We are moving due to a new job in a new state/city. What do we do with our old house/mortgage?

Question

We have it on the market with a Realtor but its not selling or renting. We can't reduce the price because we owe too much on the mortgage. Next month I'm going to have to start using my retirement savings to pay the mortgage but that will only last for 6 months. What should we do? We signed a lease and are renting in our new city.

Answer 1

You can lower  your price or advertise the heck out of it and hope that it sells set it up and on a few sundays do an open house.Zset out cookies and coffee.

IT might help.Your house needs to have something no other house has to offer....

try to rent it out in newspaper and signs around town.good luck

Answer 2

Lower the price and bite the bullet.

Answer 3

You should reduce the rental price and make up the shortfall from you available funds.  Reduce the price until you get a renter.  Better to keep the house until home values go back up and the market improves enough so that you do not lose all the equity in your old home.  This is true even if you have to suffer on making up the shortfall for a while.

Good luck.

Answer 4

Lower your price and come up with the shortfall at closing.  Otherwise, you're stuck.

Answer 5

Did the new job offer a relocation package?  If it didn't you shouldn't have moved until you sold the house.

I would push the rental hard.