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Updated about 14 years ago on . Most recent reply

User Stats

20
Posts
1
Votes
Sam A.
  • SFR Investor
  • Rochester, MN
1
Votes |
20
Posts

Sell for loss or move in and wait?

Sam A.
  • SFR Investor
  • Rochester, MN
Posted

I bought a 3/2 in 2005 and recently started renting an apartment while going to school 100 miles away. I owe 130k on home and have it listed for 124,900 and have been lowering for last few months. My plan, after reading many threads on this site for the last month or two has led me to originally sell old home and buy duplex/triplex with VA home loan.
Now...I have been accepted to a different school program back in my hometown. Question I have is this: Do I move back into house and try to refinance (original at 6.25%) and wait until bluer skies...or do I still try to sell SFH and keep looking for good deals on duplexes in hometown?
My wife and I have enough money to keep paying mortgage and rent and will continue to have that, but I don't want to keep eating 1100/month on an empty house that may not sell. After realtor fees, etc., we are already expecting to eat 10-15k just to sell it. Is it worth it? Thanks for your time and I eagerly await your responses :D

Most Popular Reply

User Stats

41
Posts
31
Votes
Jay Miller
  • Real Estate Investor
  • Ohio
31
Votes |
41
Posts
Jay Miller
  • Real Estate Investor
  • Ohio
Replied

You need a place to live regardless. Why not refi and stay there until the market improves.

You can still look for investment property and purchase one or more while you live in your house and finish school. This will eliminate one house payment and keep you from taking a loss on your house.

If you really want to sell your house now then look into selling the house on a land contract. If you do this yourself with no Realtor involved you will save 6%. Get a decent down payment and use for your next home. You should also expect to get top of your price range if you are offering owner financing.

Feel free to ask any questions if you need further info.

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