we're listing our co-op at a loss

we bought our co-op 6 years ago right before we got married, now 2 kids later we''ve put in an offer on a house...but the thing that pains me besides paying a 4.5% commission on the sale of our coop but the loss that we're taking to sell it, its about 25k loss. we were thinking about renting it for a year, but didnt want to worry about another thing.....anyone in the same boat or am i the only sucker?

we're listing our co-op at a loss

Nope. We were in the same exact sitution: bought a coop 6 years ago before we got married, 2 kids later we also needed to sell. With cost of renovation, we lost 75k so dont feel bad. The area we are buying, housing price wasnt affected. Only thing I'm thankful for is the interest rate.

Re: we're listing our co-op at a loss

I am in a similar boat. I bought a studio co op in long beach the NIGHT before I met my DH.
We put it on the market at a loss (a loss we could handle) had a buyer in contract and the deal fell through 5 months in. We were already in contract to buy our house. I have had multiple deals fall through and finally was in contract again. It was a short sale at 120k under what I originally paid. Hurricane sandy came, buyer is backing out and now I have no idea what I am going to do.

Hoping it sells nice and fast for you so you can move on!

Re: we're listing our co-op at a loss

We were almost in same exact situation, but decided to at that time take it off the market. We ended up finding a buyer without a broker out of the blue and ended up selling it that way - once the commission for the real estate broker was removed, it netted us out at 0. Goodluck to you!

Re: we're listing our co-op at a loss

Same with us. We had to save up 20% downpayment, closing costs, renovations for our new home, and emergency fund while paying the mortgage and maint. Fee on our coop. We lost about 18 k. I'm glad we are done with that whole mess, but in the scheme of things it's not that big of a blow.

Message edited 11/18/2012 10:57:29 PM.

we're listing our co-op at a loss

we are looking at selling now, and the numbers are not nice.

Re: we're listing our co-op at a loss

I know being a landlord is a risk and there's work that comes with it, but given what just happened in our area, and many people needing housing, it may be worthwhile to rent it out for the next year.

Re: we're listing our co-op at a loss

Can you rent it out with the option to buy? Agree on a sale price and accept a portion of the money you receive from rent towards the down payment.

Re: we're listing our co-op at a loss

There's a chance we will have to sell our house & move in the next 6 months or so. We'll be losing probably about $70k.

Re: we're listing our co-op at a loss

Same boat. We r about to sign the contract and we have lost our initial 20% down and now will need to shell out RE 4% commission and lawyer fees. We just want to be done with it as it's been on market for a year.

we're listing our co-op at a loss

ughh at some point we will have to do this also and just deal with the loss

we're listing our co-op at a loss

BUT...... if your buying a new place you are getting the new place at a price lower than you would have when you bought your condo.... So your probably saving more than the 25K that came off the condo(our house right now would be a 100k loss)

Re: we're listing our co-op at a loss

I think anyone who bought in 2005/2006 and is now listing there house is taking a huge loss... just the price that we are listing our house at already is a $55k+ loss!!

The only way to think about it without making yourself sick is that the house you are hopefully purchasing is going to be that much more affordable, and you are going to get a lot more house for your money... so you are more than making up for it on the other end...

Re: we're listing our co-op at a loss

thanks everyone, i dont feel AS bad anymore ;

HAVE A HAPPY THANKSGIVING!!!

Re: we're listing our co-op at a loss

yes we were in a similar situation we did decide to rent it though, even though it is an added thing to worry about-it's still an investment at this point. Hopefully down the line we can get our moneys worth back.
best of luck!