my home will be paid off in five years. is there a guide on this type of transaction
2006-09-07 06:14:58 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
What is your question?
If you want to sell your house, go ahead. If you want to take some of the proceeds and pay other bills, go ahead. I'm not clear on what guidance you think you need.
2006-09-07 06:20:15 · answer #1 · answered by AngiesHusband 5 · 0⤊ 0⤋
You could always get a home equity loan to pay off your bills. However, in this housing market, I would not recommend selling your home. Before deciding on putting your home on the market, use an excel spreadsheet (or paper) and subtract from the selling price .... realtor's commission (usually 6% of sales price), home improvements to sell, moving expenses, your bills... and the cost of buying another home. Please also keep in mind that while your home is for sale, you will need to keep your house immaculately clean all the time....because at a moments notice, a potential buyer may want to view it. After these considerations, you may discover that selling is not worth the hassle.
2006-09-07 06:33:43 · answer #2 · answered by Pj 2 · 0⤊ 0⤋
To better answer your question you need to let me know:
1) your age
2) Still working or retired?
3) Amount of your debts (bills)
4) Estimated value of your home and balance of mortgage
Now: It is not wise to sell your property to pay off your bills. Better choice is to:
1) Manage yr $$ to reduce your bills and debts
2) Get a home line of credit with a Savings Bank (not commercial bank) to pay yr bills because the interest is "deductible" if you are still working and having an income (paying taxes)
3) What is your retirement plan? or you plan to be homeless as paying rent is not tax deductible!!!
2006-09-07 07:26:16 · answer #3 · answered by Tony I 2 · 0⤊ 0⤋
Sounds like pretty much a regular sale to me. What you do with the money after the sale is no business of anyone else involved.
That said, right now is a rotten time to be selling in a large portion of the country. You might want to consider waiting a while if you can.
2006-09-07 06:29:13 · answer #4 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
you could refinance your house, and take out the equity, pay off your bills with that money, and have more when you decide to sell. if you like you can contact me and i can do this for you.
Nikki
nsnow2251986@yahoo.com
2006-09-07 06:53:07 · answer #5 · answered by Nikki 2 · 0⤊ 0⤋
Guide for what?
2006-09-07 07:43:29 · answer #6 · answered by FreeMedicalcamps.com 2 · 0⤊ 0⤋