I bought my very first condo during Sept. 2006; however, this last month I recently accepted a job that will relocate me from CA to AZ. My new company will pay for all costs associated with selling my place (i.e. realtor/closing/appraisals); however, I am responsible for any loss that results from the depreciation of my property. And, as many of you know, the market out here in CA has taken a turn for the worse. My condo which valued at 376,000 less than a year ago is now worth as little as 355,000. I'm listing for 369,000 and hoping for the best; however, I know that i'm going to end up paying an arm and a leg to get out from under this place.
Would it be worth it for me to rent this place out for 6-12 months in hopes that the market conditions will improve? I won't be able to find a renter for what I pay per/mo in mortgage payments, but I should be able to get enough to cover my rent for a new place in AZ.
What should I do? I'm so lost =\
2007-08-05
16:19:25
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9 answers
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asked by
Melissa S
1