MO Home Owner Upside Down/Need to Move – Need Advice Please!

Hi All, thanks in advance for your assistance/suggestions. My husband, 8 yr old son, and I want to move back to family, in another state, asap. Parents are getting older. We have leads on jobs there and are marketable people, career-wise. Our biggest problem is we just found out that our home is upside down. Details:

  • We're the 2nd owners (built in 1964); solid condition but not renovated; amenities are detached 2 car garage, full basement, full walk around attic, fully fenced 3 lot parcel. Replaced in the last year: furnace & central air, water heater.

  • Purchased for $79K in 2003. Paid $21k in equity. Owe $58K. Current market value is $60K. (Estimating that we'd have to possibly pay $10,000 additional in fees, repairs, etc through a realtor.)

  • If it was in another neighborhood, it would be worth around $80K or so. Problem: railroad tracks, rental properties around us including a duplex, other houses valued at $60K. We are the gem house on the street.

  • We have excellent credit. No refinance on the house, no late payments. Minimal credit card debt. Small savings. 403b as an option.

  • Don't prefer to be a landlord. Would rather sell to someone. No experience and will be living 500 miles away. But looking like this has to be an option…ugh!

What are your thoughts on "we buy houses" type companies? Will this be our best bet?

If we have to be landlords, what about property management companies? Are they expensive?

This is all very disheartening since we have tried to be responsible our whole lives. It's just the market that is holding us back. If you can give any advice, I'd greatly appreciate it! Wishing you well!

More real estate tips at Program Realty Wix site


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