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Houses Won't Sell |
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My husband and I each had our own homes (and mortgages) in New Jersey when we married last year
We put both on the market and moved to Tennessee
We got a bridge loan on the house in TN "knowing" the NJ homes would sell quickly- they have not- with many price reductions.
We are paying two mortgages, a home equity line of credit and a bridge loan
We are now out of cash, but have these three homes, worth $750,000.
Can we/should we seek to combine the mortgages in two states?
What are our alternatives?
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If you offered those houses for $2 each, they'd sell in a minute. Somewhere between $2 and the prices you're asking is a level that will attract buyers. If you calculate how much you've lost in expenses, carrying three houses at once, you can see how much better you'd come out if you'd just priced them lower in the first place. Yes, I see you've already had price reductions, and I sympathize, but clearly it isn't enough. You may have been caught in local market downturns beyond your control. At any rate, my advice is to forget about refinancing -- you've done way too much borrowing as it is. Resolve to bite the bullet, drop to bargain prices before the best selling season goes any further, and cut your losses. |
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Edith
Originally published on June 30, 2007 |
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