walk away or stay?

Asked by travelingrock, South San Francisco, CA Fri May 24, 2013

should I walk away from a co-owned condo that's about 50k under or keep it and hope the market increases enough in the next few years to sell it later?

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Laura Coffey, Agent, Santa Clarita, CA
Fri May 24, 2013
Right off the bat my first thought was keep it. But then I realized you said co-owned. Not knowing all the details it's hard to say.
I will tell you that prices are on the rise in California. Real Estate always rebounds. My grandmother bought her first house for $2K, my parents $35K, myself $148K. $50K short in SF sounds like you will rebound shortly.
I always regret selling my first house. I own 2 houses now and wish I owned more. It's an investment.
I would talk to a few Realtors and an attorney to whey your options.
1 vote
Bill Eckler, Agent, Venice, FL
Fri May 24, 2013
"Roll the dice"....however.....

The market is coming back which could suggest that waiting a bit longer could work out better.

Try avoiding "walking away"......today there are other options.
0 votes
Lee Ginsburg, Agent, San Bruno, CA
Fri May 24, 2013

My first thought is how accurate are you with being $50,000 under? Prices are moving up rapidly in the Bay Area. What was $50,000 under in January is now above water. So please check with an active successful realtor in your area. If you are in SSF, I can certainly help you. My number is 877-Lee-Sells.
next big question is whom is your co-owner and what is your current relationship. Have you tried to modify your mortgage?
HOw old are you? Are you willing to have a big ding on your credit for the next 7 years or so and how will it affect your career, your life and your family.
AS you can see to advise you correctly we need more info. Once again contact an active successful Realtor in your area.
0 votes
Michael Kapr…, Agent, Burlingame, CA
Fri May 24, 2013
Hello TravelingRock,

Have you and the other Owner talked about this? You "Walking" would have quite a few consequences that would effect you both and I would advise you both to talk to a good CPA and or Attorney before making any decision.

Because the there's a mention of SSF I'm going to assume that the condo is located there. If that's the case than there are only 5 Active Listings in the MLS for Condo/Townhomes in SSF where prices range from $480,900 for a 2/2 down to $325,000 for a 2/1.

Assuming your unit would be the least expensive on the list than your $50,000 = about 15% With the market moving at a pace of 23% over last year, lack of inventory, and employment in the Bay Area on the rise you should be sitting pretty in a shorter period of time than you might think!

0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri May 24, 2013
A decision only you can make based on your financials...
0 votes
Phil Rotondo, Agent, Melbourne, FL
Fri May 24, 2013
You should consult a real estate attorney so that you can hear all your options.
0 votes
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