You would also need to look at the financing on both properties to see if change of ownership would cause a due on sale clause.
I would also check with a loan officer to see what your options are as far as renting your current property until the value goes up. P.S. Have you had a current evaluation as the market has gone up quite a bit in the last few months here in the Twin Cities. I'd be happy to help you with that.
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But my fellow realtors are correct. We have been in a aggressive seller's market for quite some time, and it is almost impossible to find a single family home under $150,000 in Coon Rapids right now. What I can do is break-down the steps you should take to still achieve your goal.
1) Interview a couple realtors who will perform a market analysis of your home. The first step is deciding if you are able to sell your home now. I can give you a general CMA without previewing the home just email me your address. There is no need for me to come out to the property unless we know your home is in the ballpark of having enough equity to sell.
2) From there I will give you all the options available to still be able to purchase a $250,000 home. We will walk-thru every scenario and figure out together which is the best one for you.
This may seem overwhelming or challenging right now to you, but enlisting the help of a Realtor will make everything much easier! I look forward to hearing from you.
Realtor North Suburbs