Should I sell or refinance with little to no equity?
by Mortgage Rates on Thursday, September 30th, 2010 | 5 Comments
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Very very hard question here. I personally would cut my losses now and sell and get out of that variable. However, if the amount you owe could be rolled into one 30 year fixed at the current rate of 5.5%, then you could try to hold on for the equity and a profit at sale. Renters are such an iffy prospect as fully 10 % of every group trashes your property. As you are an absent landlord your chances of that are higher and then you lose again. I personally would sell in your situation.
cut your losses and sell
they (the banks) didn’t do you any favours by allowing you to finance at 100% no growth inn five years is not good – you took the punt on equiity growth and lost.
you can’t move ahead with your life with this financial ball & chain.
never buy condos/apartments/etc
only buy LAND with house on it. Land goes up in value – everything else depreciates i.e. goes down in value.
Sell it!
I would sell it now.
I am in a similar situation in Stuart, Fla . Bought townhouse in 2005 at market peak. Having trouble getting a tenant because of market saturation. I chose to consult my local realtor as to what is the current price that will bring me a buyer. I will have to come to closing with $$, but the longer I hold on, the more $$ goes for taxes, condo fees, util, etc. I am going to take my licking now. There is no guarantee if or when the real estate market will recover. I am a full time Broker/ salesrep in NJ.