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Old 10-21-2015, 08:24 AM
 
1 posts, read 942 times
Reputation: 10

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My husband and I are both retired ( in our late 60's ) and bought a retirement home here in Corpus on the water 6 years ago. We paid cash for home and we think our home would appraise for about $375,000.
We have retirement income of $43,000 a year. We have about $400,000 in annuities , $40,000 in savings , are debt free, and both have credit ratings over 800. We now realize we want to move back to our home city in the DFW area. We put our house on market in Feb 2015 and without success for 6 months ,we didn't sell. We made a few mistakes , priced it too high , should have made some repairs that hurt us selling , and have since taken it off market, made several improvements and trying to make decisions on our future move.
We have found a home on line (listed at $259,000) , recently listed, move in ready, that we love and think is a perfect fit. it is a downsize in sq ft and $$ . We are seriously considering making a trip there to confirm our thoughts on buying this home.

Our question is , assuming we put our home here back on the market soon with an aggressive price, should we consider trying to get a pre-approval on a mortgage loan on the new house , make offer , and try to buy this new home before we sell our home here?

There are several reasons we are considering this option, one , we think making an offer without the contingency of selling our home here 1st may better our chances of securing this home and love the idea of a guarantee of not moving twice as we could take our time, and could start moving in while our home here is being shown and hopefully sold. We would then go in and pay off mortgage on our new home when our home here sells.

We also have been told we could possibly take out mortgage on our home here that is paid for( before we put on market) and get that mortgage for the amount we would need to pay cash for new home. Then put our house on market here and pay off mortgage when our home sells.

We want to be smart in our decisions and do not want to take huge risks in this home purchase. Please give us your thoughts!!
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Old 10-21-2015, 02:21 PM
 
550 posts, read 356,694 times
Reputation: 1127
If you're on the Island I can tell you the market is highly cyclical. Booms and busts happen a lot out there mainly because the market is dominated by news of new developments and that so many buyers come from outside the market that how the financial markets are doing heavily affects everything. Also your price puts you in higher class of properties that tend to sell slower. That doesn't mean it won't sell but don't compare to average time on market which is dominated by $200,000 houses. Might be hard to get a mortgage on an unoccupied house you aren't living in. I'd suggest mortgage on the new house and pay it off when you sell the old one if you can afford it. Don't cash out the annuities since they probably have lots of penalties for doing so.
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Old 10-22-2015, 04:45 AM
 
9 posts, read 8,404 times
Reputation: 24
I would contact your bank to get pre-approval before anything.. Putting a down payment of at least 20% shows the loan officer your intent in addition to your lists of assets which include your paid off home. With that, I would think you would get approved despite your modest retirement income and using it as your primary residence. And this is the only option I would consider.

My wife and I are realtors and before an offer is made I would want the buyer to be pre-approved at the least. Also, offers that include contingencies are double edged. The seller can accept another offer if you can't complete the sale and your option period starts the day of the initial acceptance without any guarantee of purchase on your side.
Re-financing your current home would take time, usually about 30 days minimum. Plus the lender would require a traditional closing to include a title insurance policy. In my opinion, you are just giving away a lot of money at that point.

I have a client looking for a canal front home. Please pm me the address or the MLS number from the expired listing. Also if you would like a second opinion on the value of your home, we can run a CMA and give you a current market value. I'll send you a PM with our names, company and licenses.

Last edited by PINS; 10-22-2015 at 04:57 AM..
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Old 10-22-2015, 05:26 AM
 
Location: DFW - Coppell / Las Colinas
35,909 posts, read 39,610,587 times
Reputation: 43023
Julie... Our market here in DFW is so hot making an offer contingent on the sale of your place is almost impossible. I would recommend you price the house in CC to sell quickly and sell it. Don't dip into your savings.

The house you see here in DFW may be sold in just a few days and possibly with multiple offers. Many people relocating here will get a short term apartment for 4-6 months while they find a home. You need to be here to see the homes as soon as they hit the market. Be prepared to compete with multiple offers and homes selling 5-10% above the asking price on great homes, especially under $350k.

Contact an agent here to verify the house is available. They can also set you up with a MLS feed of homes as they hit the market. Also, contact a good lender here in DFW who can help with your situation.
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Old 10-24-2015, 07:39 PM
 
21,034 posts, read 15,260,598 times
Reputation: 16302
A heloc might be the fastest and easiest route to fund the new purchase
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Old 10-27-2015, 07:05 PM
 
Location: Houston, TX
17,031 posts, read 27,806,618 times
Reputation: 16212
Are bridge loans used for this?
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