Our Adventures in Madison Wisconsin
August 11th, 2011 at 7:31 pm
Posted by Jess in General

With Madelyn here, we have thought less and less about our condo woes. But that doesn’t make them go away. We have been trying to sell our condo for about a year now and it’s not going well. So we talked with our realtor and came up with a few options. None of them are especially good but at least we have options.

1. We keep doing what we are doing. It’s obviously not working but doing nothing is an option.
2. We take the condo off the market for a while. We are a little mentally exhausted from selling for so long. Plus, it’s not like we can’t afford our place and we could get rid of some stuff to make some more room. But Madelyn is going to keep getting bigger and this place is going to keep getting smaller, so I’m not sure this option helps us in the long run.
3. We rent out the condo and then rent our own place somewhere else. This would get us into a bigger place and we could save up for a house down payment faster. However, I don’t know how I feel about being a landlord and it seems like we are just putting off the problem for a year or two.
4. We rent this place out and buy a house. This option has the same benefits and problems as number three, and then some. We would be in a house but we would have to find a bank that would allow us to have two mortgages, something I think is pretty rare lately. Plus, if our renters left, we would be stuck with two mortgages.
5. We drop the price a lot and short sale our condo. Short sale means we sell for less then we owe. We would have to work with the bank on this option, to see if they will let us do this, and it might mean we have to get a new loan for what is left after the sale.

So, there we are. We would like to get out of here before Madelyn becomes mobile but we’ll see if that’s possible.