New Advice on Home purchase after relocation - can ... - Zillow Real ...

About 1 year ago I got a job promotion in California.? I relocated from Minnesota and have a home in Minnesota.? I currently rent my house in Minnesota, no profit, pretty much a wash with my mortgage payment.
Shortly after my relocation, my home in Minnesota was damaged by a tornado, to the tune of 65k in repair costs, insurance paid for that.
My fiance and I would like to purchase a home in California.? Which we should be able to do, however there are more repairs needed at the house in Minnesota, and the renters are not taking care of the house.? Some repairs that are needed could have been prevented if they had contacted us sooner.. I digress.

So here we have a home (in my name) in Minneapolis, want to buy a home in California.? The home in Minneapolis is just a drain at this point, we want to get new renters in but now have to clean and repair the home. And there is no equity in the home, it is now worth less than we owe.

Can we short sale and buy another home. I hate renting and of course would rather own.? With all the things that has happened to our other home, it is losing us money.

HELP, what would you do.. or what is a good option?

Source: http://www.zillow.com/advice-thread/New-Advice-on-Home-purchase-after-relocation-can-i-short-sale-my-old-home/469302/

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