Hello,

The other responses should be helpful if you indeed are able to sell your home for enough to cover your new home as you would not require financing. However, if you do need financing and are not employed, perhaps having a co-borrower would help. I recommend speaking to a qualified mortgage professional prior to doing anything at this point and they can go over all of your options.

I would be happy to give you a name and number of a very trusted local loan officer is you'd like.

Also, if you are focused on Solon, where we have lived for almost 10 years, check out our blog as it has a ton of great Solon specific information: http://www.clevelandhomeexperts.com


Dan and Amy Schuman 216-346-3235

Hi-
If you have equity in your existing home, you may use the proceeds from sale of your home to buy another one.
Step one would be to get a handle on what your current home would sell for in today's market.
I have a "Round-trip loyalty bonus" which rewards people who list their home with me & then buy their new home using me as their Realtor.
Please give me a call at 440-483-7193 or drop me an e-mail at John@CallrealtorJohn.com.
I look forward to hearing from you.
Sincerely,
John Wirsing
e-PRO Realtor
RE/MAX Premiere Properties

Hello Homes,

All of the answers below are correct. The only thing I would add to that is when purchasing a new home to keep in mind that a lot of cities have point of sale inspections that require money in escrow. This can be an unpleasant surprise. I am in the area and would love to provide you with a free market analysis of your home. That way you can make your decision based on that. Send me a email so I can help you further.



Thanks,
Andrea T. Robinson
216-409-5390

Homes,

If selling your home doesn't cover the cost of your new home, how could you expect to pay off a loan if you are not employed??

Just wondering.

If the sale of your home nets you enough money to pay for the new home, you do not need financing. You'd just pay cash for it. No financing, no mortgage. If you are coming up short, borrow money from family for the differnce and pay cash for it. Still don't need financing for that.

Hello Homes:

Unfortunately, the changes to the lending industry now require buyers to provide proof of employment in order to qualify for a loan. So, if you are not employed currently, your chances of obtaining a loan are slender, indeed.

If, however, the equity in your current home will cover the purchase of a new, perhaps smaller home, you can certainly sell this home first, and then buy another home for cash. Since you will not need a loan to purchase a new property, there will be no impediments to your purchase of a new property once your current home is sold.

Work with a qualified real estate professional to determine the value of your home, and to help you structure the sale of your home so that you can minimize your time out of your property.

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty- People's Choice
Co-Host "Naked Real Estate" on http://www.blogtalkradio.com