2007-10-12 10:27:11 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
there are no pre-pay penalty. I don't want to sell, except I was misled about the neighborhood and crime
2007-10-12 10:36:10 · update #1
I had considered renting it out, but then that opens the whole "property management" side of this....
2007-10-12 10:45:37 · update #2
better check your contract. there may be severe penalties for selling so early.
you say that you don't want to sell, so why does your question say that you want to sell. make up your mind.
2007-10-12 10:30:28 · answer #1 · answered by king_tots 4 · 0⤊ 1⤋
You should have checked this out before the purchase of the property.
To want to sell a property one week after purchase says a lot about the person.
Are you always this way, buying things and a couple of days later deciding that this is a mistake.
I think even if the neighborhood was safe and crime was not a problem you would have found some other reason to sell.
You may do as you please with your property, but I would make a more thoughtful way of keeping the property long enough so I would not lose any money on the deal which you surely will.
The property might not be worth what you paid for it. You have paid points and fees for the loan. You will have to make several payments on the mortgage prior to selling in this market.
The main thing is what you are offered verses what you owe on the property might be a problem. You will have to make up the difference out of your pocket to pay off the loan,if you get an offer that does not match your existing loan or is below what you owe on the loan.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-10-12 11:21:42 · answer #2 · answered by loanmasterone 7 · 0⤊ 0⤋
1. Check your sales contract. Many condo-associations are BARRING new residents from selling or "flipping" condos during the first year.
2. Check your mortgage. There may be a pre-payment penalty.
3. Seasoning. Many lenders are requiring a 90-day seasoning on new construction homes before they will give a NEW LOAN to a new buyer...this is to prevent inflated appraisal pricing.
4. Appraisal. It may not appraise for enough for you to pay off the loan...especially if it's new and the builder is still selling.
2007-10-12 10:37:00 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Michael the chances of you selling in this market aren't good. You'd be better off to rent it out and live somewhere else. Why didn't you do your homework on this issue if it was that important to you? You can't really blame anyone but yourself for this.
2007-10-12 10:41:07 · answer #4 · answered by Alterfemego 7 · 0⤊ 0⤋
Try to keep your townhouse a little longer for prices to go high then look around for how much your nieghbours have sold or bought townhouses then make a choice
2007-10-12 10:30:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋