Should I sell my house after only two years?

Asked by Ron Olivetti, 78664 Fri Sep 21, 2012

Ok, so I purchased my home in Aug 2010. I was married and planned on staying for a while. Now I am divorced, and paying a mortgage on a 3 bedroom 2 bath home on a cul de sac. My question is, should I rent it out? or should I sell it? I am 27, still in school, and starting a new career. I would like to be out of maintaining a house because I simply do not have the time.

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13
Ron Thomas, Agent, Fresno, CA
Mon Sep 24, 2012
Ron, Ron;
That is lame:
It is hard work buying a house.
It is hard work selling a house.
Your house is a long term investment.
We are in a growth period.
Your house is appreciating, a rental would not.
You can hire a gardner for $100/month.
You can hire a house cleaner for $40/week.
You would have to clean anything you live in.
You also have a tax deduction.
Think about it.
1 vote
Rey Hollings…, Agent, White Plains, NY
Thu Feb 27, 2014
I think you answered your own question. Best of luck.
Web Reference:  http://AskRey.net
0 votes
Adam Strace…, Agent, Austin, TX
Thu Feb 27, 2014
Rent it out....it's the first piece of advice I give to anyone considering selling. After the 2008 crash, many people were foreclosed on and their credit marred. Many people got pushed into the rental market because of this. Let someone else build equity in your property.

Now, the hardest part of all of this......finding a good property manager. This, based on first hand experience, is the biggest factor in rental success or failure. That is what you should be contemplating rather than rent or sell.
0 votes
Laura Rosales, Agent, Austin, TX
Thu Feb 28, 2013
Hi Ron,
The best advise I can give you is that you need to sit down with a Realtor who is experienced.
They can give you some real numbers to work with. You will need to know your pay off amount - it is always slightly higher than what shows on your statement and most banks have an automated system that will give you that. From there it will just depend on the area you live in and marketability of your home. Remember that all commissions can be negotiated. If your ex-wife is on the loan and home as well she will need to be in agreement to sell because she will have to sign the documents.
Supply and demand rules are playing big as we move into the spring time. There are not enough homes in the area for the people who want to move here. That means that it's a sellers market and a great time to consider selling. I have helped many people sell and move on to another chapter in their life - Hope this information is helpful and wishing you all the best!!
0 votes
Candice Groce, , Austin, TX
Wed Sep 26, 2012
Hi Ron,

Whether it is myself or another Realtor, you need to speak with someone that has knowledge of the local market and that has reviewed all of your specific circumstances.

I am happy to help with any of your real estate needs, contact me today to set an appointment.

512.228.2591 or Candice.Groce@kw.com

Blessings,
Candice, Keller Williams Realty
0 votes
Brian Lee N…, , Austin, TX
Mon Sep 24, 2012
HI Ron:

I am a loan office with Supreme Lending here in Austin. If you choose to down-size, another positive is that you will be able to finance your new home at a lower interest rate than when you purchased your current home adding to the savings. I would be happy to chat with you regarding the loan options that are available to you here in Austin. Feel free to contact me at any time. Respectfully; Brian Lee Residential Mortgage Loan Originator NMLS# 239425 3420 Executive Center Dr #300 Austin, TX 78731 O: 512-524-8332 C: 512-909-5779 Brian.Lee@supremelending.com http://www.BrianLee.SupremeLending.com
0 votes
Edith Karoli…, Agent, Winnetka, IL
Sun Sep 23, 2012
You know there is always more than one question and always more than one answer especially in your situation. Here is what I think you should do...
WORK WITH A SHEET OF SOLID INFORMATION, then make the best educated decision.

In order to get there work with an experienced are Realtor for advice.
Have him or her put in front of you, what you realistically could sell your home for in today's market
you may not be able to get back what you currently owe the bank.... discuss and look at realistic
numbers...

Renting is the same, look at all the possibilities, for how much realistically can you rent it, who will
take care of it, you will be a landlord or you have to pay someone for managing it, repairs, problems
collecting the rent etc

then consider a tenant leaves and the property is empty for 4 or more months!!! Your Realtor should know how active the rental market is in your area....

It all comes down to WHAT YOU REALLY WANT FOR YOUR LIFE AND YOUR CAREER
AND ALSO WHAT YOU CAN ACTUALLY DO WITHOUT LOSING MONEY....

You really need solid advice from an experienced Professional, if you need recommendations
get back to me...
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, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes
Randy Stevens, , Austin, TX
Fri Sep 21, 2012
Ron,

Like the previous comments state, it all depends on your situation. Usually its not a good idea to list with a Realtor (I myself am one) because with only 2 years in there's typically not enough equity to pay a commission, especially if you put little down when you purchased the home.

Renting is a viable option in Round Rock, however most people are not cut out to be landlords (ie chasing down rent and fixing water leaks at 3 am) and hiring a property manager can mean that you are NEGATIVE cash flow at the end of the month.

Here's a MUCH better solution...I specialize in working with people in these situations... I CAN MAKE YOU AN OFFER TO PURCHASE YOUR HOUSE or I can help you sell it. Let me go through the 5 options that you (or any seller for that matter) has when selling their home whether it be through a Realtor or otherwise. Give me a call for a no-nonsense, honest evaluation of your situation and what we can do TODAY to help you out of your situation.

FYI, I just completed a transaction just like this last month...within 30 DAYS of first talking to the seller, his house was SOLD! He was my age (31) and just went through a divorce and could not afford his house payments. I can do the same for you!

Call me and we can talk about it...

Randy Stevens
512.507.3200
randy@stevensres.com
Web Reference:  http://www.StevensRES.com
0 votes
Raymond Huss…, , Georgetown, TX
Fri Sep 21, 2012
Hi Ron,

Correct me if I'm wrong but it sounds as though you have a mortgage on this property that you don't foresee paying off in the near future. If this is the case, chances are very high that your property hasn't appreciated enough for you to get out of the property without bring money to the table. On your side is the fact that the sales market is hot here in Round Rock.

Depending on your circumstances selling may still be a good option for you or it may be terrible. The leasing market in Round Rock is HOTTER right now but you will still have some responsibilities even if you were to rent it out. There are several factors to think about including whether or not you want to manage it yourself or pay a management company to take the burdens off of you. How will you find and qualify the tenants? What needs to be done to bring it up to Texas Property code for renting it. I'd be happy to help guide you through the process in either case, whether you want to sell or lease the property.

Sincerely,
Your Professional Friend in Real Estate
Raymond Husser
512-818-6803
Raymond-Husser@JBGoodwin.com
JBGoodwin Realtors
0 votes
David Kipnis, Agent, Winnetka, IL
Fri Sep 21, 2012
If you are downgrading or looking to rent instead I would wait a little longer for the market to appreciate if you can.The rental market is hot so you could rent it out and rent something smaller for yourself. The question is do you want to be a landlord?
0 votes
Shanna Rogers, Agent, Murrieta, CA
Fri Sep 21, 2012
Hi Ron,

If you have equity and really don't want to keep it, then sell it. However, if you don't have any equity (short sale) you might want to consult with an Accountant and Real Estate Attorney to see if that is the route for you since a Short Sale will affect your credit. Also, if you do pursue a short sale you have to have a verifiable financial hardship - your lender will require it. As for renting, if you go that route, you need to decide if you really want to be a landlord?

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
Tim Seibold, Agent, Austin, TX
Fri Sep 21, 2012
Given the fact you have only owned it 2 years the most likely answer is rent it. With this being said, there is a lot to consider when renting a property. Depending on the details of your purchase you could still be better off selling. If you would like to discuss more in detail and go through some of the pros/cons in selling vs. renting, please feel free to contact me.
0 votes
Warren P. Wi…, Agent, Round Rock, TX
Fri Sep 21, 2012
Most likely renting will be a better option, but if there are favorable factors, selling could work for you. I would be glad to discuss this with you in more detail, as there are a lot of questions that need to be answered to give you the best advice.
0 votes
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