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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)
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