You bought in 2006 at what was pretty much the peak of the property bubble. Now, in an uncertain market where the majority of properties are falling in value, you're hoping to sell the property for 17% more than you paid.what i want to do is get rid pay off mortgage and make a bit of profit.
i bought a new house 2 years ago for 196k, at themoment its for sale at asking price around 230k but there are no offers after 7 months, the house is in a large north cork town. i am paying intrest only mortgage about 900 a month which i can afford.some people say i should rent it but to be honest i want to sell it new and i dont want hassle of renting etc.somwone also told me the council might buy it do anyone kbow anything about this.
what i want to do is get rid pay off mortgage and make a bit of profit.
any help appreciated
thanks
A quick calculation suggests that the outstanding mortgage is greater than this.Drop it to €150k and see waht happens.
A quick calculation suggests that the outstanding mortgage is greater than this.
Drop it to €150k and see waht happens
A quick calculation suggests that the outstanding mortgage is greater than this.
yes, he (and pretty much anyone who bought on high LTV in the last 3 years) is in negative equity, what's your point?
A bit general is it not, I wouldn't have thought that the majority that bought in 2005 would be in negative equity now.
The house is 'worth' whatever you can sell it for.What some investors like to preach is the bottoms falling slash your prices and be thankful when somebody offers you considerly less than your house is worth, guess who lies in wait to benefit from this scenario.
Why would the costs incurred by the OP have any impact on what price anyone else is prepared to pay for it today?Add on what this cost was and transaction costs and try sell at that price maybe round €210,000.
Add on what this cost was and transaction costs and try sell at that price maybe round €210,000.
i bought a new house 2 years ago for 196k, at themoment its for sale at asking price around 230k but there are no offers after 7 months....what i want to do is get rid pay off mortgage and make a bit of profit
Why not give it away altogether? The thing to do is don't panic.
Why not give it away altogether?
If I tried to sell the gaff for 7 months and pay 900 Euro interest each month (that is already 6.000 euro WASTED money)
There's nothing in the original post to say he/she isn't living in the house, so how is this wasted money? What about rent if he wasn't living there?
it's interest only, it's just as much 'dead money' as renting would be
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