Can anyone help? Can I sell my home if I just bought it 6 months ago?

Question

Will I be penalized and will I get the money I put on it? I really need some help with this, I need to make a decision soon.

Answer 1

There will be a lot of factors involved. It will depend how the market is where you are located. Did you pay too much for the house or did you get a good deal? What will the house appraise at versus what you owe? Also when you put the house for sale thru a real estate company the commission varies 3% to 6% this could add up to thousands you will lose. Could renting your property be a more appealing option maybe this is possible. If you must sell consider 4 sale by owner this will save you money. Show the house yourself sell it for the price that you want and for maybe a couple of hundred or a thousand depending where you live a general practice or real estate attorney can help you close the deal. This may be the cheapest way to get out of the house. It does not matter that you bought it six months ago it is your house you rent it sell it or whatever you want. Since you've only had it a short time you may not have any equity after everything you paid to get the property. I would rent it and hold on to it as long as possible at any cost. Make sure you get good tenants. Furthermore if you are behind on payments all of that money gets paid out at your closing when you sell check your math after everything you've put into the property. Good Luck.

Answer 2

Your lender may have imposed a "pre-payment penalty". Call the customer service number of your mortgage company and find out before you put the home on the market. If you do, then you will have to mark up the sales price to cover it. Some prepayment penalties last 6 months, or upwards to 7 years!! Ask your mortgage company who has your loan about this. Other than that, you are free to sell the house as you please! As for the money you put down, that's long gone honey. It was probably eaten up in closing fees when you bought the home. The only way to make any cash on this deal is to mark up the price. And it still has to be reasonable and relevant to the homes that are comparible around you. You can't sell a 2 story home with 3 baths and 3 beds for more than the same house down the street. You may need to get an appraisal on the house to see just how much you can mark up the purchase price of the home. Good luck! If you have anymore questions email me, I would be happy to help! =)

Answer 3

Yes, you can sell your home even if you just bought it six months ago.

You should check your current mortgage papers for indications of a HARD Pre-Pay clause, where they will penalize you for moving out of your mortgage before a set period of time has elapsed. If it's listed as a SOFT Pre-Pay, then you don't have to worry about that, only refinancing will incur the Soft Pre-pay penalty, not seliing.

You might have a tough time selling it depending on how much you bought it for, how much you owe if you did not put down any funds as a down payment, and what your current market is like.

You may look into just renting it also, but you didn't provide information about your situation and future plans so I'm not sure if that is a valid option.

Best of luck

Answer 4

It's doubtful you have a pre-payment penalty on a residential mortgage, but it is possible so check with your mortgage company to make sure. Find a respectible Realtor in your area (may be hard to do) and get them to do a quick estimate of your homes potential value, time on market in your area and closing cost. The Realtor is the biggest expense, typically 5-6% of your selling cost. You don't sound real estate savvy, so I don't recommend trying to sell it yourself as you may lose even more by not knowing what your home is worth and not knowing how to negotiate the best deal. Good luck.

Answer 5

Unless housing prices have moved up, you're going to lose money because of the transaction costs.

The seller has to pay both the buyer AND seller's real estate agent. Where I live a combined 5% is usual. There are also legal costs, moving costs etc.

Lets say you had a 200K house that you had put 50k down on, taken a 150k mortgage. If you sell it for 200k, you'll have to pay roughly 10k in real estate fees, and maybe another 1k in legal/etc. You still owe the full 150k, which means the 50k you put in has shrunk to 39k.

Answer 6

You can sell it, don't know if anyone else will buy it for as much or more then what you paid for it. Some of the money you spent in closing will be "lost". Only you can tell if this would make sense for you.

Answer 7

You can try to sell it, without penalty, but you need to find someone willing to buy it. That's the hard part. Hopefully you live in a desirable area that you can still flip this property, otherwise you'll have to keep lowering your price until someone buys it.

Good luck

Answer 8

until eventually you made a huge down-cost, the domicile in actuality has no fairness so there somewhat isn't something to divide. You the two can come to a pair settlement on what she is prepared to settle for as her proportion for in spite of she contributed to the acquisition of the domicile. Have it solidified in writing and circulate on. As you presently have a enterprise, you may nicely be waiting to get the non-public loan rewritten on your call in hassle-free terms. provide up being a new child and document for the divorce. So what if she is going to the mall? document for the divorce and be achieved with it.

Answer 9

Well that all depends on the reason why you want to sell your house. If there is something wrong with your house, most likely no one will buy it.