Q&A: Selling San Diego Condo?

Question by ginger79: Selling San Diego Condo?
My husband and I rented out our a condo in San Diego, since we relocated for jobs and bought a house in Portland, OR area. We have an ARM on our san diego condo, but the rate has adjusted down. We are loosing about $ 700 per month on the condo each month and is seriously thinking about selling the condo. The bank is refusing to refinance as they feel we owe more than the property is worth, and they consider it a second home. What are your suggestions on what I should do with our condo? Sell it for less than what we owe or continue to rent it out until the market goes back up? If it is better to rent it out, when will San Diego Condo market go back up?
Our condo is a 1-bedroom, 670 sqft located in Mission Valley area.
We do not have wrap around mortgage on both properties. We’ve got a separate mortgage for our home in Portland, OR.

Best answer:

Answer by quickmls
I would suggest you try to get a loan modification, where the mortgage company will reduce the interest rate and/or reduce the amount of the loan. This is something that a lot of people claim to be able to do, but I would suggest you find an attorney or a credit agency that has a lot of experience. It is possible to do these two things, however, if the bank cooperates, and feels that the other option would be that you would walk away from the property and let it go to default (which I don’t suggest if you are worried about your credit).

As for when the market will turn around – no one can predict, as things are going so strangely in this day and age.

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2 Comments → “Q&A: Selling San Diego Condo?”

  1. Don E

    Jul 05, 2012

    Do you have both mortgages tied up in a wrap around mortgage?If so, you are in a bad possition to be in.I recomend calling a Realtor in San Diego and explain this to him or her and have them explain to you your options.The real estate market in San Diego is good although prices have dropped about 30+ % in the last two years.Their is a shortage of good qualified buyers right now unless you are willing to sell real cheap.Go to Realtor .com and input the san diego zip code and find a realtor their to call.Good luck to you and your husband.

  2. hiclay2000

    Jul 05, 2012

    Its going to be such a hard time to sell, people just wont be able to get good loans for a while. The interest alone is going to be bad.

    If you could simply get someone to take over payments, and keep the loan in your name, its the riskiest, but the least costly of a way out.

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