Profile picture for MK91

To sell or not to sell?

I bought a house with my mom two years ago and I recently just got married. We're living with my mom in the house now but are wanting to move out. Problem is my mom can not afford the mortgage on her own. We got a first-time home buyer FHA loan, and I know there are restrictions. I'm looking for some professional opinions, should I try to sell in this market?
  • July 18 2011 - Buena Park
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Answers (10)

Find your mom an apartment, if you two can manage the mortgage. You will most likely be taking a loss trying to sell it losing your some of your equity.
  • February 14 2012
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Profile picture for davidclesceri
MK91

Congratulations on getting married!
From what you posted in your question you mentioned that you and your wife want to move out. Selling is always an option if it makes sense from both a financial and personal standpoint.

Q1: If you could sell your current property and profit or break even would this make sense for your situation?
Q2: If you sold would you be able to get Mom into a property that would accomodate her needs (Apartment or smaller property)?
Q3: Have you looked into refinancing your current loan to make the payment more affordable for your Mom?

This is a tough call for your family, but I'm sure you have several options to weigh out before making a decision. I would be more than happy to meet with you in person to review your situation. Please let me know if I might help you.

Good Luck!
  • February 10 2012
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I would love to assist you with a market analysis. I can tell you roughly what you could expect to get if you were to sell. Also you may want to consider renting out the home. Good tenants can provide stable income and help relieve some of that stress. Call me I would love to assist. [phone removed by Zillow moderator]

  • July 19 2011
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DEAR MK91
There are homes being bought and sold in this market. You just need a good agent who can assist you in pricing that property right for this market. Keep in mind that your home will be up against short sales and foreclosures which are very low priced.
  • July 18 2011
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I really think you should talk to your Mom about your thoughts of moving.  Everybody should be on the same page so no one is offended.  Then I would call a Realtor for a CMA to see if this is even a possibility.  Congratulations on your marriage!

  • July 18 2011
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There are a couple of options to consider.  But lets ask the obvious question, "Have you spoke to mom about moving out and if you do move out what could she afford?" We know its a hard question to ask but maybe she is happy to see you move on and would support you.   Back to the options.

1.  Consider selling your home and find a home more affordable for the both you.  Check out [hotlink removed by Zillow moderator]
2.  Interest rates are at their lowest point, you may want to consider refinancing to lower payments and consider another family member to assist with the payment

  • July 18 2011
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Profile picture for Sharon Lewis
Or add on a suite for your Mom.
  • July 18 2011
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Profile picture for wetdawgs
How about if you get your mother into a house or apartment that she can afford, and the two of you remain in the current house?
  • July 18 2011
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"I can refer you someone" translates from Agentese to English as "I can make a commission referral by calling a few phone numbers from the yellow pages and putting you in contact with an agent."
  • July 18 2011
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Profile picture for Sharon Lewis
Sure, why not try to sell,find a good realtor [edited by Zillow  moderator]. Get a real comparative market analysis done on the property and see if the value has gone up enough for you to sell.
Dont leave your Mom in the lurch though, she was always there for you. These are tough times, hang tough as a family.
  • July 18 2011
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