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babyfever24
LIF Adult
Member since 1/11 3340 total posts
Name:
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WWYD....regarding selling
Hi! Here's the situation, I will try to keep it short 
2008, bought a house in orange county NY, paid 445k.......two years later we were miserable living there, decided to put the house on the market....not one single offer finally six months later we were desperate to get out of there and got a renter.
Four years later the same tenants are in the house and we are eating 1200 a month on the mortgage.....the house is now worth 350k and we owe 375k ........such a nightmare and i need OUT!!!!! HELP!
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Posted 9/7/14 9:00 PM  |
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Prudential Douglas Elliman Real Estate
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: WWYD....regarding selling
Some times it can be better to take the loss and be done with it. Are you sure that housing prices have not bounced back yet?
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| Posted 9/7/14 9:50 PM |
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babyfever24
LIF Adult
Member since 1/11 3340 total posts
Name:
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Re: WWYD....regarding selling
Posted by LSP2005
Some times it can be better to take the loss and be done with it. Are you sure that housing prices have not bounced back yet?
Thanks, i'm pretty sure this is what we are going to do....the market up there is so much different and worse for that matter....i will have to borrow the money from my mom to pay the difference....we just had a market analysis done. 
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| Posted 9/7/14 10:02 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: WWYD....regarding selling
ugh. I am so sorry.
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| Posted 9/7/14 10:23 PM |
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babyfever24
LIF Adult
Member since 1/11 3340 total posts
Name:
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Re: WWYD....regarding selling
Thanks so crazy. Such a bad investment.
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| Posted 9/7/14 11:07 PM |
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Re: WWYD....regarding selling
Just wanted to say I'm sorry.
I know the area quite well.
There are so many new, vacant homes near my parents house and I suspect many of the people who initially bought are in the same boat.
It's a great area but definitely not for everyone.
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| Posted 9/8/14 5:08 AM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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WWYD....regarding selling
Sometimes it is best to sell and get out. Is it possible the current tenants would be interested in buying if you apply the money they paid in rent as a downpayment? Yes you will take a loss but the big loss now is probably less than the loss you would take long term.
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| Posted 9/8/14 8:29 AM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: WWYD....regarding selling
Try for a short sale?
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| Posted 9/8/14 9:43 AM |
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babyfever24
LIF Adult
Member since 1/11 3340 total posts
Name:
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Re: WWYD....regarding selling
Thanks everyone we are NOT behind on the mortgage so I don't think a short sale is an option unless we default and who knows if someone would even buy it once we did. There's a ton of foreclosures in the area brand new beautiful homes. 
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| Posted 9/8/14 3:06 PM |
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Re: WWYD....regarding selling
I would sell the house ASAP at a loss. There will be nothing easy about it but you are losing more money by keeping it. The prices will never be what they were.
I don't know the area, can you tell me why you hated it so much there? We have widened our home search to similar areas.
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| Posted 9/8/14 3:57 PM |
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babyfever24
LIF Adult
Member since 1/11 3340 total posts
Name:
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Re: WWYD....regarding selling
Posted by LastLightGlow
I would sell the house ASAP at a loss. There will be nothing easy about it but you are losing more money by keeping it. The prices will never be what they were.
I don't know the area, can you tell me why you hated it so much there? We have widened our home search to similar areas.
Thank you! It was just very quiet and I was extremely lonely. Being that we do not have children there was no way to meet people. It is beautiful up there and a great place to raise a family I don't knock it at all!!!
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| Posted 9/8/14 5:09 PM |
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Re: WWYD....regarding selling
Posted by LastLightGlow
I would sell the house ASAP at a loss. There will be nothing easy about it but you are losing more money by keeping it. The prices will never be what they were.
I don't know the area, can you tell me why you hated it so much there? We have widened our home search to similar areas.
I'm from the OC originally too so you can FM me if you have specific questions about towns.
I also know some people about to put their house on the market in a great area.
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| Posted 9/8/14 6:47 PM |
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