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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+
Would you owe IRS taxes on a sale? Are you on Medicare - your premium may go up for 2 years?
Have you taken into consideration realtor’s commissions in your cash flow ?
What are closing costs for HELOC? Etc.
What if you overpriced the current house and it won’t sell for the amount you think it should?
Does your realtor agree with Zillow?
Or would sit on the market for way too long - so you carry both houses.
Do you have a source of income in a new location? Or if you work - a job lined up?
You seem short on cash if you have to put down payment - make sure you account for all expenses.
Is the housing market different where you are going?
Selling first seems less stressful
It is easier to deal with your own infliction - your state of mind regarding moving - doesn’t cost too much - just change your attitude and be methodical about your move .
Have a plan B.
Maybe you should buy a less expensive house in your new location?
In your case, I’d stay until the house is sold. Then buy in the new location. The housing market is softening a little, so waiting it out shouldn’t hurt you. Once you have a contract on your current house, you can make a contingent offer on the new place… and with the market easing a little and a contract in your hands, it should probably work out.
A couple of years ago we did buy our present house before selling the old house. But the homes were a mile apart (so we didn’t move out until a day before closing on our old house) and our market was absolutely sizzling. So we knew there would be an offer as soon as we listed ~ and we had 2 offers within 1 hour of showings. But our closings were a month apart and we didn’t want to take the tax hit of liquidating stock to raise the total amount of cash needed to buy the new house. So we took a new mortgage on a house because of the month gap between closings (our market was so hot, we didn’t want to risk losing the home and our seller was leaving the State and wanting to close immediately). To be fair to the mortgage closer, we promised to keep our new loan active for at least 6 months (otherwise she would lose her earning on the deal). So with our first payment, since we closed on the old house before the first mortgage payment, we paid all but $10K. Then for the following 5 months, we made $2K + whatever interest (about thirty dollars) payments and paid off the mortgage.
Between closing costs for a new mortgage and minimal interest, I think getting a mortgage costed us about $6K or maybe a bit more, over what a cash deal would have cost. But of course, closing costs vs capital gains (on selling stock) was more advantageous in terms of taxes.
Would you owe IRS taxes on a sale? Are you on Medicare - your premium may go up for 2 years?
Have you taken into consideration realtor’s commissions in your cash flow ?
What are closing costs for HELOC? Etc.
What if you overpriced the current house and it won’t sell for the amount you think it should?
Does your realtor agree with Zillow?
Or would sit on the market for way too long - so you carry both houses.
Do you have a source of income in a new location? Or if you work - a job lined up?
You seem short on cash if you have to put down payment - make sure you account for all expenses.
Is the housing market different where you are going?
Selling first seems less stressful
It is easier to deal with your own infliction - your state of mind regarding moving - doesn’t cost too much - just change your attitude and be methodical about your move .
Have a plan B.
Maybe you should buy a less expensive house in your new location?
No capital gain taxes on this house. No medicare here either. Realtors are giving back 2% in this market which I'm taking advantage of....I'm cannot do Heloc as my current house is already on the market.
Realtor based the price on comps and we agreed to lower if we need to go there. Housing market where I'm going is allot more stable and in a bubble where i'm selling
I did a HELOC one time but never told the bank the reason was to buy another house. I had enough equity to do be comfortable doing it. Mine was a down buy with the new (present) house costing 1/2 the value of my older house. Also it was a slow sellers market so it took me 4 months to sell.
So finally, I've narrowed down on a house in my future state. A couple selling and looking to do rent back till December. This is good because it will give me time to sell my house here. What you all think?
So finally, I've narrowed down on a house in my future state. A couple selling and looking to do rent back till December. This is good because it will give me time to sell my house here. What you all think?
What’s the hurry? Why can’t you wait to move until you have sold your present house?
So finally, I've narrowed down on a house in my future state. A couple selling and looking to do rent back till December. This is good because it will give me time to sell my house here. What you all think?
I moved to the DFW area in 1978 …and still maintain a residence there. The market should be a bit softer between Thanksgiving and New Year’s Day, buying now might be a little higher price…
No hurry. Just want to be here or there mentally. If there, I want to get going and move forward
The problem is if it hasn't sold in the first 30 days it may not sell until you lower the price enough. You just don't know what we happen (and we really don't because we are not looking at your house or location). Think if yourself taking a 10-20% hit on the house and how would that make you feel. Or, if the house is still sitting unsold months from now?
I think one problem is that market is in a period of adjustment right now. I know where I am it would be difficult to price right. Our neighbors sold and they dropped the price 5% and still had to put a new roof on it. I think they had to sell as his business went tango uniform.
Why don't you just rent your house long term? Hire a property management company.
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