienced Realtor will do that for you, so you have a better idea. If renting does not cover your expenses and you
want to sell, taking a loss may not be want you would prefer.....
But a short sale may not be accepted by the bank, as for short sales they will require to see hardship, like medical bills, illness, lost your job etc.

You may want to sit together with a lender and your Realtor to figure out, how much money you need to add to the rental income to keep the property and only if given its size, age, updates and location will guarantee you that the value of the property will go up over the next 2 years...

Now since you already own and bought another home, you need to sit down with an attorney and understand what a potential foreclosure by the bank will do to your credit for the next 3 - 5 years.

So the best advice I can give, make sure you get all the numbers straightened out with some professional help, and then the impact of each one of the scenarios.

Good Luck to you
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
Check out my website at htttp://tinyurl.com/YourRealtor4Life
0 votes Thank Flag Link Mon May 6, 2013
Good morning Will,
Your situation is not uncommon. Fortunately home values have been steadily increasing in many areas.
My listings thus far have sold after only one open house..and with multiple over asking price. I can say the same will happen with your unit..I'll need the location, etc..
Please feel free to email or call.
Susan Bo'ur Realtor
Coldwell Banker
(310) 600-4240
0 votes Thank Flag Link Mon May 6, 2013
I'd be happy to tell you what your condo would sell for in today's market, and then you could decide whether or not selling it would be the best solution. Well priced listings are selling very quickly these days, typically with multiple offers. I'd just need to see it first so I know how it compares to other recent sales. Please don't hesitate to contact me. No obligation.

Marty Walker
0 votes Thank Flag Link Mon May 6, 2013
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