Can't Sell Rental Property

[wilnah]

What is the name of your state? MO

I have a rental property that I am attempting to sell. I have had it on the market for over 9 months now and can longer afford the payments. The house needs a new roof and some other fixes so renting it is out of the question at this point. My question is this... Is anyone aware of my options in unloading this property without ruining my credit. I have already reduced the price down to exactly what I owe on the mortgage. I am just trying to figure out my options without damiging my personal credit. Thanks

[pojo2]

I have already reduced the price down to exactly what I owe on the mortgage. I am just trying to figure out my options without damiging my personal credit. Thanks

Then reduce it some more and pay the difference. That is about the only way you can keep clean credit.

I am afraid this is going to be a very common scenario in some areas where the bubble has indeed burst and property values are decreasing instead of appreciating.

Even if you just let the bank take it back your credit will be heavily dinged.

Why can't you rent it out for the amount of the payments or is this your ONLY income?

[wilnah]

To answer your question about not renting. The house needs a new roof and I don't currently have the funds to fix it. It will not pass inspection without the roof and so I can't rent it. Also the market in this area has dipped and rentals are not getting even my mortgage payment much less taxes and insurance right now.

[combro]

How long have you owned this property? How did you get financing with a roof in poor condition?

[alent1234]

Originally Posted by combro

How long have you owned this property? How did you get financing with a roof in poor condition?

in a rising market no one cares if the house is falling apart or who is borrowing the money