"Let the Rivers Move You"
My name is Kareem Tannous and I am a local REALTOR, employed by the most prestigous Short Sale Negotiation Firm (REA Holdings Group) in Jacksonville. My office is in Southpoint. We would be more than happy to assist you with your home selling need. Please feel free to give me a call or drop me an email at anytime.
As far as your question is it a bad idea to sell at a deep discount, unfortunately IT IS, although the current economic situation is forcing you to deeply discount the price to sell your condo. PRICE is the ONLY thing selling homes today.
As far as your credit goes, a short sale is the best scenario for you if you HAVE TO SELL and want to avoid foreclosure or deed in lieu of foreclosure. A short sale is listed on credit as a SETTLED ACCOUNT PAID FOR LESS THAN FULL AMOUNT OWED! I want to also inform you that you DO NOT have to be late on your payments to initiate a short sale through your lender. The other option is to come to the closing table with the difference in the sales price and your mortgage balance(THIS OPTION IS THE MOST VIABLE -- IF YOU CAN)
Again, please let us speak together at your earliest convenience to discuss your situation in further detail.
REA Holdings Group, LLC
6821 Southpoint Drive North
E: firstname.lastname@example.org or email@example.com
The answer to your question really depends on your personal situation. If you have to relocate you could sell at a loss or rent it and wait for the market to rebound to a point where you won't be losing money.
Prior to deciding to become a landlord you have to take a few things into consideration. First, what are your monthly mortgage, insurance and condo fees. Can you rent your condo for the sum of those three things? If not, can you pay the difference each month and still afford to pay a mortgage on a new home where you are relocating to? Second, are you willing to deal with the maintenance issues for the condo from a distance or will you employ a management company to do that for you? Thirdly, can you set aside money each month for inevitable repairs when the tenants move out?
If you can't deal with being a landlord and must sell because you have to move then you must ask yourself if you have the money on hand to pay off the balance of your mortgage. If not, you may be in a short sale situation which can hurt your credit.
If you are considering relocation only as a convenience (and not forced to due to job or family obligations) you may want to stay put and wait for the market to rebound to a point where you can break even.
The best way to understand your options is to have a Realtor you trust complete a market analysis for you so you'll have the best data possible for making your decision. If you need help, give me a call.
Prudential Network Realty
3535 Highway 17, Suite 10
Fleming Island, FL 32003
Shonda Sauls, REALTORÂ®
Prudential Network Realty
Office (904)260-4300 #327
Freedom Home Finders, LLC
Homes are selling in all areas of town right now. It ultimately is going to come down to price and condition. Selling it now may be the right option, but there may be some alternatives. The best thing to do is weigh out all the options available to you. You may want to consider renting the property out. If the numbers make sense on the rental side, it may be worth hanging on to it for a bit, and wait until the market rebounds. I would be happy to talk with you about your options.
Rocknhomes of Vanguard Realty