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CHICAGO Condo.... what do I do with this thing?

I've had my condo for quite some time now, lived in it for the first few and then had to move to a different city where I currently rent. Rental prices have fallen to the point that I am no longer covering my mortgage with rent. I just put the condo on the market, but I am getting the overwhelming feeling that I will be losing quite a bit of money on a sale. The amount I've heard suggested would be devastating (would I have to come up with the difference out of pocket or are there other options?).

Here's my question:
      If I cant sell for a reasonable loss or to break even, and I cant afford to bleed money and keep renting it... what do I do?

 I could potentially afford to rent it at a loss for the next four years, but then my hopes of buying and ACTUALLY living in what Im paying for are almost gone. I wish it would just disappear.... actually no, I wish I could have the bank re-evaluate my mortgage to be more realistic so i could possibly sell it and move all the years of hard work and on-time payments into something I could live in. (Im sure the second wont happen since they would loose their profits). Thanks in advance for any advice!
  • June 12 2012 - Lake View East
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Answers (9)

So, whatever happened?

Sari Levy
Managing Broker
 [website deleted by Zillow moderator]
  • March 27
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It sounds like renting it out would be best right now if your building allows it. A short sale will hit your credit for a few years restricting your buying power. 
  • October 15 2014
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If you have a condo in the Lakeview area you should not be taking a loss on rent, unless for some reason your monthly mortgage payment is really high. Have you thought about getting an appraisal or shopping your loan for a better rate (depends when you bought and if you're locked in, but rates may be lower than what you have)? This could help you make the decision about keeping it, versus renting it, versus taking a loss.  If you sell at a loss you would have to pay the difference. 
  • October 13 2014
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Profile picture for user8045492
here's a link to the actual listing:

http://www.coldwellbankeronline.com/property/details/2667877/MLS-08079729/669-West-Barry-Avenue-Chicago-LakeView-IL-60657.aspx

Thank you all so much for your responses. Im looking into all of these options but, in lieu of a reasonable offer, the wisest choice seems to be to continue to rent for the next few years.
  • June 14 2012
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Profile picture for Evelyn S. Fred
Hello,

It seems like you're not getting the right information.  Rents and sales are up.

Consider doing a short sale.  You would qualify due to your relocation. Your credit score would take a hit but not as bad as if it were a foreclosure.  The other side to that is, if you don't short sale, you would have to potentially bring money to the table.

I would work with a Realtor that can give you the facts on fair market value and from there you can then better determine which would be your best course of action.  I'd be more than happy to assist you.

Hope this helps!

  • June 13 2012
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If you can't sell it for what it's worth, you may have to do a short sale. Make sure you get an experienced short sale attorney to do the job. Make sure you aren't responsible for the difference. Also, make sure your home is staged properly so you can get the right amount of traffic.
  • June 12 2012
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Profile picture for Matt Laricy
The rental market in Lakeview is crazy hot. You can probably get whatever you want for your place. I would talk to a few leasing agents.

Other than that, for your condo, have you looked into Short Sales?
  • June 12 2012
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Something does not sound right. The rental market in Lakeview is very tight, almost on fire. Rents are going up.Resale prices are also going up slightly. The market has really changed in the past 12 months. I do not understand why you are in this situation. Perhaps get a 2nd and 3rd opinion of rents and market value. What is the address??
  • June 12 2012
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Profile picture for JohnWilt
First thng is approcah your lender for a loan modification to see if they would cut your interest rate.  Maybe then you could have a positive or 'break even' cash flow.  I think the rental market is very strong for landlords.  Many are getting the pick of the renter candidates.  You may want to list your place for rent using a Realtor which would probably get you a better renter and a top dollar rent.  If you must sell and the 'loss' is too much to overcome and you cant come up with the shortfall then as a last resort consider a short sale.  Keep in mind this may whack your credit score by 100-200 points.  Talk to an attorney and an experienced short sale broker first.
  • June 12 2012
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