Is it possible to sell a house you've only lived in for 10 months?

Question

Or is it possible to downgrade to a cheaper home? Could you legally get someone to take over your existing mortgage?

Answer 1

Answer one - yes, it is possible. Of course, you're looking to get back at least what you paid for it, plus a little bit to make up for the Realtor fees. Depending on your market, you may have to take a loss.

Answer two - only by selling the first house and buying a smaller one.

Answer three - check with your mortgage company and see if you have an "assumable mortgage." Some mortgages can be assumed (that is, taken over) by someone other than the original payee. Some are not assumable (VA loans, for example, can only be assumed by veterans).

I'm going to assume from your question that you believed the bank when they told you that the mortgage you were getting was "perfectly" affordable, and it turns out you have too much month left over at the end of your money now.

Hopefully, you've learned your lesson. YOU decide what your payments should be, and then find a house that fits that - NOT find a house, and then try to figure out how to make the payments.

Answer 2

There are ways to have someone assume your mortgage, but I recommend using a real estate attorney to complete the legalities of the transaction. The bad news is, another mortgage lender will not be as willing to give you a great rate on a new mortgage because your history with the house you only had for ten months shows that you have no interest in keeping a home for a long period of time. You will be considered a high-risk loan and they will want to charge you a higher interest rate.

Answer 3

It is possible, People buy and sell houses all the time. There are shows on TV about Flip this house. The problem is you want more than you paid or a comparable price, So you must check with a real estate agent and get their assistance in Unloading your house to not lose any money (which also should include her/his Fee's)

After which you can get a smaller or more manageable mortgage for yourself

Answer 4

Yes, it is possible to sell a home at any amount of time. Soem people do not even live in them, its call investment buying and quick selling. You can have someone take over the mortgage, but I wouldn't, I would require them to purchase the home with their own mortgage. This will ensure the purchase is a clean one, not one with strings yet attached.

Answer 5

Yes you can sell it but there might be repercussions to doing that. If you financed 100% it in todays market might not be worth that much and you might have a penalty clause in you contract. As far as assuming a mortgage not very likely in todays market with the tightening of credit, they would have to apply for the mortgage just as if buying the home which is in fact what they are doing.

Answer 6

Some mortgages are transferrable. Ask your lender.

Selling a house you've had for only ten months will probably mean you'll take a bit of a loss. Even if you sell it for more than you paid for it, the commissions and closing costs will quickly eat up that profit and then some.

Answer 7

Most lenders will not let someone else assume your mortgage, but you can get someone to rent out your home pay you then in turn you pay the mortgage.

As far as selling, yes you can sell after 10 months. Just make sure there is no pre payment penalty on your loan and be prepared to pay capital gains taxes on an profit you make from the sale. You have to pay capital gains taxes if you sell the property in less than two years of ownership.

Answer 8

Can you tell me of a situation where an owner cannot do with an object as he sees fit?

Where does it say in your mortgage that "You are stuck here?"

I'm confused though, buying and selling property is not without cost, so are you POSITIVE that it is in your best interest to do as you intend?

Consider the legal fees and mortgage rates.

Yes, you can get a purchaser to "assume" the existing mortgage.

Play it safe, with your "seemingly" limited knowledge about real estate, use the services of a broker and an attorney.

What do you think of the following as a "rule of thumb"?

Your monthly mortgage payment is "ideally" one quarter or one week's worth of your monthly income.

If you are lucky enough to find what you want with that advice, then please post it because many other people would benefit from your experience.

Good luck ;-)

Answer 9

If you own it you can sell it. Our neighbors lived only 7 months in their house and sold it in 2 weeks!
The problem is you need to sink whatever extra you got, after you paid the house mortgage, into the next place or you get socked with federal taxes at the end of the year. Its called capitol gains and you have to file or get in trouble with the feds. You can also lease the house you have but they would have to pay you the money and then you pay the lender.

Answer 10

you can sell your house or you could always refinance at a lower fixed interest rate. This will lower your monthly payment and/or the amount of years owed on the house. If you are having trouble making a high morgage payment think about renting out a bedroom or two. This is real good if you live near a campus. Good Luck with everything.