Posts by Kyle Smith74

Lawrence Wright7, I was in almost this exact same spot about a year ago... I ended up putting my condo on the market before things hit the breaking point. Managed to sell it just in time to clear all my debts, then packed up the family and moved to New York...
A few pointers...
if the buyer is struggling to secure financing, try nudging them toward a subprime option; they can be surprisingly flexible. In my case, the buyer actually secured a loan through them even after being turned down by both Wells Fargo and Chase...
I also noticed the market was dragging, so I bundled all the furniture and appliances into the asking price. It lets you tell a buyer they won't have any extra overhead—they just grab a suitcase and move right in...
Either way, good luck. I hope you shake this weight off your shoulders soon.

Lawrence Wright7 said:How many years do you have left on that mortgage, and how long did it actually take you to track down a buyer??

I’ve been paying it down for three years, and it took me four months to close the sale... and

I find myself in a similar financial bind, and I’ve decided to sell for several reasons. To avoid getting into the weeds, a combination of circumstances—rising interest rates and my wife losing her job due to pregnancy—has left us financially vulnerable, all while the mortgage on this apartment keeps climbing. I’m currently based in San Diego, and I've already signed a preliminary agreement; now, I'm just waiting for the buyer to finalize their loan. My primary motivation is that the real estate market feels incredibly shaky right now; in my estimation, prices are headed for a significant correction very soon. Additionally, by selling now and picking up a more affordable place later, I expect to walk away with about $10,000 in cash. That’s enough of a cushion to act when things stabilize and I can buy something even cheaper. Renting is also more cost-effective, which saves me money and a lot of headaches. Plus, it ensures I have enough set aside for my kid's basic needs. I don't understand why people view this kind of move as something to fear. You need to step back, think clearly, and avoid panicking. Selling property isn't easy here either; most buyers are just maritime workers or folks visiting from overseas.