Profile picture for englis

i have a house in catonsville since 2006 254.000 dollars now its worth 220.000 dollars sell or keep

we bought a house in catonsville in 2006 for 254.000 we rent it out at the moment as we live in germany,we rented it out for 2 years till this july and thankfully we have tennants in there till we return to catonsville to live,i wanted to refinance but this is not possible as the house is negative equity,we had the house valued at 220000 dollars do we sell now?or sit on it for the next 2 years?
  • December 05 2010 - Catonsville
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Answers (4)

If you have a good tenant and it is a stable situation, I wouldn't interrupt that situation just to sell at a loss.  If you do need to sell, a low cost flat fee MLS listing would be an excellent candidate to minimize the loss.  Flat Fee Listings in the Realtors Multiple Listing Service are typically around $399 to $499 and get you a licensee who can answer your questions, as well as all of the exposure that a high commissioned agent would provide.

Always call to speak to the Broker who will list your property, and I also recommend checking the Better Business Bureau before doing business with anyone.  My website has links to reputable flat fee listing brokers in 47 states if you are interested.  Good luck.
  • December 06 2010
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Englis,

If you can hold onto it financially, then hold onto it. If you definitely need to sell, then know that you will take that large loss.

If you owe more on it than it is worth, and you are having trouble making payments, then you may qualify for a short sale if you had to move to Germany for a job.

If you would like more information or I can help you further, please let me know.

Thank you & good luck!

Sincerely,
Marney Kirk
Keller Williams Excellence Realty
  • December 06 2010
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If you don't need to sell , I will keep it rented until the prices go up.  There is no doubt prices will go up.  How soon depends on  the economy and jobs opportunities etc. 
  • December 05 2010
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Profile picture for Bonnie David
It is possible you could meet the criteria to sell on a short sale if you are upside down and have a job transfer to Germany. That means that you could get your closing costs and commissions paid for by your lender, a big bonus.

If you are using your current as a tax write off, then check with your CPA, there are benefits for renting.

It is hard to predict where the market will be in two years from now.  Market indicators are that we are seeing glimpses of recovery.
  • December 05 2010
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