Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 13 years ago,

User Stats

3
Posts
0
Votes
Gen Acc
0
Votes |
3
Posts

Shoul I sell?

Gen Acc
Posted

Hello - I am not a citizen of this country. I bought a property in 2007 at $333,500 putting down 10% and taking an 80-10 first and second mortgage. I am seriously contemplating getting rid of it now since I am on a work visa and I am finding it a bit difficult to stay here. For example, I recently got married and my wife is still in my country awaiting for her visa. They put me through 4.5 months of waiting outside the country while I had gone for my wedding before letting me in. So, I don't know if I want to continue to stay here. I will know in a couple of months. In between, i thought of selling my property so that I can make a clean exit. Given my visa situation above, I approached an attorney to see if I could go for a short sale. Given that I make over a 6 figure income, she says I cannot go for short sale. I told her that the next option would be to foreclose if I left the United States. Would the bank prefer that and she is not answering that question. However, I tried to evaluate my loss. So, I contacted a realtor. Per his estimate, the house can sell at $285,000. Taking away 6% in Realtor commission + transfer fees etc., I will net 267900. My loan balance is $286000 which means I would need to bring $18000 to the closing table. My questions are as follows.

1. Should I rent out the property for the next few years assuming market will pick up? Point to note is my rent will not fully cover mortgage. If I rent, I will move to smaller apartment and make the lesser cost cover the difference. Atleast I wouldn't have to come up with $18000. However, there is a dangerous assumption that property prices will come up. Is this realistic?

2. Is there any way to negotiate a short sale with the bank given what the attorney has told above?

3. Are there any other options to make a clean exit? In the worst case, if I have to leave the country and none of the above options work, I will just have to foreclose with the satisfaction that I tried my best.

4. Or should I just sell and swallow my loss?

Kindly advise.

Loading replies...