Q: My wife and I would like to sell our home and move closer to our jobs. Recently my wife took a new job near the area where I work. The travel is about 55 miles one way. This makes it hard with us now both working at this distance and having two young children. We want to sell however our house is estimated to sell at a cost of $15k ? 18k less then what we owe on it. I would like to do a short sale or something to relocate for work and for our family.
Any suggestions on how this works?
?Family, Saint Louis_MO
A: In today?s market when you are trying to sell a home for less than what you owe can be a challenge. You will want to check with your mortgage company to see if you do a short sale how that will affect your credit and if you will be able to purchase another home. Another great option is to rent your home. There are very good rental companies out there, and you may be able to pay their fee plus make you monthly mortgage payment from the rent you collect. Check again with your lender to see if you do rent your existing home if you will qualify to purchase another home.
Sandy Straley is a Realtor? in Layton, UT.
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