I have a lovely family that needs to move into a larger home.They would like a property where they can raise chickens!
No problem, right? Let's go, great bargains available and rates are down! They have great credit and a very good job, too!
Unfortunately, they own a home now that they have been very faithful paying down, but the market has been unfaithful swallowing all their hard earned equity, and we cannot sell their home without creating a loss.
They can't add on to have the space they need, because they will overbuild the neighborhood.
They can't get a renter to solve the problem, because they won't be able to get a new mortgage since the first mortgage will be a debt and ruin their ratios. If they do get a renter, it will be two years before the property is considered an investment property.
They really need to move asap. The family is growing and the current square footage is postage stampish...
I have run out of ideas: lease option, rent theirs and they rent another, etc. These choices do not seem like good alternatives.
I told them I would ask my brilliant friends on AR - so what do you think?
Dawn Maloney, REALTOR®, ABR, with RE/MAX Commitment.
Serving Hudson and Northeast Ohio since 2003, Call 330-990-4236.
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