Home Buying in San Antonio>Question Details

Sags, Home Buyer in San Antonio, TX

Am looking to sell home in next few weeks, and cash purchase another with that sale. What can we do if new home is $10-15,000 over cash purchase?

Asked by Sags, San Antonio, TX Fri Feb 1, 2013

Am looking to sell our home in the next few weeks and purchase another with that sale. But my question is, what if the new home is $10-15,000 over the cash purchase? What kind of financing would we be looking for for the difference?

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Hi Sags,

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0 votes Thank Flag Link Sun Feb 3, 2013
Sags, there are several different financing options for the remaining portion of the sales price. The seller can do owner-financing, you can get a small conventional loan, etc...

I can do a comparative market analysis for you on the new home to make sure that the price is actually fair market value. If it is listed above market value, you can offer less (which means that you would have a smaller amount to finance, if any). I would recommend you contact Carlo Colantonio at Nationstar Mortgage for other financing options. He's great at home loans and is easy to work with. He can be reached at 210-313-6196 or 210-290-8225 or carlo.colantonio@nationstarmail.com

I would like to help you with this process, please contact me.

Good luck and congratulations!

Monica Barrientos-REALTOR®
0 votes Thank Flag Link Sun Feb 3, 2013
It can be worked out! All things are negotiable.
I'm a full time Realtor and can be reached anytime by phone, email or text,

Tabitha King
0 votes Thank Flag Link Fri Feb 1, 2013
Dear "Sags",

If the new home, you will purchase will be over by that amount, any Credit Union will help you. Most lenders will not finance if the amount is under $ 50,000. However, you might get a much better rate, if you finance an amount over $ 50,000. You will have a much bigger pool of lenders to choose from. Since you do not seem to want to owe any money, you have the option to make extra payments, to shorten the life span of the loan.

It appears you would greatly benefit from the representation of a Realtor, who will guide you and will advise you what is best for you. Somebody who negotiates on your behalf and knows all the neighborhoods and spec homes, ready to move in at a considerably lower price. If you are looking for a great real estate professional, do not look any further. Contact me either by phone or e-mail.

Claudia McShane
Joyce Klein Realtors
Cell (210) 744-4502
Web Reference: http://www.SAHomes4Sale.net
0 votes Thank Flag Link Fri Feb 1, 2013
If you do not have a Realtor working with you, please let me represent you, I will take care of all these details.
Jose L. Novelo
0 votes Thank Flag Link Fri Feb 1, 2013
One more option to consider, with rates being so incredibly low, why not put 50% down and financing the balance for 10 or 15 years. Your rate could be below 3% and most if not all mortgages are simple interest, meaning you can generally pre-pay without a penalty.
If you hold onto the cash and put it into a safe investment, your total cost could be quite low.
0 votes Thank Flag Link Fri Feb 1, 2013
There are many options as you can seel.
1. Beat down the seller more.
2. Use a really kind hearted lender
3. Stick it to the real estate professionals.
4. Hold a note.

By many of the responses received, it is not hard to imagine that to those with only a hammer in the tool box, every problem looks like a nail. This is were a transaction architect becomes invaluable.
There are many factors unknown about the transaction you are considering. As you can imagine, $15,000 over the cash purchase of a $450,000 home presents options that does not exist if the cash purchase was $80,000.
You do have options. Now may be a great time to consult your real estate professional.

Best of Success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Fri Feb 1, 2013
That is a bit of a tough one... It's a little hard to get a loan that small out there. For loans under $50,000, I usually direct folks to Randolf Brooks FCU. They seem to have the best deals out there on those little ones. It shouldnt be much of a problem.

Of course, if your agent is a blood thirsty tactful vulture like I am.. we may be able to negotiate the price down by that $10K to $15K and you won't need a loan at all ;)

I hope that helps :)

The other option is to simply put less money down... and when you make your first payment, blast the balance with a huge payment to bring the principal due to only $10K to $15K. I would suggent getting a 15 or 10 year note to keep the interest super low. If this option sounds good.. go here: http://www.DHIMortgage.com/Kasey-Hampton - she has the lowest interest rates in the whole state! You can thank me later ;)

Jason C Campbell
Platinum Top 50 Finalist
Option One Real Estate
0 votes Thank Flag Link Fri Feb 1, 2013
Sincerely, I'd hire me to negotiate the transaction to BELOW what they're asking. For 2012, my buyers agents averaged $18,000 in savings to our buyers through aggressive negotiations. Many times the listing agent waived a significant portion of their commission to make the deal work.

Cash is king, and I can leverage that to entice sellers to take less than they'd planned, since there will be no financing drama.

Feel free to call me for more information. I will likely save you THOUSANDS.

It's what I do best.

0 votes Thank Flag Link Fri Feb 1, 2013
I have two lenders that will do the loan no matter the amount to pay the difference. Let me know if I can help
0 votes Thank Flag Link Fri Feb 1, 2013
Easy. Don't use so much of the cash from the sale. Most lenders need at least a $50k loan to make it profitable for them. After you close, just pay the extra off and then only have $10-15k left on the loan. Just make sure there is no pre-payment penalties (there almost never is). Call me if I can help you with your sale and purchase!

Justin Werner, ABR, CRS, SFR
Accredited Buyer Representative
Certified Residential Specialist
Short Sale & Foreclosure Resource Certified
RE/MAX Exclusive
10000 San Pedro, Suite 110
San Antonio, TX 78216
210-367-4757 Cell

Past Client Video Testimonials:
Your Home Sold in 120 Days, GUARANTEED!
Save at least $2,500 on your next home purchase, GUARANTEED!
0 votes Thank Flag Link Fri Feb 1, 2013
HI Sags,

This is a good question. Most lenders that I am aware of will not do a mortgage for that low of an amount. Your best bet is to get with a knowledgeable lender that can tell you who to go to. It may be that you need to take out some type of signature loan on that small of an amount.

Good luck with the sale of your home and subsequent purchase!

Brenda Mullen
Realtor®, e-Pro
RE/MAX Access
0 votes Thank Flag Link Fri Feb 1, 2013
That is a great question. I work with a lender that will easily be able to answer any questions you might have about financing. If you give Michael Kidd with Frontier Lending a call I am sure he will be able to assist you. His number is 210-530-1247 or 210-789-5433.
Vince Arnall
0 votes Thank Flag Link Fri Feb 1, 2013
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