General Area in Miami>Question Details

Tippie Wade, Home Buyer in Miami, FL

Hi my dad is considering selling his home however he only has 1 year to payoff the loan. Can he sell his house and get money to buy another house?

Asked by Tippie Wade, Miami, FL Fri Apr 27, 2012

Help the community by answering this question:


Good Morning Ms. Wade,

Your question has clearly been answered, and yes your father can sell his home and purchase another. If your father will need to obtain to cover any of the price on the new property he would of course need to qualify for the new mortgage. Additioanally, depending on his individual circumstances, he will want to consult with an accountant regarding any realized profits from the sale of the home and how that may impact him on a tax obligation. Good luck with your dad's home sale and should you have any questions, please feel free to contact me.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Sat May 5, 2012
Yes He can call me at 305-794--8435 or email me at
0 votes Thank Flag Link Fri May 4, 2012
Yes, that shouldn't be a problem is he has an adequate credit rating. There are some very good rates available.
0 votes Thank Flag Link Thu May 3, 2012
Yes he can. Call me at 305-794-8435 or email e a
0 votes Thank Flag Link Mon Apr 30, 2012
You can call me for a free consultation to 786 426 1192
0 votes Thank Flag Link Sun Apr 29, 2012
I'm not certain I'm clear on your question but it sounds to me as if your father nearly owns the home outright. He absolutely can sell the home and use the money to but another. If you're wondering if he can borrow against his current home to buy another first and then sell his home, I'd suiggest he check with a local lender or if he has one his credit union; though again it sounds to me as if he could do ths as well.
0 votes Thank Flag Link Sun Apr 29, 2012
Is very important to know that if your father doesn't have an equity he still can to sell the property under short sale and under this program your father doen't needs to paid any money like closing cost, insurance,etc. if you need more information about how program works please call us @ 954.586.7104.
0 votes Thank Flag Link Sun Apr 29, 2012
Hello Tippie,

To answer that question, you got to find out how much the house will sell for, then subtract how much is owed on the house (which will be a little higher than the mortgage statement shows - because the interest for the previous month will be added), subtract a couple of thousands for seller closing costs,
then add home insurance premium refund (if your dad paid for the year already), subtract 6% broker commissions (off the purchase price amount) - if what is left positive, and it's enough to put at least 3.5% on FHA program downpayment - then the answer is yes, your father can buy a new home.

If the result is negative, you got to meet with a person specializing in distressed properties - which means foreclosures and short sales. Your father will still most likely be able to sell the house,
but he may not be able to buy for another 2 years then...

For more info please feel free to call me,

Irina Karan, CDPE (Certified Distressed Property Expert)
Beachfront Realty, Inc.
0 votes Thank Flag Link Sun Apr 29, 2012
Sure he can and if he has lived in the home for more than 2 years he does not have to pay capital gains tax on the first 250k if he is single or 500k if married. Call me to help you find a foreclosure.
0 votes Thank Flag Link Fri Apr 27, 2012
Hi Tippie,

There are many different options your father may have. It would be my pleasure to speak to you and your father and answer any questions you may have.

Miriam Gilmore
Mortgage Loan Originator
NMLS 395548
9700 S. Dixie Highway, Ste 550
Miami, Florida 33156
Office: 786-334-5126
Cellular: 305-803-2323
General Fax: 786-310-7533
0 votes Thank Flag Link Fri Apr 27, 2012
Yes absolutely, do you needed a CMA and another things are very important before try purchase, because you father needs to know if the property has a equity in order to purchase another property with that money, please fell free to contact me by e-mail: or by phone to 954-586-7104.
0 votes Thank Flag Link Fri Apr 27, 2012
Yes, the balance of the current mortgage would be satisfied by reducing the amount owed form the seller's sale proceeds. In other words your father would receive the proceeds remaining after the mortgage and any other liens and expenses have been paid.
0 votes Thank Flag Link Fri Apr 27, 2012
Yes, he will need to pay off his current mortgage, and any other outstanding debt related to the property at closing out of the proceeds of the sale, or beforehand. If purchasing with another mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore he should consult with any licensed loan officer.
0 votes Thank Flag Link Fri Apr 27, 2012
Yes absolutely, he can sell anytime, any outstanding liens will be satisfied at closing. Call me at 305-662-2572 X 11 and I can help you with the sale and the purchase.
0 votes Thank Flag Link Fri Apr 27, 2012
First of all, may I congratulate your father on actually being that close to paying off his loan. Yes, if he sells, he will be entitled to the equity (the difference between the sales price and the loan amount outstanding.) My suggestion would be the following - if your dad can qualify for a new mortgage immediately (without selling), he should buy now, and then either sell or rent the existing home out (it actually may make more sense to rent the property out, in the hopes that the market recovery accelerates in the next couple of years). If your dad doesn't qualify for a new mortgage, or if he doesn't want to carry both loans, then market the existing home first, and buy when that is under contract. Call me to discuss the situation in more detail, there's a lot of complexities that come into this. Thanks, Ann Ryan 786-332-7042
0 votes Thank Flag Link Fri Apr 27, 2012

When a seller sells his home, the proceeds of the sale go to him minus closing costs, any liens, special assessments, mortgage payoff, etc. If he only has one year left, the payoff will obviously be very small so the bulk of the money shoudld go to him. He will certainly have enough money to buu another house.

If you need help or a better explanation, I'll be happy to put you in touch with one of our affiliates, Coldwell Banker Home Loans, who will be happy to explain. They can also provide financing for his new home. CB Home Loans is considered a major lender in the industry.

Good luck!

(305) 987-6480
0 votes Thank Flag Link Fri Apr 27, 2012
Where is the property located. Of course he can get back money. I need to verify the comparables, please call me 305 519-3199 available for you now
0 votes Thank Flag Link Fri Apr 27, 2012
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