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Relocation package: rent or sell old house

Hi everyone,

First just want to say, I feel incredibly lucky to even be in this present situation - just don’t want to ruin the good fortune my family has had over the last couple years.

We bought a shack at the beginning of the pandemic, it ballooned in value, we felt financially stable for the first time, and decided to start a family. Sold and bought house #2 that had an extra bedroom - at 3% interest but top of the market craziness. Well, we had twins, and suddenly the 1 extra bedroom in a city far from family wasn’t going to cut it. I found a much better job near family in a HCOL area - they pay for relocation, including closing costs and up to 50K loss on home sales.

We bought house #2 at 690, but now having trouble selling at 650 and under contract on the new home in HCOL area, will likely need to move before selling house #2. We can /just/ afford both houses at once, but not comfortably. Based on comps in current market, we could probably sell at 600K easily - that would be a 50K reimbursement but then 40K loss of our money. I’m inclined to do this just to get rid of a headache, but alternatively could rent it, which would cover all but probably $750 of the monthly payment. I would appreciate any insight, or even just what you would do in this situation.

submitted by /u/TurkeyNimbloya
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source https://www.reddit.com/r/RealEstate/comments/zzugkz/relocation_package_rent_or_sell_old_house/
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