What did you do? Sell or rent?

We have found ourselves in a funny situation. DH has taken job in London, so we are going back. Right now I am sitting I a nearby coffee shop waiting for prospective buyers to wander around our townhouse. We only have 7 weeks to sell before we leave and with the market how it is, I am definitely nervous (though w 3 viewings this weekend I am cautiously hopeful). I would like to rent, but we won't be able to cover all our expenses so hence giving it a try with selling.

What did you all do? Sell, rent or leave vacant and make the payments? What's you story?

I still have a house in the US that I've been renting out since March 2010 (vacant since January 2010). My tenant has a lease through June 2012, and then I hope to sell summer 2012.

I rent through a property management company, which has been pretty pain-free. They take a % of the rent, charge me for any expenses in that month, and deposit a check in my (US) bank account every month for whatever's left. It's barely enough to cover my mortgage, but not my property taxes or insurance.

I don't want to be a long-term landlord, and have heard few stories of that really earning money for people (unless they're already well-off enough that the payments/costs/repairs are negligible, or the rental market is fabulous). So while it's tempting to keep the house long-term, pay off the mortgage, and have "free" money coming in, I remind myself that the furnace will break, the pipes will burst, and the roof will need replacing, too, which would wipe out any "profit" for me. Thus the plan to sell in 2012.

Thanks for sharing. I have a feeling we will be doing the same as you come October if someone doesn't fall in love with our place first! Is all your stuff in storage or did you let the place furnished?

I sold/donated pretty much all my stuff, so the place was empty (I left the lawnmower, and the washer/dryer/kitchen appliances).

I wasn't attached to my furniture, and there's no way I was going to ship it over here (nor would it fit in any of the places I've lived!), so that was easy. Giving up all my books was tougher.

This is a big bone of contention with us. DH thinks I should hang on to my house (my parents) but DS really can't afford to run it on his own. The lawyer said to sell, which makes sense I know. My father designed this house -- nothing fancy, just your basic 1950's ranch -- so it's hard to give it up. It seems easier in a way to just sell it "as is" as I imagine if you rent you've got to have everything in working order. Ours is a fairly up-market town so people would have higher expectations.

And then there's all the family "heirlooms" ... Gah!

I wasn't attached to my furniture, and there's no way I was going to ship it over here (nor would it fit in any of the places I've lived!), so that was easy. Giving up all my books was tougher.

Yeah, we love our furniture, but nothing is important enough to ship. We thought about shipping some of the smaller items like dining table and chairs because they pack up easily, however we know whatever place we get here will be furnished anyway so what's the point?

Don't even talk to me about books. My collection has been sold off over the years. I'm going to start getting my favorite books on my ipad now that I have one. They can come everywhere with me!

It seems easier in a way to just sell it "as is" as I imagine if you rent you've got to have everything in working order.

I would agree it does seem easier to sell it - someone will surely snatch it up and make it their own! There is the other argument against renting that if you are both overseas, who is going to manage the property? My neighbor has a management company take care of his place and they take a percentage of the rent. Definitely not cost effective for us.

We've had to think long and hard about this question and we decided we will have to negotiate with the bank to give them back the house. We don't have the money necessary to fix the things that will make the house sell, we don't know how to sell ourselves and we can't afford a realtor either. But the real issue is if we can sell the house for what we owe. Answer, not very likely. There are so many forclosures of houses nicer/bigger etc in our area, at last count it was 7 in a 5 block radius, which is ridiculous. We've owned this house for 10 years and have made some nice improvements and have taken good care of it and have never ever ever missed a payment or been late and it kills me to do it but we have no choice I'm afraid.We want to avoid the bank the extra cost of forclosing on the mortgage hence giving them the house back. It sucks because I worked sooooo hard to get and keep an excellent credit rating and now it will all be for nothing.

We've had to think long and hard about this question and we decided we will have to negotiate with the bank to give them back the house.

Just found out today that it looks like we are going to have to short sale or deed in lieu. Why? Because our neighbour 2 doors down has listed their townhouse for over $50k less than ours. I'm pretty sure they came into our house today without permission too because the lights were on when I got home from work. Creepy!

Anyway, there is no way we can afford to sell ours that low and even though ours is much nicer, new kitchen and bathroom, turn key, he has just ruined the comps. There is no way a bank will approve anyone to buy our place at list price. Gutted. The kicker? This guy is still going to make over $100k off this because he bought over ten years ago.

We even decided to stay here an extra month to help with the sale (it wasn't the only reason but certainly helped with the decision to stay longer). We would have been leaving in 3 weeks!

Now we really have no choice but to ruin our credit. It is out of our hands. Though short sales only hit your credit for 18 months, it's the not paying your mortgage part that is the long term credit buster.

I suppose the good thing is that we can stop paying the mortgage come October and won't be here for the collection calls.

Thanks for letting me vent!

I get it completely and it sucks.

I get it completely and it sucks.

Thanks for the support! I suppose we sacrifice all sorts of things when we move countries. In 2004 when I moved to the UK I had to give the bank back my car - literally just called them up and told them where they could tow it from. I was upside down on the payments and just couldn't afford it and they wouldn't work with me so I gave it back. In the long run it was the best decision ever, because I am married and very happy. I wonder what amazing things will come from giving back our house!?