Skip to main content

Sell condo at loss or risk renting?

Hello, I bought a condo in Atlanta several years ago and recently have begun the process of relocating back home. I have picked the worst time in the world to do this apparently :’) The place has been on the market for 2 months with only one showing. My current options in this market are either drop the price to where I would have to bring $7k to closing, rent it out at about a $200-300 loss, or just try and wait it out another year. My partner has already relocated ahead of me, so waiting long enough for the market to bounce back isn’t very feasible, but my job is remote so technically possible. I don’t want to drain my savings just to get this place off my hands and prevent myself from being able to buy again in a couple years, but I’m also terrified about the risks of renting past just the initial monthly loss (tenants not paying, maintenance costs, potential future vacancy). Any thoughts on best way to approach this without making a decision I’ll kick myself for down the line?

submitted by /u/Annual_Initiative_15
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1oca1zh/sell_condo_at_loss_or_risk_renting/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...