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Asked by Joe, Appleton, WI Mon Jan 2, 2012

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Answers

5
Tina Yeates, Agent, Glendale, CA
Mon Jan 2, 2012
I agree totally with Marion. I would ad, if you will take a loss (i.e. this would not be a short sale) you might ask your tax person how this would affect the tax you pay when you file your taxes for this time period. If you have other assets this loss might be offsetting and you would actually be ahead by selling it short - I am not a tax person so make sure to ask a tax person if this would work for you. Good Luck.
0 votes
Anne Miller, , Manchester, CT
Mon Jan 2, 2012
You have options...lst, where would you move to?..do you have another home to go to &
can
you sell that one?..If you rented something else..would that be higher than what you are paying now?

Would you consider a room mate?.do you need to stay in the area?..

would you buy again?..sell low.. buy low...what is the difference?

Need more information. but there are options.

Anne
Anne@AnneMillerRealEstate
0 votes
Marion Filley, Agent, Wilton, CT
Mon Jan 2, 2012
Couple of things to keep in mind: what does the market look like in the area where you own the condo? If it looks like it will be improving you might consider renting. From your numbers you will lose at least $6K a year renting to start (assume you will have to pay a rental agent fee for new leases on top of this) - if things do not improve significantly 4 years down the road you will have paid out 24k and still be in the hole for market depreciation... How do you feel about being a landlord? What happens if the property is vacant for several months? How is the rental inventory in your town? Typically trying to sell a home down the road with a tenant is more difficult. You might have to repaint and redo the floors or replace carpeting. If there are any repairs along the way that would be on top of everything else. My clients who are renting trying to wait out the market are having a long wait. This is a financial decision you need to decide where your comfort level lies.
Web Reference:  http://www.MarionFilley.com
0 votes
Laura Feghali, Agent, Stamford, CT
Mon Jan 2, 2012
Hello Joe,
Since you would only be able to rent your condo out for a little more than half of what you owe between your mortgage and monthly condo fees it would be best to determine if your budget can withstand still making the HOA fees and a payment to wherever it is you will be moving into.

Decide if you wish to take the loss upfront now by selling or wish to continue to have to pay for 2 places plus the taxes on each if you plan on purchasing again. Can your monthly budget handle it? Could you make up the loss to your lender if you were to sell or would you have to negotiate with the lender to sell the condo short? A short sale does impact your credit score but not as much as if you were to default on your loan.

I suggest that you consult a tax accountant to determine what your monthly expenses would be and base your decision knowing those figures.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Jan 2, 2012
I have to ask:
How did you find a Condo where the HOA's are TWICE what the Mortgage is?
Fantastic!!!

If you can keep it, you should:
The down-side of a Shortsale are a lot worse.
You may not be able to get a Hardship anyway.
You don't want to lose an asset.
You may look for either Tax relief or Mortgage Modification.
Only $600?


Good luck and may God bless
0 votes
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