We are considering renting out our townhouse due to the fact that we owe more than it's worth. Is this a good time to make this kind of move?

Asked by saramelzer1, Round Lake, IL Mon Jan 14, 2013

Is it easy to rent out a house... 2 bed 1.5 bath. Round Lake, Pleasant Prairie Sub.?

This question was asked from this property: http://www.trulia.com/rental/3084656768-34379-N-Barberry-Ct-…

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Gary Geer, Agent, Antioch, IL
Sun Feb 24, 2013

I have helped owners rent out their homes in this development and also sold homes here. Contact me and we can discuss the pros and cons of renting out your home. In addition, I can send you all the most recent active rental listings that are available in your area for information. I also offer a FREE ( and no obligation) Renters Market Analysis ( and Sellers Analysis) of homes that are active on the market and those that have already been rented to help assist you with finding out if you are pricing your home right for todays market.

All the best,

Gary Geer
Results Realty USA
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John Walin, Agent, Libertyville, IL
Tue Jan 15, 2013
If you owe more than your townhome is worth, you can bring money to close or do a short sale if you have a legit hardship. If your plan is to buy a house while interest rates are low, you will face obstacles in getting a mortgage on the new property. Underwriting requirements are strict and you would need to qualify for both homes and have a lease in force, and cash reserves of 6 months to one year. Banks are wise to strategic default scenarios, owners claiming intent to rent and once they get into the house they want, not worry so much about keeping the first place current. I'm not suggesting you are thinking of doing that, just that a lender with the new purchase will scrutinize the scenario. What i have suggested to my clients is to rent out your home for a year and rent a home for your family and in one year you will have a track record that could satisfy underwriting and look at buying with a history of renting your current home. Credit score, stable income and job history and debt to income ratio and cash reserves matter in this current mortgage environment.

best of Luck!
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Katie Krause, Agent, Grayslake, IL
Mon Jan 14, 2013
Hi Sara -

The rental market is very active right now! It all depends on what your bottom line is...what you pay in total each month for your mortgage and assessments. Once you determine that, you will be able to see if you can get at least that amount back in rent. Are you looking to buy something or rent for yourselves? If you are wanting to buy, make sure you speak with a loan officer first to make sure that you can get approved for the second property. I would love to discuss it further with you or give you some good loan officer references if you'd like. Feel free to call or email me.

Best of luck!

Katie Krause
Keller Williams Premier Realty
Cell: 847-553-6317
Email: katiekrause1@gmail.com
0 votes
The Michael…, Agent, Gurnee, IL
Mon Jan 14, 2013
I couldn't find Pleasant Prairie in Round Lake but Barberry is in the Prairie Point Subdivision. There are quite a few rentals in that complex. the 2 recent bedroom rentals were at $1,100 for 1.5 baths & $1,250 for 2.5 baths. This is a good time to rent but, if you haven't been a landlord before there are some things to be aware of, such as whether your lender is okay withh that, and I'd re-consider if you are going to be moving out of the area. I'd be glad to discuss your situation in more deatail if you like.
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coleen greni…, Agent, Barrington, IL
Mon Jan 14, 2013
Looks like it's up and ready to rent? You shouldn't have a problem. Rental market very hot right now.
Looking to buy while you rent your current home?
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