I've gotten myself into a financial pickle. like most people i can get out of it, but it will take time. i own my home and yes i got behind in the mortgage. the bank graciously restructured the loan for me but i don't think i can do it. i'm debating on selling my home and getting a rental place for a couple of years. it would build my credit back up and the rents i've seen are way cheaper than my mortgage (thank you florida for outrageous property taxes and insurance). i'm trying to get an unbiased opinion as i just don't know if i should do this or not.
2007-07-20 03:27:20 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can also get your law license and close the loan yourself -- that will save money. Become a lender, and save the closing costs, too.
Last time I checked, real estate attornies have no expertise in real estate sales and marketing. Trust me -- a slow market under distress circumstances is no time to play at selling real estate. Get an expert to help you.
You have options -- The bank may be willing to take less money than you owe. This is called a Short Sale. Sometimes these can be negotiated so that your credit isn't affected.
It may be possible to sell your home without paying any closing costs. Not all sellers pay closing costs.
Do you know how much equity you have in the property? You need to hire an agent to figure out the price and how to market it correctly.
If you don't have equity and your bank won't take a short sale, you may have to bring cash to closing.
Of course, you could keep the house and get roommates. My cousin always has one or two rooms for rent in her home to people she knows. Also, just tonight, I showed a home to four women who plan to live together to save money.
2007-07-23 16:08:15 · answer #1 · answered by rochelletherealtor 2 · 0⤊ 0⤋
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2016-07-20 07:28:20 · answer #2 · answered by Daniel 3 · 0⤊ 0⤋
rents i've seen are way cheaper than my mortgage
If your research bears out the above statement, by renting your home, can you realize the morgtage payments, the taxes, the upkeep, and possibly a small income? Not to mention any damages and wear and tear by renters.
When renters move out, you will have maintenance to contend with, carpet cleaning, or replacement, repainting, etc.
If you sell, will the sales price produce any surplus, AFTER sales commission of 6%, morgtage payoff, and closing costs? You can save that commission by selling yourself. An attorney is cheaper than sales commission, maybe in the neighborhood of 2K.
The best way to do that is advertising and hold open house as often as you can, using signs and flags. Do you have the time?
2007-07-20 03:51:59 · answer #3 · answered by ed 7 · 0⤊ 0⤋
do by no ability attempt to get every physique to take over money on something. it particularly is usually a foul thank you to do issues. Renting it out is a foul theory by using fact then she may be an prolonged-distance landlord that's ordinarily a significant headache. (maximum cellular residences depreciate in fee immediately. interior the destiny please do no longer purchase a cellular domicile... purchase a genuine domicile) Contacting a realtor to sell it particularly is probable outstanding.
2016-10-09 03:07:18 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Rent-To-Own Home : http://RentToOwnHome.uzaev.com/?zTGX
2016-07-11 22:56:15 · answer #5 · answered by ? 3 · 0⤊ 0⤋