Boy, was that depressing...

We met with a realtor last night about selling our condo. Having done my research, I expected the bad news but DH was a bit shocked. We're HOPING to make enough off it to cover what we owe on our mortgage. What really sucks is that I wanted to rent during fellowship but he was determined to buy. It's a perfect chance to say "I told you so" and I have to pass it up so that I can be a good spouse.

At any rate, we're not listing it at anything close to what we paid for it, as there are a few foreclosures in our neighborhood and it's driving prices way, way down. On top of that, there's no guarantee that it will sell any time soon.

Alright, someone tell me something that will make me feel better.....

[Cumberland]

Re: Boy, was that depressing...

I can commiserate...... we put our house for sale two weeks ago and have gotten NO interest. There are houses in our neighborhood that appear to be cute inside and out that have been sitting for a year. We were hoping when we bought it to make the appraised value, but already have it priced 30% below appraisal, and I still think it is overpriced for the market. DH wants to rent it out instead of selling it but I want to cut our ties here. Ugh, who would have thought this could happen?

Re: Boy, was that depressing...

Oh man that bites. Denver was ranked right below where DH matched, so we had a good chance of going there. I spent a ton of time looking at condos and homes in Denver. A really nice realtor took me out for 7 hours (I didn't expect to be in the car that long, but hey it kept me busy) looking at properties while DH interviewed. We knew about the foreclosures then, and thought about buying one, but our guts told us a foreclosure would be a bad deal. We visited two homes forclosed on and the owners were there, even though they we warned a realtor was coming needless to say it made me feel aweful looking at their home, knowing why it was on the market.

Where in Denver are you? We looked in Loveland, Englewood and Aurora (where the foreclosures were, at least last January)

No advice, but lots of sympathy!

Re: Boy, was that depressing...

Cumberland, what state in the south are you? ( if you don't mind disclosing) What a huge bummer for you, it is scary what is going on in the market. My parents podunk town in MO has had their homes inflate well above their real value. Recently my aunt saw a home there that was originally listed at $165K , then the following week was listed for $95K The sad thing is the house is really now listed correctly.

Re: Boy, was that depressing...

We're in SE Denver.

My biggest fear is that it won't sell at all and we'll be left trying to manage the issue from Massachusetts. I'd rather sell it at a big loss and be done with it.

[DCJenn]

Re: Boy, was that depressing...

Well, from my first hand experience, be prepared with Plan B.

Our house in DC was supposed to have closed but less than 24 hours prior (it's all in the iMSN blog) the asshat backed out. We listed it for a few more months and then cut our (literal) losses, I listed it on Craig's Place and had people crawling out of the woodwork to rent it. It's been rented for two years now to 3 single guys who work on the Hill.

We're still in touch with the realtors in DC and when I asked them what we should do he told me to keep renting it. We have a 5/1 ARM that adjusts in July of '09 so we have some time. Worst case scenario is having to refi. But, hell, what can you do? I'm just grateful that between the two of us, my husband and I make enough money to float two houses, two car loans and the remaining consumer debt. (Not that I don't have my 3am panic attacks every now and again.)

My advice is to DEFINITELY feel out the rental market because you don't want to be renting someplace else while paying a mortgage w/out any income coming in to cover one or the other. If it hasn't sold by the time you move, don't let it linger.

Good luck-

Jenn

Re: Boy, was that depressing...

Hey, you're supposed to be making me feel better, not worse!

So, how to handle the renting? Do you have a management company handle the onsite details? Did you do a credit check on the renters? What if stuff breaks? Sorry to sound like an idiot, I'm just ignorant on the topic....

Re: Boy, was that depressing...

Just agreeing w/DCJenn here. Our house in Cleveland took a year to sell after we moved here. We paid 2 mortgages for a full year. I wish we'd rented it out.

[DCJenn]

Re: Boy, was that depressing...

The first year we used our Homeowner's Association as the rental agents and paid them a fee out of the rent every month. However, they're horrible and after neither the renters nor we were satisfied with them, we're not using one now. If something breaks, the guys will call me and they have the option of having it fixed on their schedule and sending me the receipt and I'll deduct it from the rent or I'll send my brother over to manage things. We've never had to use my brother. The garbage disposal died and they just bought a new one and installed it and I took it off the rent.

I had my realtors run the credit check on the renters though- I paid them for the service.

I rented it through Craig's list like I said and my realtor let people in to look at the place (he's very cool) since we were in DC. I have never laid eyes on my renters.

They send me the check and it's all good.

Jenn

Re: Boy, was that depressing...

A friend of mine in Denver (I think she is actually in Aurora), is stuck in a similar situation. I'm sorry that has to be so stressful.

Sounds like you have a good realtor. If not, I was pretty happy with the woman who listed our Denver house. ETA: I could ask around about a rental management company if you like. I haven't been there for three years so take this with a grain of salt, but since Denver has had a stronger market in the past, perhaps renting and then selling when it picks up would be a good option? But I would hate to say that and then have it be in the dumps a lot longer.

[Cumberland]

Re: Boy, was that depressing...

We will think about renting around mid May if it comes to that. With DH going into fellowship,there is no way in H LL we could afford two mortgages.