I need to sell my home for smaller one. How should I do this?

Question

I don't have money. to pay for the smaller house first.How should I do this? I am 78 yrs. and want to have smaller house first to move into. This will help me know what furniture I will need to keep. What kind of loan should I get?

Answer 1

Now is not the time to buy first and sell later. If you can sell your home with a 90 day suitable housing clause. That would give you 90 days from accepting an offer before you would close on the sale and you would only close if you found suitable housing for yourself.

My husband and I have been looking for a house for 6 months and some of the house we looked at 6 months ago are still on the market for much cheaper prices. We are in MA, North of Boston and hear that it is the same type of market every where.

Good luck!

Answer 2

Unless you can afford upkeep on 2 homes, sell your current home first. There are such things as "swing loans" or "bridge loans" that let you take equity out of your current home to buy a new one, but you need to be able to pay the costs on 2 houses until your first house sells. And who knows when that will be. Don't join the thousands of people in foreclosure - sell your first house and then buy the new one.

First, contact a local realtor - maybe one who has other listings in your neighborhood and knows the area, or one recommended by friends or family members? Ask them what your house may be worth in today's market, and how long things are taking to sell in your area.

Then, take that information (the approximate value of your home) to a lender. Start with your own bank, or a banker or mortgage broker recommended by someone you trust. The lender will explain your options and help you pick out a loan that best suits your needs.

Once you understand your options and have a plan, ask your Realtor take you out to see some properties in your price range and desired locations. There is plenty of inventory out there, and you need to be familiar with what your $$$ will buy.

When you have a good feel for the size and kind and location of house that you want to buy next, put your house on the market. Make sure your Realtor has an aggressive marketing program - and price your home REALISTICALLY, and competitively.

Once your current home is under contract, and all contingencies have been met, and you have a closing date - get back out there with your Realtor and pick out your new home.

Don't worry about what furniture you should keep - focus on a smart plan for selling and then buying.

Good luck and best wishes.

Answer 3

Sell your current house first. It will be cheaper if you have to spend a couple of months renting an apartment, putting stuff in storage, and/or staying with friends if you can look for a smaller house after you sell your current one. Plus, you will have the money from the sale of your current home to fully pay for the new house.

Answer 4

let me tell you that at your age there are programs out there that can help you out, first do you still owe on your property?
2nd if you didn't have to move into a smaller home, would you be able to stay where you are? if you did not have to pay a mortgage? I can help you eigther keep your home and never have to worry about making another payment for the rest of your life, or buy your home from you. for more info please feel free to contact me at 863-651-7045