Dear Friends, I have run into a major dilemma with timing of my R2I.
* I have started school admission process for my children in Bangalore. School starts in June 2008. Therefore, wife and children need to be there latest by June end.
* Our citizenship has a PD of July 17th 2007. INS (CIS) is dragging its feet and has become very slow. They are saying up to 17 months for processing now!
* Our house prices have dropped by about $20k. Not sure when the market will come back up. Rents are ok, am trying to get in touch with rental property managers.
My heart is telling me that I have to R2I by June. My head is telling me that this is a bad time because of citizenship timing and home timing. I am not sure what to do.
Here is what I need help with. Do any of you plan to R2I renting your home instead of selling it? Do you know the pros and cons for doing so? I feel like my head is in a vice-grip. Please advise.
Thanks!
Timing dilemma and question.
-
Going_nowhere
- Posts: 803
- Joined: Sun Aug 12, 2007 8:43 pm
Timing dilemma and question.
I'd just proceed with plans to R2I and make a visit later for citizenship interview. Regarding home prices, the biggest problem is finding a buyer. If you can gind a genuine buyer who's really interested sell it for the 20K loss and complete the transaction. The biggest headache in getting out of an illiquid asset is finding a buyer. So just get done with it.
Timing dilemma and question.
I have been faced with similar Dilemma with PD of May 07. Fortunately (or unfortunately) I dont have a house to sell as I kept staying in an apartment with hope to one day R2I for past 10 years.
There is a powerful concept in economics as sunk cost. http://en.wikipedia.org/wiki/Sunk_cost
Your house purchase price and current price has nothing to do with decision to rent it to sell it. There are other measure / factors you need to consider in the decision. Also keep in mind looming US recession. It may get worse and selling now with $20k drop (not sure if it is loss or drop from peak price) may prove out to be sensible.
Also coming back for USC interview may not be that straight forward with possibility of difficult questions to anwer with immigration officer. I think if at all possible you should consider delaying R2I by 1 more year. That way USC will be under your belt and have peace of mind.
I have gone through similar thought process while considering R2I during 2007 and finally decided to wait until May 08. Looks like everything is finally aligning around that time. Best wishes.
There is a powerful concept in economics as sunk cost. http://en.wikipedia.org/wiki/Sunk_cost
Your house purchase price and current price has nothing to do with decision to rent it to sell it. There are other measure / factors you need to consider in the decision. Also keep in mind looming US recession. It may get worse and selling now with $20k drop (not sure if it is loss or drop from peak price) may prove out to be sensible.
Also coming back for USC interview may not be that straight forward with possibility of difficult questions to anwer with immigration officer. I think if at all possible you should consider delaying R2I by 1 more year. That way USC will be under your belt and have peace of mind.
I have gone through similar thought process while considering R2I during 2007 and finally decided to wait until May 08. Looks like everything is finally aligning around that time. Best wishes.
Timing dilemma and question.
I am in exactly the same situation as you.
I have firmly decided to list my home for sale in Feb 2 nd week. If it doesn't sell by April end, I will take steps to rent it out.
My daughtrer's admission has been finalized.
My family and I plan to R2I by May 1st week.
Our citizenship has a PD of June 9 2007. We plan to come back next year for the interview.
I experinced the same dilemma as you. But, then I realized that I have built sufficient momentum to make the move and with the looming recession, it is probablly and good idea to make the move this year.
Good Luck to you.
I have firmly decided to list my home for sale in Feb 2 nd week. If it doesn't sell by April end, I will take steps to rent it out.
My daughtrer's admission has been finalized.
My family and I plan to R2I by May 1st week.
Our citizenship has a PD of June 9 2007. We plan to come back next year for the interview.
I experinced the same dilemma as you. But, then I realized that I have built sufficient momentum to make the move and with the looming recession, it is probablly and good idea to make the move this year.
Good Luck to you.
-
AndhraAmerican
- Posts: 14
- Joined: Tue Jan 23, 2007 2:09 am
Timing dilemma and question.
Hi guys,
Thought i would contribute with my experience here, last year our USC was stuck the same way as yours but not as bad I hear it now, used to take 1 - 6 months and as always mine took more than 8 months to get to the Interview date after which there is Oath Ceremony this usually takes 1-2 months depending on the rush then there is either your indian Visa / PIO / OCI shit to deal. Coming to the point at the Immigration if you are out of the country more than 6 months you would have problems with the Immigration officer and at the time of your USC Interview a form needs to be filled in with the last dates spent in outside / In US. In case you meet all the 5 year criteria, I think it boils down to the latest amount of time you spent, if your Interviewer happens to play spoil sport, then your Interview is in Jepordy. My sugegstion would be stay put until you get your USC.
Hope this helps.
Thought i would contribute with my experience here, last year our USC was stuck the same way as yours but not as bad I hear it now, used to take 1 - 6 months and as always mine took more than 8 months to get to the Interview date after which there is Oath Ceremony this usually takes 1-2 months depending on the rush then there is either your indian Visa / PIO / OCI shit to deal. Coming to the point at the Immigration if you are out of the country more than 6 months you would have problems with the Immigration officer and at the time of your USC Interview a form needs to be filled in with the last dates spent in outside / In US. In case you meet all the 5 year criteria, I think it boils down to the latest amount of time you spent, if your Interviewer happens to play spoil sport, then your Interview is in Jepordy. My sugegstion would be stay put until you get your USC.
Hope this helps.