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I am trying ot get rid of my property?

my proerty at 1012 S. Santa Barbara mesa AZ 85042 is underwater and we want to move.when will it recover enough to breakeven? I owe 188K and have done a good amount of work on the property. is this even possible. should I rent the property and move until it recovers? 
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November 04 2012 - Mesa
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Answers (11)

remember that selling the home will cost you 10% off the top. i recommend short sale because it gets you out the fastest and it is FREE to you. 



Good Luck !!

Lonny Miller
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December 21 2012
You are too close to $188k in value and if the market continues to go up, you may be able to break even in a year. As long as you are making your mortgage payment, you can keep the property. If the rent makes your payment or more, there is no need for you to sell at a loss or do a short sale. However if you want to sell short sale, please discuss with your accountant and/or attorney and see if it is worth it. If you decide that it is the best path to take, I'll be glad to help you. I live in the east valley and will be glad to meet with you and discuss the value of your home and your options.
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December 19 2012
Are you sure the property is underwater? Values are on the up for now, your home may be worth more than you think. Why are you trying to get rid of this property? If the home is indeed underwater, would you be willing to sell short? It would be a way to start fresh. If you were to rent it out, where would you live?
Nobody knows for sure what the market will do in the future. If you're interested in discussing you options in depth, contact me. 
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December 17 2012
I have extensive experience with both short sales and property management.  I would be happy to send you recommendations from my clients and speak with you via phone or email to help you make a good decision.  I have lived and worked in the Mesa area for many years and would be happy to help you.  Hope to hear from you soon!
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November 27 2012
Renting is always an option - though I suggest working with a property manager, especially if you are going out of state or moving more than hour away.  I have heard plenty of horror stories from owners who tried to handle their own rental to save on some fees.
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November 26 2012
The Present Real Estate Market is prety un predictable right now but if you want to break even or make a profit you may need to hold on and rent as others suggested. If you really feel the market price is way off you may even want to consider a short sale.
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November 19 2012
Inventory is down and prices are going up.  Have you checked the value of your home lately?  You might be surprised.  Not guarantee about the future but my beat is that the home prices will increase over the years. 
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November 19 2012
I would consider renting it for a year or two until prices pick up some more, then put it on the market.  Best of luck to you, and I hope you are able to sell your home!
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November 04 2012
Arizona has a pretty good uptrend. Unfortunately nobody has the cristal bowl on how long it is going to take to recovery the losses. Sorry!
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November 04 2012
More information is needed for a more accurate answer...but if you were to rent it out, and have the mortgage covered (assuming it is allowed by your financing), then I tell all my clients to just "Ride it out."  

I am very conservative by nature, though, and very optimistic about the market in regards to the future.  Many of my peers are not, so opinions will vary greatly.  Maybe someday banks will reward the ones that didn't short sale, modify, etc with better interest rates, terms, etc.  We can hope, right?

Best wishes from So-Cal and good luck
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November 04 2012
No one here will be able to answer this question with any certainty at all. No one will be able to tell the future and when it would get better.

Tim
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November 04 2012
 
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I am trying ot get rid of my property?
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December 21 2012 | 11 answers
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