sell current home or rent? not sure how to calculate

[jimcav]

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

[NotCranky]

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.

[NotCranky]

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.

[NotCranky]

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.

[NotCranky]

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.

[NotCranky]

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.

[jimcav]

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

[jimcav]

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

[jimcav]

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

[jimcav]

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

[jimcav]

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

[seattle-relo]

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!

[seattle-relo]

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!

[seattle-relo]

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!

[seattle-relo]

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!

[Author]

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