To sell, or not to sell? That is the question!
I own a 2-bed, 2-bath condo in Virginia, but I now live in New York. I have wonderful renters, who pay me a monthly rent of $1000, and I owe a difference of $325 to cover the monthly mortgage. I am “underwater” on this home, and I am seriously considering talking to a realtors today to assist me in trying to sell my condo, but I am afraid with the economy I will not sell my condo for nearly what I owe. I cannot afford to take out a 10 or 20 thousand dollar personal loan at 7— 8% interest to cover the difference in what I would owe the bank IF my condo even sells within the next 7–8 months. Should I push for my realtors to be super aggressive with the sale of my condo, or should I wait out the “storm” and sell when the housing market recovers? (Please do the math, before considering your answer)
This question is in the General Section. Responses must be helpful and on-topic.