We are in dilemm here whether we should refinance or sell?

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We are relocating to another state and we currently have our house on the market which we are having hard time selling. Should we refinance to lower payment and rent the house which we will cost us additional refinance cost or try to sell the house? The rent will cover the mortgage, tax, and insurance, which will break even and hoping to sell the house after maybe two year or so. Hoping the real estate market gets better by then.

3 Comments
  1. Reply
    Lynn 911 - Dallas Top Realtor
    July 24, 2013 at 6:23 am

    If you refinace it will cost you approx. $ 5K to refinance since it is rolled into the new note.

    I am a Dallas real estate agent, and Dallas home mortgage loan officer.

    If you are trying to sale a home during the slow periods for real estate Oct, Nov, Dec., Jan, Feb you might be able to sale the house when the season picks up in March

    I would recommend if you can’t sale the house lease it or do owner financing.

    Visit my website over 4,000 Dallas home foreclosures for sale http://www.lynn911.com

  2. Reply
    godged
    July 24, 2013 at 6:55 am

    If you can rent it, do so. This time next year should be better. Don’t forget you’ll need a little money set aside for repairs, tenants are very hard on property.

    Who is going to watch the property for you? Hopefully you have trusted friends or family members you can have serve as landlords so you don’t have to try to do it from another state.

  3. Reply
    LUIS G
    July 24, 2013 at 7:42 am

    Good finance question! I know of an organization that gives up to $ 1500 to people to help them with their rent or mortgage. It’s available in most US cities, I highly suggest you check it out.

    http://www.help-with-your-rent-mortgage.org

    Best of Luck.

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