My husband and I moved into our current home just a little over a year ago. It's a beautiful home with upgraded travertine floors, karastan carpeting, and a wonderful paint job. We found some new builds just down the road that are gorgeous and affordable!
We owe 187k on our house right now. Sales have been pretty slow in our neighborhood, but still trucking along. The new build we are looking at starts out at about 202k. The homes in our neighborhood have recenly sold for about 225k. This leaves room for a decent amount of equity, but it's not ideal. We will need extra money after we put money down to purchse a refigerator, microwave, and various other furnishings.
Is there any reason we should hold off on trying to sell our home?
I hope I stated my question clearly. I'm sort of a dummy when it comes to these things! lol
2007-05-18 07:58:40 · 4 answers · asked by phxchik07 5 in Business & Finance ➔ Renting & Real Estate
the building company does have a 60 contingency plan.
2007-05-18 08:10:35 · update #1
oops I meant 60 days
2007-05-18 08:11:12 · update #2
The issue shouldn't be should you sell your house, but CAN YOU SELL YOUR HOUSE. New construction down the road only serves as competition to your best effort to sell especially if they are both being sold for similar amounts. If you can swing the finances of the larger loan amount, I suggest you put it on the market. But, I wouldn't even think about writing a contract for the new construction houses down the road until you have a real buyer for your present house. This shouldn't be a big deal since you aren't unhappy in your present home. Good Luck!
2007-05-18 08:12:25 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
regrettably the owner has the main suitable to sell the residing house see you later as he follows your hire precise, which it sounds like he's doing by utilising waiting till the hire is over. it is the risk of renting....the owner can sell or refuse to renew the settlement as quickly as the hire is up. i would not assume which you will't get a private loan. you're able to initiate first which includes your economic employer and then touch different valid mortgage companies to determine in case you qualify (attempt to stay faraway from online companies). There are stricter regulations in place now for paying for a loan however, so which you're genuine which you will maximum in all risk run into some issues due on your credit subject. despite if it may desire to no longer be impossible -- it basically could take some extreme leg paintings on your section. As for the genuine components agent's comments on the owner wanting money -- if I have been you, i might touch the owner quickly and see if he's keen to paintings out a deal.
2016-11-24 22:15:34 · answer #2 · answered by declue 4 · 0⤊ 0⤋
Unless you can afford two mortgage payments, I'd hold off in your situation. Without knowing your market area, you might want to list your home for sale and make an offer on the new build, contingent upon a successful sale and close on your existing property.
A developer may accept such an offer, and he may not. Or he may accept your offer, and reserve the right to accept another offer unless you remove your contingency. If the new build is listed with a real estate firm, start talking to them about your options for tendering an offer.
2007-05-18 08:04:17 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
I wouldn't advise selling your house right now with the market condition. I would advise putting it on the market to rent or rent with option to buy (contract for deed, lease option...whateer you want to name it). You will get a great deal of responses with this option, trust me!
It's a fine balance orchestrating it but if you want the house, go for it!
2007-05-18 08:08:40 · answer #4 · answered by Deme21 2 · 0⤊ 0⤋