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  • March 27, 2008 at 8:21 PM #12268
    jimcav
    Participant

    do to tightening lending, it does not seem possible for us to get a loan large enough to buy in SD unless we sell our house here in WA. the lender says we must rent at 125% of mortgage cost for it to zero–that is not possible. We bought at a peak (2006) with an 80/10/10, and it seems very likely with realtor fees and closing costs that we will lose that 10%. currently, the 80/10 is $2200/mo, and i think we can safely rent for 1800, maybe 1900. Is it simplistic to say something like being $300/mo negative renting means we’d need rent at that loss level for over 3 years to equal the loss of 37k if we sell now. I guess that assumes that between now and 3 yrs from now the home value doesn’t go up or down?
    thanks
    jim

    March 27, 2008 at 8:36 PM #177333
    NotCranky
    Participant

    If I were you I would have it on the market tomorrow.
    You are going to loose more than $300 a month because of vacancies, advertisement,repairs and maybe unexpected trips to Wash. to deal with problems. By your own admission you bought at peak. If you are forced to throw in the towel later the odds are it is going to cost you much more.
    There are not many areas ripe for buying here yet although it is getting better. It is a good idea to think about renting when you get here, maybe especially if you are going to keep that alligator in Wash. You’ll have a great chance to really do it right next time but getting into a world of hurt over the house won’t help that.

    March 27, 2008 at 8:36 PM #177686
    NotCranky
    Participant

    If I were you I would have it on the market tomorrow.
    You are going to loose more than $300 a month because of vacancies, advertisement,repairs and maybe unexpected trips to Wash. to deal with problems. By your own admission you bought at peak. If you are forced to throw in the towel later the odds are it is going to cost you much more.
    There are not many areas ripe for buying here yet although it is getting better. It is a good idea to think about renting when you get here, maybe especially if you are going to keep that alligator in Wash. You’ll have a great chance to really do it right next time but getting into a world of hurt over the house won’t help that.

    March 27, 2008 at 8:36 PM #177694
    NotCranky
    Participant

    If I were you I would have it on the market tomorrow.
    You are going to loose more than $300 a month because of vacancies, advertisement,repairs and maybe unexpected trips to Wash. to deal with problems. By your own admission you bought at peak. If you are forced to throw in the towel later the odds are it is going to cost you much more.
    There are not many areas ripe for buying here yet although it is getting better. It is a good idea to think about renting when you get here, maybe especially if you are going to keep that alligator in Wash. You’ll have a great chance to really do it right next time but getting into a world of hurt over the house won’t help that.

    March 27, 2008 at 8:36 PM #177700
    NotCranky
    Participant

    If I were you I would have it on the market tomorrow.
    You are going to loose more than $300 a month because of vacancies, advertisement,repairs and maybe unexpected trips to Wash. to deal with problems. By your own admission you bought at peak. If you are forced to throw in the towel later the odds are it is going to cost you much more.
    There are not many areas ripe for buying here yet although it is getting better. It is a good idea to think about renting when you get here, maybe especially if you are going to keep that alligator in Wash. You’ll have a great chance to really do it right next time but getting into a world of hurt over the house won’t help that.

    March 27, 2008 at 8:36 PM #177787
    NotCranky
    Participant

    If I were you I would have it on the market tomorrow.
    You are going to loose more than $300 a month because of vacancies, advertisement,repairs and maybe unexpected trips to Wash. to deal with problems. By your own admission you bought at peak. If you are forced to throw in the towel later the odds are it is going to cost you much more.
    There are not many areas ripe for buying here yet although it is getting better. It is a good idea to think about renting when you get here, maybe especially if you are going to keep that alligator in Wash. You’ll have a great chance to really do it right next time but getting into a world of hurt over the house won’t help that.

    March 27, 2008 at 10:10 PM #177410
    jimcav
    Participant

    well, that is succinct. i’ll hit up co-workers for a realtor recommendation
    thanks
    jim

    March 27, 2008 at 10:10 PM #177760
    jimcav
    Participant

    well, that is succinct. i’ll hit up co-workers for a realtor recommendation
    thanks
    jim

    March 27, 2008 at 10:10 PM #177769
    jimcav
    Participant

    well, that is succinct. i’ll hit up co-workers for a realtor recommendation
    thanks
    jim

    March 27, 2008 at 10:10 PM #177775
    jimcav
    Participant

    well, that is succinct. i’ll hit up co-workers for a realtor recommendation
    thanks
    jim

    March 27, 2008 at 10:10 PM #177863
    jimcav
    Participant

    well, that is succinct. i’ll hit up co-workers for a realtor recommendation
    thanks
    jim

    March 28, 2008 at 6:48 AM #177503
    seattle-relo
    Participant

    Definately sell! I have a good friend in the mortgage industry in Seattle, and even he is having a much harder time getting people approved and closed. As bullish as he is, he even sees prices dropping further in Seattle. I can recommend some excellent real estate agents in the Bellevue area if you need a referral.

    Good luck!

    March 28, 2008 at 6:48 AM #177856
    seattle-relo
    Participant

    Definately sell! I have a good friend in the mortgage industry in Seattle, and even he is having a much harder time getting people approved and closed. As bullish as he is, he even sees prices dropping further in Seattle. I can recommend some excellent real estate agents in the Bellevue area if you need a referral.

    Good luck!

    March 28, 2008 at 6:48 AM #177862
    seattle-relo
    Participant

    Definately sell! I have a good friend in the mortgage industry in Seattle, and even he is having a much harder time getting people approved and closed. As bullish as he is, he even sees prices dropping further in Seattle. I can recommend some excellent real estate agents in the Bellevue area if you need a referral.

    Good luck!

    March 28, 2008 at 6:48 AM #177870
    seattle-relo
    Participant

    Definately sell! I have a good friend in the mortgage industry in Seattle, and even he is having a much harder time getting people approved and closed. As bullish as he is, he even sees prices dropping further in Seattle. I can recommend some excellent real estate agents in the Bellevue area if you need a referral.

    Good luck!

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