Profile picture for Greystoke

trying to sale house bought in 2007 - how with lose in value at this time

Bought house in 2007, love it, but have horses and bought property to build on to be closer to them.  Need to sale house, before we can build smaller home on pasture property.  Willing to lose all we have invested in house, but what if that is not enough to get it sold?  As is now, if we use a RE agent we are looking at putting more money in getting sold.  Should we wait for a couple of years, rent house out, keep trying to sale now?  Please all advice is appreciated.  
  • March 05 2012 - US
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Answers (4)

Best Answer

If you are able to rent it, then hands down I would rent!  you can also speak with your mortgage company regarding all options.  Bringing money to the table is never easy for the sellers, but if it allows to get the home you desire then do it!  I can not say what the market will be like in a couple of years, I truly don't think any one can. Way your odds of what is right for you, what is meant to be will be!
  • March 20 2012
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Profile picture for Greystoke
Thank you so much for your advice.  I particularly liked the "if it allows to get the home you desire then do it!"  As this has put our lives on hold for over a year and also the fear of making the wrong decision.  All the money in the world is not worth living an unhappy life.  We can be rich today, poor tomorrow or poor today and rich tomorrow.  God is in control, not us and I needed to remember that.  Plus..... worrying over something we cannot change (such as our economy) is not only not healthy, but useless. I have decided to turn this over to an agent and start dreaming about my little house "on the farm" and let God take control.......Thank you all so much! Carla
  • March 21 2012
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Dear Greystoke,
If you can lease this house, I would recommend you do so. The housing market and Real Estate in particular might look better in a few years, then it does now.
  • March 20 2012
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Profile picture for sunnyview
It really depends on the trends in your market and how much you have lost since you bought. I would call a several local agents for a CMA to see where you stand. They can give you a snapshot of value and that will help you make a better plan.

You might consider looking into HARP2 if you could benefit from a lower interest rate. That program allows you to refinance at a lower rate as long as you plan to live in the house for one more year owner occupied. It may be a way to drop your payment so that down the line it is easier to carry as a rental when you move into the house you plan to build.
  • March 05 2012
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