So i was looking yo move closer to work but i own a home, can i sell this and buy another?

Answer 1

Of course you can sell a home and buy another. The question is can you afford it. A lot of homeowners are upside down right now due to the recession in the housing market. This means they owe more than they can currently sell it for.

If you are okay financially, then you can sell your house the day you close on it - and in some instances, before you even do that.

Answer 2

Yes, you can.

Now, how do you time the sale of one home and the purchase of another just right?

Basically you put your house on the market, and start looking.

If you find a buyer for your house first, you make closing a good ways off, like three months. That gives you time to shop a little bit, and if you are already working with an attorney, you can get a pretty good guess as to how much cash you'll receive.

If you find the house you want first, you put in what we call around here a "Hubbard Clause", making your obligation to Close contingent on selling your existing home. If they find another buyer, you'll get a short period of time to either cancel the contract or remove the contingency and just go through with it.

In any event, you want to consider Capital Gains. If you will have a taxable gain on the sale, consider setting up a 1031 Exchange. Ask your attorney.

If you're wondering about the existing mortgage, that will get paid off at Closing.

Answer 3

Sure you can, the question is will you make or lose money in the transaction?

If your Real Estate market is slow and a heavy buyers market then its probably not the best idea. You should contact a Realtor and let them do some homework for you and get them to run the numbers for you. If you live in NE Florida let me know. I will help you.

Answer 4

Of course.

Get your home on the market. Talk to a mortgage lender to see what you will need to get into a new home. Make a plan with your Realtor for your strategy.

It is that easy.

Answer 5

WHERS IT AND HOW MUCH IT