Kid Raising in Bad Neighborhood


#1

I own a house in a "bad" neighborhood. I can't sell it right now because of the market. i'm worried about my family and it weighs heavily on my mind. my significant other thinks i'm being overly sensitive, but my spider-sense is tingling, so to speek. i grew up in bad parts of town so i think i have a keen sense of these things. maybe i'm being overly sensitive.

my options are to:
wait it out
short sell the house take a ding on credit and have to pay 20k or so in penalties

if i short sell it'll take us a long time to pay off that 20k and then save up another pot of dough for another house as a down. but it'd be nice to get out. my wife is against the short sale option. i just worry when i leave for trips and am not home at night.


#2

[quote="freerf, post:1, topic:213949"]
I own a house in a "bad" neighborhood. I can't sell it right now because of the market. i'm worried about my family and it weighs heavily on my mind. my significant other thinks i'm being overly sensitive, but my spider-sense is tingling, so to speek. i grew up in bad parts of town so i think i have a keen sense of these thingt.

[/quote]

we raised our kids in what was a "changing neighborhood" when we moved in and had hit bottom by the time we moved, in a job transfer to another city. In 17 years there we were never victimized by any crime, although we had some interesting neighbors including petty thieves, drug dealers and other Damon Runyon types.

We were so relieved to move to an upscale suburb in the new state--which was rocked by 3 scandals within weeks of our move--a murder of a dentist and his wife in their home in our subdivision, a city councilman arrested for sex with underage girls, and a bust of a drug ring in the prestigious high school which involved school security personnel and some parents. Those were just the stories that hit the news. Within the first year we experienced two thefts, vandalism of our car, harrassment including physical bullying in our parochial school, and a deliberately set fire. So much for moving to the "nice neighborhood."


#3

I am certainly no business expert, but I think that you may have another option. Could you rent your house to pay the mortgage, and then rent a place in a better neighborhood? You could sell your house later when the market improves. A rental place might not be a big as your house, but you would have peace of mind.


#4

You could also rent out a room for a while (though you would have to pick your renter carefully for safety reasons) and use the money from that to build a downpayment for a new house much more quickly. The market will not be terrible forever, and despite the bad economy houses are still being bought everyday. It might take longer to sell than it would have a few years ago, but it can still happen. You might try putting in on the market anyway and seeing what happens.


#5

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