Home Buying in Wilmington>Question Details

jaclynielsen, Home Buyer in Wilmington, NC

Want to buy in NC, but own in Pensacola, Fl. What are the best steps on how to make this change happen?

Asked by jaclynielsen, Wilmington, NC Sun Aug 19, 2012

I am the sole owner of our home, my husband would be a first time home buyer. I am hoping that will give us an advantaged when trying to buy, but we can't buy until we sell :/ How do you make this all happen within the same time period?

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BEST ANSWER
Hello! I hope that you are well. Wilmington is a fabulous place to live and I would love the opportunity to work with you in finding you and your husband the perfect home here! The first step would be to speak with a lender to see what option would work best for you be it owning two homes and renting your home in Florida or if it necessary to sell that home to buy here. Call or email me and I can get you in touch with a lender to work that part out while I work with you to find homes that match what you are searching for.
I look forward to hearing from you-
Jessica Schreiber
Century 21 Sweyer & Associates
910.239.1405
Jessica@makewilmingtonhome.com
0 votes Thank Flag Link Sun Aug 19, 2012
Good evening, Jaclynielsen:
I'd get the home on the market in FL if you can price it to sell, then get together a short list of homes in Wilmington that you would like to buy. If you husband has a marital interest in your FL property, or if you are on title or have a marital interest in the NC property, your husband might not qualify as a first time buyer.Your lender and tax preparer or CPA would need to advise you on this. We successfully help clients who sell elsewhere and as soon as they get under contract, come visit us for the "buying weekend". We find a home they like and get it under contract with a closing date a couple days after they existing house sale date. It is very important to have your financing firmly in place. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Mon Aug 27, 2012
Hi jaclynielsen,

I just got a job in Pensacola and live in Wilmington. We will be selling our home to relocate, it is not currently listed and is located near Hugh McCrea Park in Winter Park in the heart of Wilmington. It is a 3 bed 2 bath around 2500 sqft wth a new detached garage apt rented for $550/month. Send me an e-mail if you would like more information, I can send you some pics. Pilot77_98@hotmail.com
0 votes Thank Flag Link Sat Aug 25, 2012
Well we still have some lose ends to tie up around here, & I teach so we were looking to move Summer 2013. If it were available around that time I would love to look!
Flag Mon Aug 27, 2012
IF you need a loan to purchase your new home be sure you talk with a licensed loan officer so that you can determine if you are qualified to purchase. (Credit, income, employment, DTI.....etc.)

You certainly wouldn't want to waste the time of your Realtor....
0 votes Thank Flag Link Mon Aug 20, 2012
Exactly what we were thinking! I think this needs to be our 1st step! Thanks!
Flag Fri Aug 24, 2012
We are looking in the Wilmington, Carolina Beach area. We loved the development in Kirkwood at Arrondale. We are in the middle of refinancing our home right now (it's with the underwriters as we speak) and wonder once that goes through if we should rent our existing home out (instead of trying to sell because we will prob just walk away even), & try to buy in NC (husband 1st time home buyer).
0 votes Thank Flag Link Sun Aug 19, 2012
Typically you have to be considered a seasoned landlord in order for that to count as rental income to offset the expense. That involves owning several other rental properties and more importantly the income of those rentals appearing on your taxes. I am working with a buyer now who moved to the area and rented here in Wilmington for over a year because they chose to rent their home in Virginia. Now that they have that income reflected on their 2011 taxes and have kept it successfully rented this year they are now able to offset the expense. Each case is slightly different so talking with a mortgage banker would be key to talk through all of your options so let me know if I can connect you to the right people. Thanks -Jeff
Flag Mon Aug 20, 2012
Do you know why we can't count that income as an offset to our expense? What if we have property management?
Flag Sun Aug 19, 2012
Kirkwood at Arrondale is a great community. I sold a home in there just 3 months ago that was around 1800 sq ft, 3 bedroom, 2 baths with a finished room over the garage. If you can qualify for both mortgages then that would be the way to go. However unless you have owned other rental properties in the past then you will not be able to count that income as an offset to your expense. Let me know if you would like to work with one of my key lenders to determine which angle is the best to take. Thanks -Jeff
910-297-7071, JLesley@Century21Sweyer.com
Flag Sun Aug 19, 2012
Let me know and I can help to pair you up with a top agent in Pensacola as well as begin the home shopping process in NC. Based on your debt to income ratios it may be possible to set everything up without a contingency. If not, utilizing the right agent with the right marketing strategy of your current home then writing an offer contingent on the sell of your home may be the way to go. Let me know and I can help you make that happen.

Thanks

Jeff

Jeff Lesley
Century 21 Sweyer
910-297-7071
JLesley@Century21Sweyer.com
0 votes Thank Flag Link Sun Aug 19, 2012
Hi Jaclynielsien
How you can do that is put your home on the market in Fl. If you need a good agent I can reccomend one for you.
Then I can send you homes that are in your price range and wish list in a portal for your review
That way you can see what is available to you when you get an offer on your home
Call me at 910-262-7031 or email me at jean@jeancostello.com
I would love to help you find the right home in beautiful Wilmington NC
0 votes Thank Flag Link Sun Aug 19, 2012
You should have your home in FL on the market before you start "shopping" for a house in NC. Do you have an agent you are working with in FL? My company belongs to a national network of independent (not franchise) real estate companies and we could find a great agent to help you with the selling of your existing home and the buying of a house in NC. What area of NC are you interested in; coast, mountains or something in between...Charlotte, Raleigh or Greensboro? Getting back to your question, if your home in FL is not sold before you find the perfect house in NC you could make an offer "contignent" on your FL house selling.
0 votes Thank Flag Link Sun Aug 19, 2012
The chicken or the egg is the classic question in real estate next to "How's the market?"

The answer is you dive into both whole heartedly. You get the home listed at the right price and start looking at homes to buy and write offers on in the meanwhile. then tie the 2 together somehow when opportunity knocks--you find the right home.

Your home needs to be listed so well that it gives confidence to the owners of the home you want to buy. Likely you will negotiate and ratify a contract on a new home and you will include a sale of home contingency meaning the transaction is contingent on your selling your home. The Sellers here will be open to doing that if you give them fair price very near market value and can demonstrate your home is priced right to sell, is staged to sell and is presented exceptionally well online with its virtual tour, etc.

So dive in and pursue both 100% and it will work out.

And learn our market by watching this video update on the "boom" Wilmington just had:
0 votes Thank Flag Link Sun Aug 19, 2012
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