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Paying 11.5% |
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First, I have a house that was once my primary residence, before my 2nd marriage. I owe approximately $200,000.00. The Property Appraiser's Office has the market value at $288,000.00. Currently, I have it listed with an RE this agreement will expire in Feb 08. The interest rate is 11.5% variable. I would like to sell it, but there are no buyers, its been on the market, on and off, for two years. I have considered renting it out, but have no experience. I would also like to get my interest rate reduced to lower the monthly payment for. What should I do? |
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If you offered that property for sale for $2, you'd sell it in five minutes. And somewhere between $2 and what you've been asking is a price that will attract buyers. I just hope it's more than the $200,000 you owe. So my advice is to put the place back on the market at a lower price -- I can't say how much because I don't have any data on your area, but you can call three local brokers and ask for advice. List for a bit less than they advise, because you're losing money on the place so fast that you need a quick sale.
You're right not to try being a landlord -- it's easy to get into real trouble
As for that horrendous mortgage -- talk with your mortgage company. These days they're more willing to work with you, perhaps drop your rate or suggest some other help. If your credit is any good, I'd say try for a different mortgage elsewhere, but it really isn't worth paying new closing costs because you should sell, as quickly as you can, for whatever price it takes to attract offers. |
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Edith
Originally published on January 18, 2008 |
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