Selling my Boston, single family rental, but am afraid of losing too much of the equity. What to do?

I don't want to be a landlord, yet I don't want to move back in either. The current rent is less than the mortgage. I can only have the place empty for a month for showing. If it doesn't sell, I would have to move back in.  Doing this, I could do a reverse mortgage in 5 years for retirement.  Ideas???
  • March 26 2011 - Boston
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Let's start with a proper CMA. If priced right it should sell. Shortsale may be an option... depending on zoning perhaps adding another unit and selling as condos? But that's a lot of work wwith no guarantees. Please get in touch and I will be happy to provide a free CMA
  • March 26 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[contact info removed by moderator]
  • March 26 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I agree first you do need a CMA to see what your building is doing.  Listings if priced at todays market are moving quickly.  The buyers are out and are ready. 
  • March 26 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Either sell or rent out. Rents are high and home prices are low.
  • March 26 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

1. Email for over a free over the phone analysis.
2.Then when you get all the information you will be in a much
better position to make a decision.
  • March 27 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Have a real estate agent in your local market prepare a written Comparative Market Analysis (CMA) for your home.  It will give you a good idea of the market value of your home in today's market.

As for reverse mortgages, the monthly amount that you can receive will be based on your age and the amount of equity you have in the home. If you don't have much equity in your home now, then a reverse mortgage might not be a viable option for you several years down the road.

With that in mind, once you have the CMA, then you'll know whether or not to put the home on the market or move back in.
  • March 29 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.