We've had our house up for sale for about 3 months. One showing. No calls, no offers. My neighbors house is up for sale, too. They paid $260k for their house. The offers they are getting are close to 100k less. Yes, 100k. So that means to me.....I need to drastically drop the price of my house to even begin to get bites. What's that tell me...well, I lower the shit out of it, it sells. Before I can close, I have to cover the gap, which could be upwards of 50k or more. Do I have that liquid....NO, so that means that idea is even no good. Each home around me has foreclosed...all empty. Homes are selling in the area but to people I would rather not be neighbors with. Hell, they are getting homes at damn near 40% off. I realize this is going to fubar my credit, but to accomplish the plan my wife and I have, I don't see another option for getting out of the house. I place it in short sale, stop paying on it, save the monthly mort in an acct somewhere....Find a nice house where we want it, rent it. Pay between 1600-1800 a month on a rental until we are able to buy it.
Thoughts?
See this link
http://www.usatoday.com/money/perfi/housing/2009-11-02-voluntary-foreclosure_N.htm