Hey everyone! I’m in a pretty bad situation, wondering if anyone has gone through something similar, and how they got through it. I bought a home from a PM company in Baltimore, MD. It was what we could afford and wanted to get into the real estate market before the interest rates went up and we did. However the property is not performing and it’s affecting our personal lives now. I’m trying to sell it at a discounted rate just to get out, but having no luck. It’s on a rough street, which I didn’t know at the time of purchase. The company said the usual ‘we’ll never sell you a home that we wouldn’t want to own ourselves.’ but that was a lie. I’ve tried selling it back to the company that sold it to me because they said they would, but now that the time has come they won’t. Tried lowering the sales price, it’s also up for rent. Which I don’t really want to deal with anymore because we did have tenants in there, but our first tenants stopped paying, trashed the house, and we evicted them. It took a long time and renovation to get it back to where it was.
This is our first investment property and it’s just gone so poorly. It’s going to kill our livelihood and I don’t know what to do. We’ve been dealing with this for over a year and a half now and I’m at a loss of what to do. I’ve tried talking to cash buyers, but the rates are so low that we would have nothing after selling it. I want out, but it feels like there’s not realistic option to do so. Has anyone else been through a situation like this? How did you get out? Was everything ok at the end or did it end you financially?
I worked for decades trying to get to this point and in less than 2 years all of that work has gone to waste. I did my best, researched, vetted, etc. If you’re here to just call me an idiot please don’t. I already feel like one, I just want advice on how to get out or if someone knows of options I can take for selling a home in Baltimore, MD. Any advice and help would be appreciated. Thanks.
