Sell House Now or Wait?

[Gretel]

Found a house we love (we are downsizing) but our house is worth less than what we owe on it. Any suggestions? Do we sell now at a loss or wait? Any suggestions?

 

[freckles and boo]

I don't know. Unless you are facing foreclosure or can't afford the payments, I would think about waiting until spring. Talk with an agent in your area and see if houses are selling. I saw your "We Buy Ugly Houses" question and I definitely wouldn't go that route unless there was no other option.

 

[Gretel]

not facing forclosure or anything, the payments are killing us monthly though with no $$ left at the end of each month

 

[Loverly]

Then how will you come up with the difference you owe when you see at a loss?

 

[BriarfoxinWA]

So if you sell at a loss can you still afford the down payment and payments on the other house with the additional debt left over from the loss on your current house?

 

[Gretel]

Lokking at taking some money out of our 401K.............ouch

 

[freckles and boo]

Have you looked at a 40 refi? Seems crazy, but it could lower your payments and give the market a chance to rebound a little before you sell.

 

[Gretel]

what is a 40 refi?

 

[freckles and boo]

Refinancing with a 40 year fixed rate mortgage. It could lower your monthly payment, but if you stay for the long haul you are paying a LOT in interest over the life of the loan. If you are just trying to bide your time until housing prices recover a bit this might be something to look into. Of course, refinancing might cost money, too.

 

[JimFitz]

I would sell.....rent....then buy at a later time.

 

[Uncle Remus]

Become landlords til it's a better time to sell, rent your house for the payments 'n a li'l to cover expenses.

 

[The Mystery Machine]

not facing forclosure or anything, the payments are killing us monthly though with no $$ left at the end of each month

My advice is to not buy until you sell then. Wait until spring to put your house on the market.

If you cannot afford the first house payment, you sure as heck cannot afford 2 house payments.

As someone who is closing on our house on Thursday, sell first. The real estate market is wacko right now.

And of course never "fall in love" with a house. It only leads to trouble. Wait until it is the right time.

 

[maddiemom]

My advice is to not buy until you sell then. Wait until spring to put your house on the market.

If you cannot afford the first house payment, you sure as heck cannot afford 2 house payments.

I couldn't agree more. We are still trying to sell our home, with a new one being built! Staring down the barrel of TWO mortgages is not a pretty sight! Fine if you want to try and sell, but don't try to buy anything until you have sold your current home.