I feel sick right now...

[dakcp2001]

My house is for sale & we are moving out of state for a job. We have had a steady stream of people coming to see our home. There is a bottom line we can afford to take or we are going to have to keep the house and carry the costs. That is the point at which the carrying costs end up being less than "loss" we would take on the sale. Well, the house two doors down just went up for sale for 150K less than mine. It is a short sale, and normally I try not to judge, but apparently they have been bragging to our other neighbors that they have decided to walk away from their home because of the decreased value. Now I am judging. They have 2 cars, and Escalade and a Mercedes SUV. They both are gainfully employed and are BRAGGING ABOUT THIS. They just dont feel like paying anymore. Meanwhile I have to relocate for a job, df is laid off and we are still paying. And we arent driving Escalades!!!! I am so upset.


We are in a bad position and feel like we cant rent. A family member wants to rent and we know from experience this person will not pay us. I also dont feel I can be a landlord from 24 hours away. The timing is just so bad right now.

 

[MomofKatie]

At least you can feel good that you are doing the right thing- your neighbors are irresponsible and they are ruining their credit rating, too.

 

[Meriweather]

Good luck....it is a tough market.

We just took ours off the market (don't want to rent either) and are paying for 2 houses for a few years until the market (hopefully) gets better.

 

[chloelovesdisney]

My house is for sale & we are moving out of state for a job. We have had a steady stream of people coming to see our home. There is a bottom line we can afford to take or we are going to have to keep the house and carry the costs. That is the point at which the carrying costs end up being less than "loss" we would take on the sale. Well, the house two doors down just went up for sale for 150K less than mine. It is a short sale, and normally I try not to judge, but apparently they have been bragging to our other neighbors that they have decided to walk away from their home because of the decreased value. Now I am judging. They have 2 cars, and Escalade and a Mercedes SUV. They both are gainfully employed and are BRAGGING ABOUT THIS. They just dont feel like paying anymore. Meanwhile I have to relocate for a job, df is laid off and we are still paying. And we arent driving Escalades!!!! I am so upset.


We are in a bad position and feel like we cant rent. A family member wants to rent and we know from experience this person will not pay us. I also dont feel I can be a landlord from 24 hours away. The timing is just so bad right now.

If the mortgage is low enough that might be the best plan. Is there no way to rent it? Is there a medical school or maybe PhD students nearby that would be responsible tenants? It could instead become an investment property.

 

[Pig Pen]

We are currently renting my sister's house because she is in the same boat. She relocated to Washington DC and decided to hold onto her house here until the market stabilized. In January we are moving to FL (yay) and she decided to hire a property manager to rent the place out for her after we leave. She thinks this will be less headaches than trying to do it herself. Her house is old and has all sorts of little idiocyncracies that she will not have time to deal with.

Would that be an option for you?

 

[The Mystery Machine]

You can rent to the right tenant. If it is like most places around the country you will get 50 emails in the first day of posting.

Just as you can't sell, people can't buy either. Renting is the way to go if you can not afford the hit.

I think we are headed for another downturn.....