Sold! Condo-tel at the Jersey Shore
Two years ago my husband and I took advantage of low mortgage rates and refied our 30 yr mortgage to a 15 yr. A few months later we purchased a "condo-tel" at the Jersey shore. Our mortgage broker advised us against this as financing is difficult to get on this type of property and it would be nearly impossible to sell it if we had to. We were not worried about re-sale, so we went ahead with the purchase.
Well, my husband was laid off on March 30. We immediately started cutting expenses; canceled gym memberships, lowered our cable bill, switched insurance co's etc. I went back to work full time and we rented a room in our house to a relative.
My biggest concern was the condo at the beach. Even though we rent in the summer, it doesn't cover the costs, and if we need to refinance back to a 30 yr mortgage I would have to sell in order to qualify on my salary alone.
In somewhat of a panic, I called the same realtor we used to purchase it initially. I assumed we didn't have much of a chance at finding a buyer and prepared myself to take a huge financial hit, thinking we should list well below what we paid two years ago just to get out of it. My realtor talked me down and we listed slightly higher than our purchase price.
Long story short, we had an offer for what we paid two years ago and closed on June 30th!
I can't tell you how fortunate we are and I give all the credit to our realtor. She is a real pro and saved us THOUSANDS of dollars! When I panicked and wanted to give the place away, she calmed me down and convinced me to let her do her job, which she did extremely well!
So kudos to all you realtors! I know you sometimes take a beating, so I really wanted to share this positive experience.