Reply to Anyone Sell Recently for Less than or Marginally More than you Paid?

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[quote=Anonymous][quote=Anonymous]PP here with the money losing rental.  We did look into short sale but it seemed you needed some kind of circumstance like losing a job or inability to make payments for the bank to work with you.  Also, we can afford the payments although they are painful.  Wouldnt a short sale destroy our credit?  I am open to options![/quote]

Yes, will damage credit but you are pouring money into a big gamble. And considering rising income inequality, unless your neighborhood is really likely to gentrify your target buyer will be afford less and less as prices rise; wealthier buyers will gravitate to the desirable areas already recovers over boom prices.

Talk to your bank. They may let you short sale or foreclosure and the roll the difference into a small personal loan you pay off. Assuming you don't have cash to bring to table to just rip the band aid off.  Assuming you own your current home and it is long term so you can ride out the 7 year ding to credit.

Right now you are throwing good money after bad and gambling on this homes area to improve markedly. Big gamble. Limit your exposure here. [/quote]

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