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/
Labels:

Comments

Post a Comment

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...
Post a Comment
Read more

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/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more