patrick.net

E-man says

zhanka says

And few years from now some will say the bottom was 20___

We purchased our property in June 2009 thinking it was the bottom.

At that time it was apprised at $430,000

Tried to refinance two times in 2010 and 2011. In Nov. 2010 it was apprised at $395,00, and in Sep. 2011 at $354,000.

Z, you jumped in a little too early with the condo market. SFH homes bottomed out first in 2009. In early 2010, I talked to a veteran investor, and he advised me not to touch condos and townhomes until Feb 2011. This guy bought 50 SFHs for himself in the Silicon Valley in 2009.

We bought 2 condos and 2 townhomes between October 2011 and May 2011 this year. Got one more condo in pending status. Hope to get it wrapped up in the next couple of months. The complex has appreciated tremendously. Fingers crossed.

Yes, I believe we did jump too soon, but on the other hand with 3.5% down, and almost 15,000 back at closing from a seller, we though it was a good deal because of Cupertino school district. So our plans were to sell it in 3 years or rent it out before buying a house. But it is hard to refinance it now (I don't see comparable sales that would support high price tag), and it will be even harder after we buy a house considering a fact it would be a rental property.

I spoke to a few different brockers at different times, almost all of them say not to put cash down to get it refinanced, kinda not worth it, and even some of them advised to buy a house and then dump this one.

My husband and I still believe it is better to hold on it since it almost cost us nothing and the rent ($2,800 if believe to patrick calculator) would cover mortgage, interest and HOA, and maybe someday taxes, so rent would pay it off someday and we will have additional income when we retire and pass it to our kids...

Anyway, I'm like many patrick readers believe we didn't rich the bottom yet, but it is a good time to refinance if you can. I hold my husband to not buy a house at least before election...

Z,

If your loan is FHA, you might qualify for streamline refinance. Underwater or not doesn't matter. Talk to a mortgage broker that understand HARP 2.0.

Good luck.