Right now i have 80/20 loan. 80% has 8% interest and 20 has 12%. ARM for 80% will be over in Jan 08. Would i be able to sell this house and buy a new one? My credit score has significantly gone up now. Also how would i go about finding a real estate agent to sell my house?
2007-10-17 06:14:10 · 10 answers · asked by Avatari 2 in Business & Finance ➔ Renting & Real Estate
There should be no reason why you can't sell your house and purchase another at the same time. Just schedule the closings together so you can close on both at the same time. Also you can use the money from the sale of your house to put a downpayment on the purchase of your new house, the money will transfer at closing.
In order to find a realtor just check your local yellow pages for Realtors. There should be huge Realtors in your area like Caldwell Banker, Century 21, Keller Williams etc. You can use the same agent to sell and buy.
2007-10-17 06:21:29 · answer #1 · answered by Weimaraner Mom 7 · 0⤊ 1⤋
A lender cannot stop you from selling your house as long as you pay off the mortgage. If the sales price is enough to pay off your mortgages, you are fine. Actually you can even sell the house for less than you owe and cover the rest with cash (which is not what most people do, but it's just to tell you that lenders worry about being repaid and they do not care HOW you do it. And before anybody starts screaming that this is not true, yes, I can sell my home for $1 if I wish and pay off my mortgage with cash out of my pocket.)
As for fining the agent, the best way is referral from other people. Or, just call a reputable real estate company in your area and tell them you need an agent. They'll be happy to help you.
If you need more help with finding a good agent in your area, email me.
2007-10-17 06:29:27 · answer #2 · answered by REALTOR 3 · 0⤊ 0⤋
Usually the best way to find an agent is to get a referral from someone you know and trust.
Talk to the agent about your plan and your goals. Once you find an agent that you are comfortable with have them do a market analysis on your house to find out the market value and go from there.
If you don't move you might want to refinance. You can find a good lender in the same manner as the real estate agent.
Good luck.
2007-10-17 06:35:39 · answer #3 · answered by Sharon 3 · 0⤊ 0⤋
I think what you want is called a bridge loan, but you would need to talk to a lender in your market to see if you qualify.
To find an agent, ask friends, family, & co-workers who they’ve used. Maybe even visit open houses to meet some. Make sure you interview several and don’t automatically choose the one with the highest list price.
The agent you pick should be able to show you what comparable homes in your neighborhood have sold for in recent months, and to point out to you the differences between your home and the others that affects the value (i.e. 123 main had a newer roof, 148 main has an older HVAC system).
They should also have a very high (97, 98, 99%) list to sell ratio. This shows you they price their properties correctly to begin with instead of overpricing and then making you go through months of drops.
2007-10-17 06:25:40 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If you can sell your house for more than you owe, then you can sell it and as part of the closing, would pay off the existing loan. Buying a new house would be a separate transaction.
If you can't sell the house, you might be able to refinance it.
As to finding a real estate agent, they're listed in the yellow pages and have ads in the newspapers. You might want to talk to a couple of them before signing a contract. There can be major advantages to going with an agent who's on multilist, and probably one who works for one of the larger real estate companies in your city.
2007-10-17 06:21:50 · answer #5 · answered by Judy 7 · 0⤊ 1⤋
So basically you financed 100% of the home. In todays market you most likely will not be able to get what you owe on the loan, values have dropped anywhere from 7 - 25% dependent upon the market where you live. In addition 100% financing has become extremely hard to get if not impossible. This is a common problem that many are getting into, and why many are losing their homes. Good luck to you, but I do not think your chances for success are very good in this market
2007-10-17 08:38:48 · answer #6 · answered by Pengy 7 · 0⤊ 0⤋
What you need is a bridge loan but that could be very expensive to do. Just sell your house first and also request 90 days to close. Make sure you see the down payment on the house that you're selling. Don't take the agents word for it that they put down the deposit.
2007-10-17 15:04:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋
they could record the living house with a real resources organization and attempt to promote it for cutting-edge marketplace value. the actual resources organization will charge 5-6% of the marketing value for his or her dealing with and this may be paid out of the money paid into escrow. If the living house favourite in value then they could get their a refund plus quantity of appreciation a lot less the 5-6% fee. If the price remained a similar they could get their down fee back a lot less the 5-6% fee taking a small loss. If the resources depreciated like such an excellent style of have in the course of the former few years,they received't get something back.
2016-10-21 07:45:32 · answer #8 · answered by ? 4 · 0⤊ 0⤋
It depends on the market you live in as to if and for how much you will be able to sell your home for.
If you tell me the city and state of were your home is I can put you in touch with a good Realtor.Be care full just calling an one in the yellow pages!
2007-10-17 06:25:39 · answer #9 · answered by Steven V 1 · 0⤊ 1⤋
Yes see link
2007-10-17 07:23:07 · answer #10 · answered by helprhome 5 · 0⤊ 2⤋