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About Connie Wildasinn-Broker,Realtor®
Expertise
Broker, Realtor®, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interst at heart?. Understand why any market is a good market and how to spot a good investment for you!

Experience
4th generation realtor in the real estate business, I have over 2 decades of helping clients buy and sell, I am the owner of a local brokerage in the Los Angeles/Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR CAR WCR ABR e-Pro BKBIA CHNA

Publications
Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent

Education/Credentials
Broker-owner Realtor®

Awards and Honors
Opened up Independant Brokerage WGA in 2006, currently employ 30 Realtors and growing. 10 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

Past/Present Clients
upon request

You are here: Experts > Shopping > Home Buying/Selling > Buying or Selling a Home > CondoProperty Options

Buying or Selling a Home - CondoProperty Options

Expert: Connie Wildasinn-Broker,Realtor® - 10/30/2009

Question
Dear Connie,

I have owned a 1-BR condo in the Northern VA area for the past 3 years that my wife and I live in. Recently I was offered a new job with my company in South Florida. The problem that I have is that I bought my condo for $180,000, still owe $173,000, but similar properties are now selling for $70,000-$80,000 in my area. I have no hope to payoff my mortgage through selling the property. I don't know if short sale is an option for me or not since I am not in a "financial hardship"... yet. I have also considered renting, but my monthly costs for the property are $1300 a month and similar condos are being rented for $900 a month. I feel stuck. It seems like every option will result in me taking a serious financial hit. I have already refinanced my loan to have the lowest possible interest rate.

Do you think there is any hope of my property ever returning to its pre-crash value if I just absorb a few years of renting at a loss? Any advice that you can give me on my property is greatly appreciated.

Thanks,
Dan

Answer
Hi Dan,

I understand your situation completely, as I have been in a similar situation recently myself. I don't have a crystal ball, but thinking that condo values will rise 150% anytime soon is not realistic. The value has adjusted and we may be heading for more down trend so to think that you could be back to par in a a couple of years is most likely not realistic. Now it could happen but not likely.

That being said, you need to speak with a local Realtor who works Short Sales, and is a listing agent who understands how to market property.

Contact your lender, let them know that the ability to pay the mortgage is not likely to continue and you need to know what your options are with your lender. Some will not allow deed in lieu, some if you have mortgage insurance, would rather foreclose and will not short the mortgage. So you need to know where you stand with your lending institution.

Once you have moved and can no longer pay the mortgage, it will become evident that you are in a hardship position, thus able to do the short sale.

I advise you to contact your lawyer, tax account, and financial advisor. There will be credit ramification, possible taxes due, worst case judgment deficiency. Get all the advise you can, and then do what is best for your situation.

You are not alone, and there is a lot of well qualified professionals that can help you during this time. Don't pay anyone in advance, and read all the fine print. Know your rights and understand what each person will be asking of you.

Good luck, let me know how it all works out!

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