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Updated over 17 years ago,
What are the options with this property?
I have a home in a new Ocoee, Florida subdivision that I purchased for $275K in June when the builder's list price for the home was $298K. The builder has about 9 units left and the price for my model dropped to $280K. However, I have one of units with a lot premium because of the view. The model I have is the largest, lots of upgrades, and a similar one is listed on the MLS for $360K and my neighbor next door is asking $380K for his. A smaller model in the subdivision is also on the MLS listed at $340K.
My mortgage on the house is $1900 PITI; and will go up to at least $2300 when taxes are reassessed in the next few months. Mortgage is 100% financed at 6.875%, 5-year interest only. Rents in the area are $1000 - $1300. I've had about four months of vacancy, as the tenants who left only paid for 1/2 a month and the deposit $500 (August) and never paid for September. My payments are current.
I'm aware of how bad a situation I'm in, I'm looking for some ideas on how to get out of this situation with my credit intact.
Focus:
What are some lease option structures that I can consider?
Should I list for $295K on the MLS?
Any other options available to me?
Thanks,