Or will I lose my second home which is the one I'm living and mortgage under another bank?
2006-09-11 08:11:13 · 5 answers · asked by jgfjghjghj 1 in Business & Finance ➔ Renting & Real Estate
sell one and get over your overindulgent, greedy self, wah, wah...my life should be so rough
2006-09-11 08:17:05 · answer #1 · answered by anastasia 4 · 1⤊ 0⤋
Should I sell now or next year?
Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.
It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.
For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).
Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.
Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
2006-09-12 04:20:58 · answer #2 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
Do you have one loan on both of your homes? If so, the lender probably won't let you deed just one of them back. If you don't owe to much on your loan or have enough equity in the house you live in, you may be able to refinance on just one of the homes. You should start by talking the the banker you have the loan with now and find out what kind of options are available to you. It's going to make a big difference if your up to date on your payments and haven't paid any late. Credit Scores also matter so paying bills on time is important.
2006-09-11 15:30:16 · answer #3 · answered by Kathleen M 4 · 0⤊ 0⤋
I wish I could own one home, much less two. Agree with above poster, get over yourself and sell one.
2006-09-11 15:26:51 · answer #4 · answered by sovereign_carrie 5 · 0⤊ 0⤋
ever heard of renters? or sell....why would you risk losing your home?
2006-09-11 15:53:23 · answer #5 · answered by makinitwork 2 · 0⤊ 0⤋