Solution for not being able to pay mortgage and very low selling price.

[Mahmudul Shoikot]

I have house thats on rent in Fortworth and living in other state. I could never get good tenant or sometimes no tenant for months even after having the property management company.   Most of the times, I am having to pay my own rent where I am leaving and even cover the mortgage of the house. My job and situation is changed now and can no longer pay the mortgage. The price of my house has significatnly reduced also.I bought house in 320k and Redfin/Zillow shows 250-270k whereas I still owe 285k. So, I cannot even get good price while selling. I am not even looking for profit anymore just that I wont owe any money and wont affect my credit.  Please give me the solution in for my situation or place where I could contact.

Thank you in advance and really appreciate your help.

[Randall Alan]

@Mahmudul Shoikot

Couple of thoughts… first, Redfin and Zillow don’t really know the TRUE value of your house.  They don’t account condition, or extra features, etc.  

Next, are you pricing your property right, and are you marketing your property right?  Or put another way, what is the reason it isn’t renting?  is it over-priced?  Is it well maintained inside and out where someone e would want to rent it?  When we put a property onto Zillow, we get inquiries almost immediately.   Usually within 2 to 3 days we have enough interest to find a qualified renter.  So I would look at those things to work on getting it filled.  You probably wouldn’t be wanting to sell it if it was rented, so getting it rented is probably the best solution.  Otherwise it’s maybe selling it for a loss… but keep in mind the values will probably return over time, so really this is a short term cash flow issue you need to solve by getting it rented.

I would look at what your property manager is doing and whether it is sufficient or not?  The caliber of property manager can very great greatly!   It might take a little refreshing or something like that, but you just need to get it rented and that will solve most of your issues.

All the best

Randy