Getting out of Negative Equity

[Supada L.]

Hello,

I have a long-distance rental home that is NOT in a good location and is worth less than my mortgage balance of $60,000. My listing agent suggested two options:

1. Sell it to the investor for a bit below $40,000 cash.
2. List it for $50,000, which, after fees and everything, it would leave me about $40,000 anyway.

I am thinking of listing it for $60,000 and see if it sells. Would this be a good idea? Is there other options I should consider besides home improvement? (The home improvement is another drama I have dealt with.)

Thanks in advance!