Expert: Dick Dennis - 7/15/2006

Question
Hello, My wife and I recently bought a home in SW Florida in March 2006, the work situation has changed for us abruptly and now we are just about making enough for payments. We both were offered good paying jobs in the Keys which is 7 hours away. My question to you is, should we just put this house back on the market and hope we get what we paid for it or rent it or just stick it out for a while and sit on it for a year? We currently got this house with 100% financing at 6.5% with nothing down. Our plans if we went to the Keys would be to rent at first and get settled before looking to buy again.
Thanks so much for the advise in advance  

Answer
Check to see what the market would be with a very knowledgeable real estate agent. Just be aware that if you do not tell the agent(s) what you are trying to do, they will try to list your house and make all kinds of assurances that they can get the price you are looking for for you.

Or, play the schmooz. Go to a couple of Realtors and have them show you houses for sale that are exactly like yours and then you will see what is presently on the market. If you feel you cannot list your house for just below what is already on the market, then try to sell it on a lease/option. Just make sure you get a buyer/tenant who has decent credit.

When it is a buyer's market like it is now, there are more buyer/tenants out there who are willing to do a lease/option. You may have to enlist the help of a REAL ESTATE attorney to put the paperwork together for you.

Otherwise, just stick it out for a couple years.

I wish you well.

Dick Dennis              dixiedee13@aol.com