Should I Keep ... or Sell and Rent Back?

Ohio


I am a single mom of 2 boys.

My current home could sell for $125,000. I paid $67,000 in 1988 for it.

I have 3 mortgages on it worth $123,500.

I was laid off 11-01-01. Haven’t found a job (secretarial). I’m having a very tough time paying my bills and have the last 6 years since I’ve been divorced.

I’ve had someone offer to buy my house from me ($125,000) and I could rent it back. My current mortgage payment is $733. They want to rent it back to me $800/mo next 6 mos., $900/mo second six months, $1,000/mo in second year.

The house will need repairs in the very near future (new roof, windows, basement leaks, floor repairs) and they are aware of this.

If I rent, I would be responsible for interior cosmetic maintenance such as painting, carpet, wall coverings, and lawn care.

Edited to Add: I do not want to move. I've lived in the home for 13 years, like the community, and boys like their schools.

Please, suggestions would be welcome.

Thank you.

MicheleT

[HomeGuru]

Sell and rent a cheaper home in the same area.

Home .. Thanks .. unfortunately I cannot.

Homes start at $175,000 in my neighborhood. (I live in a condo.)
There are only 2 apartment complexes and each rent starts at $1,000/mo.

[HomeGuru]

Then sell and rent back as it sounds like the best deal.