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Answers (2)
- Reema Sharma, "ReemaSharma"
- Contributions:927
If you choose sell it make sure to use short sale expert and put your self in position to buy the house
- Elena Schwartz, "Elena Schwartz"
- Contributions:320
Hi Tony,
This may sound simplistic, but towards evaluating your choices, my question to you would be on what information you've based your perceived potential loss in equity were you to sell your condo at this point in time. My first suggestion to you would be, if you have not done so already, to have a real estate professional view your unit towards market value to make sure that your perception of equity loss and current market value price are not at odds. Also of consideration is your tolerance for the shortfall in coverage monthly between your rent and your mortgage and condo fee expenses for the remaining period of time necessary to accrue 2 years of rental history. The answers to those 2 questions will help direct the other areas for you to consider further; I hope you find these thoughts helpful!
Best regards,
Elena Schwartz, ABR(r)
Licensed Real Estate Salesperson
Weichert, Realtors Executive Club
NJAR(r) Circle of Excellence
WEICHERT, REALTORS
OFFICE: 201-392-3939 x148
Cell: 201-800-1612
eyschwartz@weichert.com
This may sound simplistic, but towards evaluating your choices, my question to you would be on what information you've based your perceived potential loss in equity were you to sell your condo at this point in time. My first suggestion to you would be, if you have not done so already, to have a real estate professional view your unit towards market value to make sure that your perception of equity loss and current market value price are not at odds. Also of consideration is your tolerance for the shortfall in coverage monthly between your rent and your mortgage and condo fee expenses for the remaining period of time necessary to accrue 2 years of rental history. The answers to those 2 questions will help direct the other areas for you to consider further; I hope you find these thoughts helpful!
Best regards,
Elena Schwartz, ABR(r)
Licensed Real Estate Salesperson
Weichert, Realtors Executive Club
NJAR(r) Circle of Excellence
WEICHERT, REALTORS
OFFICE: 201-392-3939 x148
Cell: 201-800-1612
eyschwartz@weichert.com
Condo in NJ, what to do?
Hi,
Own a 1 bedroom in Guttenberg, NJ. Bought in 07 for $292K. Owe $238K. Want to sell. Willing to take a loss and move on. Renting it now for $1800, but still not covering mortgage & condo fees. I'm Renting in CT now. Want to buy a house here in next year or two. Bank says i cant cover 2 mortgages. Make 100k no debt.
Should i keeping renting & wait till i get 2 years of rental history which bank wants, save more money or lose $30 grand & move on? Thx
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