Zillow Advice: When to sell - i am ready to die i owe my on my home than my home is worth

If someone is deeply underwater ...

Mon, 15 Dec 2008 16:22:00 GMT

If someone is deeply underwater on a place, I'm going to go out on a limb and assume that they don't have a 15 year fixed with 20% down. They are probably paying well above rent on a comparable house to "own" theirs. Yes, if they stick it out, it will be OK in the long term, but They will more than likely never break even financially with where they would be had they rented for 5 years, then bought after the correction has worked through the market and they've built a nice down payment with the money saved.

If your interest/taxes/insurance are > rent/insurance in this environment, you are throwing money away. Anyone who is planning to buy should be putting away the difference between their rent and their expected total cost of owning into an account that they don't touch.

Don't feel bad you are in ...

Sun, 14 Dec 2008 22:33:00 GMT

Don't feel bad you are in the same boat as others.. I built my own personal home with alot of my own labor or sweat equity. It sucks knowing that once I had $100,000 in equity and if I sell today I probably wouldn't make a penny. I guess just stay in your home until the market turns around.

Well the first thing I would ...

Sat, 13 Dec 2008 12:51:00 GMT

Well the first thing I would work on is trying to see things with the glass half full vs half empty. Life is good - there are always many things to be grateful for.

If you have to sell the property and can prove hardship, get an expert realtor in your area to begin marketing the property as a short sale.

Amen! Almost everyone I know ...

Sat, 13 Dec 2008 01:02:00 GMT

Amen! Almost everyone I know is in the same sitution.

You and everyone else, don't ...

Fri, 12 Dec 2008 15:33:00 GMT

You and everyone else, don't think you are alone.

Mr G -- Hang in there! ...

Tue, 09 Dec 2008 05:42:00 GMT

Mr G -- Hang in there! Do you have to sell your home right now? If not, hold onto it and hopefully in a few years you will be back in the black. If you do need to sell, call 2 or 3 local real estate agents and ask them what they think your home is worth in today's market.

Best of luck to you!

I will pray for you that ...

Wed, 03 Dec 2008 18:13:00 GMT

I will pray for you that your headline includes lots of hyperbole. If your state is that bad because you are under water on your home, the loss of value is a lesser worry than your mental state. Dude, it's only a stupid house. I don't mean that to sound flippant; but to point out that even financial catastrophe is a temporary event. Don't make your personal value dependant on your balance sheet.

(Steps off soap box)

Can you afford the payments? Do you enjoy living there? Do you need to sell? Would the spread between your current carrying costs on the house and what you would pay in rent for a replacement cover a low interest note for the difference between what you owe and for what you could sell? (I just had a lender offer a seller a 0% interest note as part of a sale settlement) If you need to sell would you qualify for a short sale?

I'll agree it sucks to be underwater. It isn't however the end of the world or the end of the story. No matter what your situation is, there is a resolution. If you don't know anyone who can help you ask the right questions to help you toward a solution, shoot me an e-mail. I won't know your market, so I won't be able to discuss specifics - you'll want someone who does know your area for that - but I'll be glad to play with a few ideas with you.

Chin up, friend; I'm praying for you.

I agree with doobie57z, the ...

Wed, 03 Dec 2008 17:32:00 GMT

I agree with doobie57z, the calculator lists a tax advantage without factoring in the interest cost. Not very accurate and borders on misleading.

"No, the loss is not real ...

Wed, 03 Dec 2008 17:10:00 GMT

"No, the loss is not real until you sell!!!"

Sure. Also:

- Lack of insurance is only a problem if your house burns down/floods/gets burglarized!

- If you do not crash your car, do not worry about wearing seatbelts!

- Skydiving without a reserve chute? No problem... if your primary works!

Got it now? It's all about risk.

I agree with you it does ...

Wed, 03 Dec 2008 17:09:00 GMT

I agree with you it does mean on paper my net worth has gone down. My children will not get as much money on my death (not for a while yet) BUT (and again I say) my home has gone down 36,000 this past month but it does not make a difference if I own and stay in my home. I still drive the same car, married to the same person, have the same kids, kick the same dog.... And if I do sell I can buy the same value house. So for me nothing has changed EXCEPT on paper...