Would u take a Loss

DH and I have been discussing moving off the island however the problem is that if we try to sell our home right now chances are we are going to have to come to the table with almost $20,000 *between what we would have to pay off of our mortgage (since I am sure we wont get what we still owe) and then attorney and transfer tax fees
Yes we can stay here longer and hope that the market changes and pay off more of the mortgage but there's no grantee that the market will change that much and how long is to long to keep waiting.. Ugh im so confused we just cant have the lives we want here but we feel so "stuck" since we have the house...

Re: Would u take a Loss

I would consider taking a loss if you can really imagine the life you want elsewhere. Can you and DH re-locate and find new jobs?

I was born and raised on LI and DH and I just purchased a house here. I went to college/grad school in the Midwest, however, and LOVED it. The people were great, the pace of life is so much slower, its super family oriented, and the prices of homes simply cannot be beat. I look at my college friends' custom built homes in gated communities and the price makes me want to puke!

I think about moving out there all the time, but likely won't do it at this stage in my life because 1) I am a total Momma's girl and can't stand the thought of being more than like 30 minutes from my Mom and 2) I have an awesome teaching position in a fantastic district -- been there for 7 years, have tenure, etc. I think I would have to be crazy to walk away from that given the job climate for teachers.

Re: Would u take a Loss

Re: Would u take a Loss

I know this is not ideal either, but would you consider renting?

From what I have seen here on LI, MANY people go this route, because they can afford a monthly rent for a home, it's the down payment they cannot come up with.

I also believe there are some people on here even who have done this and have someone local they know and use if there is some kind of repair that needs to be made for the renters.

I also am sure someone can walk you through writing up a lease, running a credit check, etc.

We live in an area that was hit by Sandy so I totally know how you feel about being stuck here.

We also have renters a few houses down and they seem like decent people.

They just had a baby I believe.

Re: Would u take a Loss

Yes, I would definitely take the $20k loss in that situation. We are considering moving south in a few years and will have to sell at a huge loss especially due to the renovation we did,

Would u take a Loss

We are considering taking a huge loss as well.

Re: Would u take a Loss

If you know that you definitely want to move and are not happy where you are, I would sell and take the loss, assuming you can afford to do it and it's an option to bring that much $ to the table and still be able to execute your relocation plans.

The market is coming back in many areas of LI. I am seeing prices come up in the areas where I do a lot of work (south and central Nassau). But you are right - its not coming back that fast that you can expect the house to appreciate $20K in a few months.

What are you basing your estimated loss on? Have you had a real estate agent, or a few, come in and give you a market analysis and advise you on estimated value? You may want to do that, as part of your research, before you make a decision.

You can also ask them the rental value of the house, but I think you'd be better off selling rather than being an out of state landlord. Plus, renting = a lot of wear and tear on the house if you eventually want to sell. And if you plan to buy another home, I would speak to a mortgage loan officer about how renting the home v. selling it outright would affect your ability to buy (impact on debt-to-income ratio). I think it's almost always better to sell rather than rent, unless it's not an option you can afford.

Feel free to contract me if I can help you with your decision! I am always happy to consult or answer questions.

Re: Would u take a Loss