Profile picture for shajiahmed

In this market it is very hard to sell, my house is much cheaper now than when I purchased. I am pla

In this market it is very hard to sell, my house is much cheaper now than when I purchased. I am planning to move to my country for couple of months or years but due to
mortgage payment I can't move. I know renting is an option but it doesn't pay all mortgage plus I won't be here for maintenance problem.
What are the other options I have until market is in good condition to sell the house.
  • December 18 2008 - Bridgeport
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Answers (4)

Profile picture for JackieGriffin
Check out the rental situation in your area and see if you can rent it long term or rent with an option to buy.  Your best bet is to keep it rented long term and wait for the market to come back and use it as a write off, but check with your accountant to see how you can best make it tax efficent. The last option is to short sale the house, but only if you are in a financial position to do so and again, check with your accountant and a real estate attorney.
  • October 26 2010
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Question's almost 2 years old...
  • October 07 2010
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If you are upside down in mortgage vs value discuss with bank. Short sale may be a good option for you.
  • October 07 2010
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Profile picture for BersonTeam

If you want to sell the house, but are worried that you won't be able to sell it for enough to pay off your mortgage, you might consider calling your mortgage company to see if they would be willing to negotiate a short sale (selling your home for less than the mortgage balance).  This is not an ideal option due to the time involved in negotiating with the bank and there are income tax implications, but it is worth considering.  If you think the house will sell for enough to pay off the mortgage, but not enough to pay back any equity you've put into the house since you purchased it, then you need to decide if it's worth selling just to pay off the mortgage and move on with your life.  Finally, if you think you can rent the house for enough to cover most or all of your mortgage payment and can still afford to pay any excess expenses (taxes, etc.), then you should consider renting the house.  There are companies and individuals that specialize in Property Management who will collect the rent from your tenants, deposit the funds in your bank account and take care of any necessary repairs or maintenance.  They are usually paid based on a percentage of the rent collected or a flat fee per month.  You could also hire a trusted friend, relative or handy person to manage the property for you.  Having a local person here to take care of the property will give you piece of mind while you're living outside of the country.  You've got a few options so I hope you'll find one that works best for you.

Feel free to contact me if you have any further questions.

  • December 18 2008
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