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If no action in 20 days that suggests that the market is not hot where you live. I would not expect that a buyer, when you find one, will be receptive to a lease-back.
Possibly your price is too high for your market.
If you price it well and there is some action in your market then buying and moving is not the worst option. If you are willing to move in two stages you can leave some of the furniture for a spare decluttered look.
I agree. Maybe the market is hot and the OP still went way too high. Either way, I think a price recuction is the answer.
House worth $800k on zillow with $180k left. Looking to buy a house within range of $650k. Have only about 40k cash total. Yes would qualify for second mortgage with 5% down according to lender and credit is 820+
Since you owe only $180k on a house worth $800k, that means you have a lot of equity. And if the lender says that you would qualify to purchase an additional house without having to sell your present house first, then I would probably start looking seriously for the next house and place it under contract if you find something that you like that is reasonably priced.
Be aware that real estate prices are likely going to fall a little bit in the coming months (some places more than others) when taking prices into consideration.
You could go ahead and purchase the new place with a 5% down payment, and then when you sell your present home, you could make a very large payment on the new loan to reduce the interest that you'll have to pay over the life of the loan. In fact, if your numbers above are correct, you'll owe very little on the new house once you sell the present one and apply the proceeds of that sale to the loan on the new house.
I agree. Maybe the market is hot and the OP still went way too high. Either way, I think a price recuction is the answer.
I got comps checked with 2 different local realtors. Its priced accurately, the only problem is a new phase of homes building right behind us with prices 30k more but my lot is premium with prime location (premium corner lot, curb appeal, highway access, walking distance to park, mailboxes etc)
Last edited by Capitalprophets; 09-08-2022 at 10:12 AM..
We did the purchase new home before selling current home method. It was nice to have that overlap, not having contingencies or being squeezed into a super tight timeline. I know people do that all the time but it sounds very stressful and any little deviation upsets things. If you can manage it financially I'd definitely consider it. Lender on new home wanted a letter of explanation stating that the new home was to be our primary residence and current home would be sold (because they were giving us primary residence interest rate while already having a mortgage).
The main thing we looked at going into it was how long can we stomach carrying two mortgages. That's pretty important to come up with that number then talk it over with realtor and see if that's realistic. Our (trusted) realtor was confident we would sell the current home quickly, so we went forward with the plan. We didn't end up with any overlap actually (remember after you close on new place your first payment won't be due for a month, maybe even 2). The market was hot so house sold quickly. But the risk is there that you could end up with 2 mortgage payments for awhile, so definitely have to determine that risk level and if you're willing to take it on. If you don't have payments due on current home until sometime in 2023 that gives you some buffer.
I'm in the process of selling my home to buy a home in another state to be closer to family. I don't have a mortgage due on my current home till Jan 2023. Our current house has been listed for roughly 20 days now and we have no offers as of yet. We are debating,
1) Proceed to open a HELOC as a second mortgage to buy a house in the other state and move there while our current house sits to sell on the market. Pay off the 2nd mortgage once we close on our current home.
2) Rent the current home
3) Stay put, continue living in this home till we sell as it would be a seamless process within maybe leaseback on current home.
Hope some of you have taken this approach that can provide some guidance.
I am confused why/how no mortgage due until 01/2023?
You could also do a rent-to-own on the new house, move into it, then sell the old house and buy the new one.
MAYBE you could do a "rent-to-own". That would be highly dependent upon the seller of the house you want to buy, and I would venture a guess that 80% of the sellers today would NOT agree to do a rent-to-own.
MAYBE you could do a "rent-to-own". That would be highly dependent upon the seller of the house you want to buy, and I would venture a guess that 80% of the sellers today would NOT agree to do a rent-to-own.
There are plenty of sites that list homes that are up for rent-to-own. (I'm not going to post links here to avoid being considered solicitation, but they are easy to find.)
You could also do a rent-to-own on the new house, move into it, then sell the old house and buy the new one.
Seller wont agree to that in a hot market plus I prefer to put any amount towards my equity than theirs.
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