Posted on: 13th Sep, 2011 11:47 pm
My condo is upside down. My locality has been hard hit with several foreclosures. I want to move to a better locality but right now I can’t sell off my property. I really would like to get out of my condo. It is in an isolated, rural area and I would like to move to a better locality. Do you have any options?
Hi Guest,
You can list the property in the market in order to find out if you could get buyers for your property. Alternatively, you can also contact a real estate broker and take his help in selling off the property.
Thanks
You can list the property in the market in order to find out if you could get buyers for your property. Alternatively, you can also contact a real estate broker and take his help in selling off the property.
Thanks
If you are upside down, then you are limited on what you can do. If you make enough money, you can rent out the condo and move to another area, and purchase there, or rent. If not an option to purchase another home, then you can still rent out this condo and have someone else pay most of the mortgage. You can try for a short sale, or deed in lieu, but you would not be able to purchase another property for 3 years. If you want to purchase, then you would want to rent out your condo, and be able to make both payments to qualify you. FHA only 3.5% down and you can have no occupant co borrowers. Good luck
