Home Selling in Ashburn>Question Details

cwmani, Home Buyer in Ashburn, VA

I bought Broadlands TH for 530K in 2007.If I sell it now,I can get 460K(I owe bank 390K). I want to buy a 640K SF home in Brambleton. Rent or Sell TH?

Asked by cwmani, Ashburn, VA Thu Mar 14, 2013

I know selling TH will be a 70K loss but is that a better option than to rent in today's Loudoun market? I don't need to use TH post sale cash-in-hand for down pymt. on SFH.

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cwmani’s answer
Details for 2007 newly built TH:
2900 sq. feet (3 levels)
Backing the woods
custom painted
4 bedrooms (3 upper level and 1 in basement)
3.5 baths (2 full at upper level, 1 full in basement, powder room on main level)
Deck installed
Gourmet kitchen with stainless steel appliances
12 additional parking spots in front
1 vote Thank Flag Link Thu Mar 14, 2013
If you qualify with both payments and are comfortable with keeping then perhaps it is a good option to rent. If you would like any help determining how this would look with us please call or email below.

Greg Bleyl
216-496-0211
greg.bleyl@charteronebank.com
NMLS 117969
0 votes Thank Flag Link Tue Aug 20, 2013
Take this loss as the opportunity cost of holding is way less than selling today with these negative numbers.
From today's economy, artificial inflation control by treasury (0 basis points on secondary market lending), national house price will correct +- 10% and during the coming four years of increasing US deficit and more money influx in the market, prices are not going up any where close to what you bought for (Loudoun is an exception but according to your given numbers, this WILL not work for you). Also keep in mind that even if home prices appreciates to your cost level, selling the house carries 6% of the commission cost to agents and some other miscellaneous expenses.

If you like to discuss more, you are more than welcome to call me at 5712699150 or email me at ezhomebuy2012@gmail.com.

Sincerely,

Saad Ahmed

10 years of US Mortgage Secondary (Wall Street) & Primary Market experience and now serving clients in real estate transactions by helping them taking a right decision that will go towards THEIR interest.
0 votes Thank Flag Link Thu Mar 28, 2013
I will suggest Rent your current townhome. I have lot of clients who are buying investment properties in ashburn because of future appreciation. You should refinance and rent your home. current mortgage rates are low and rental you are looking around $2500 so you might have some positive cash flow

you can upgrade to a single family in brambleton and keep your current home. if you buy a new home make sure you visit my website for tips and savings http://www.vamdnewhomes.com

Kamal Singh
703-728-3403
Web Reference: http://www.vamdnewhomes.com
0 votes Thank Flag Link Fri Mar 15, 2013
Hi Kamal,
Since you are suggesting a refinance of current home to equate or exceed rental money, how does that impact my chances of eligibility for a new house loan? I heard that we cannot sign other contract for a new home until 1 year has passed since refi. Is that a true assessment ? I am looking for a new home which may require contract in a month or so and delivery in next 5-6 months.
Flag Mon Mar 18, 2013
Hi,
There are several factors to consider in your situation. Owning rental property in this area can certainly be a great way to build wealth. I am seeing many properties being purchased in the area these days for rental investment. This is really a business decision that you should evaluate in business terms: What will be your cash flow? What will be your return on investment? What are your risks when weighed with your return? Is this the type of business you personally would enjoy being in?

As a recent transplant from Broadlands to Brambleton I am familiar with the properties and builders in the area. I would love to have an opportunity to sit down with you and talk about this.
Thanks!

Craig Hart
571-220-7449
craighart@kw.com
Keller Williams Realty-Loudoun Gateway
0 votes Thank Flag Link Thu Mar 14, 2013
How did you arrive at the $460K number and is it really accurate, is the question.
If that is a good number then you should determine your cash flow if you were to rent the property and all the expenses relative to renting. Will you use a property management firm or manage it yourself and do you have the patience and contacts for that i.e. vendors to make repairs that will occur during the rental period.
All this vs. selling now and not dealing with rentals.

If you would like to sit down to have a more specific discussion about running a cash flow or determining the current Market Price of your home etc., let me know.
Good Luck,
Dan Ritchey
Keller Williams Realty
703-999-0167
0 votes Thank Flag Link Thu Mar 14, 2013
Hello,

Since you do not need to sell in order to purchase, you have different options. You can either rent, or sell, and that decision has to be weighed by you looking over the pros and cons of both options. Not everyone is cut out to be a landlord. I would love to have the opportunity to meet with you and discuss the pros and cons, as well as give you the CMA for renting and selling. Depending on a few factors, the market is very good for renting and selling right now. I would like to give you the proper information to help you ultimately make the best decision for you. Please contact me at your convenience, via email, phone, or text.

Thank you, and good luck with choosing the right Realtor to help.

Eleni Malliaros
Realtor VA
SFR Certified
Keller Williams Realty
571-271-6246
locateahome@yahoo.com
0 votes Thank Flag Link Thu Mar 14, 2013
Hello,
Since you do not need to sell to purchase, you have to weigh the pros and cons of renting vs, selling, and see which one is a better fit for you. The rental market is very strong, and you should have no problems in renting out your TH quickly, all depending on several factors of course, condition, pricing etc. However, becoming a landlord is not best suited for everyone. It can be quite nerve racking at times. I would love the opportunity to sit down and discuss the details, and help you make a decision that is best for you. Please contact me at your convenience via email, text, or phone.

Thank you, have a great day.

Eleni Malliaros
Realtor VA
SFR Certified
Keller Williams Realty
571-271-6246
locateahome@yahoo.com
0 votes Thank Flag Link Thu Mar 14, 2013
Hi,

There are several factors that can help you make a decision.
We can provide you Comparative Market Anaylsis of your TH.
Did you already found a SF?

In order to reduce your loss by selling your current, I would recommend buy a "short sale" or "foreclosure."
I work with short sale and foreclosure and found lot of great deals for my clients.


Plus, I can help you as well with reduced fee and rebate at closing towards your down payment!

Thanks,

Junaid Bashir / Realtor
http://www.junaidbashir.com
703-622-0560
0 votes Thank Flag Link Thu Mar 14, 2013
You need a local Realtor to sit down with you to evaluate in detail if you would be better off renting your current townhouse, i.e. will the rent cover your expenses and is there a good demand in that area for
rentals in that price range, your Realtor will be able to pull the comps and present that information to you
remember once you do not live in the property your taxes will somehow go up and you will have to
pay income taxes on the rent, calculate what your actually net will be, and include a specific amount for
potential appliance repair or replacement, you know your home!

Then discuss in detail with your local Realtor, if you are currently saving money when buying the new
home also for less, in other words if you decide to sell your townhouse, after you discuss for how much
it could or would sell, and your net to seller, and you lose money, how much less will you be paying for
your new home and the monthly payments how low will they be with the current low interest ratess

Then throw in your moving costs and closing costs for both homes, once you have all these numbers
in front of you then you can make an educated and financially thought thru decision, I hope this
helps, if you need the recommendation of a local Realtor in the Ashburn VA region let me know I
gladly send a good one your way.

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Thu Mar 14, 2013
I live in a southern walk town home. Please call me at 703-399-5109 for a free detailed home pricing.
0 votes Thank Flag Link Thu Mar 14, 2013
Good afternoon,

As with many aspects of real estate, that depends. Among many other variables you'll need to consider to make the best decision for you - it depends on if you need to pull equity out of the sale to qualify for a new loan, depends on your PITI +HOA and what rentals are going for in your community, depends on how strong of a stomach you have for being a landlord....on and on.

Please feel free to share your address privately and I can work up a net proceeds estimate. If you like what you see, we can talk about making a transition that's in your best interest financially.

All my best,
Lisa



Lisa Moroniak | REALTOR® | Service360°
SFR® - Short Sale & Foreclosure Certified
Keller Williams Realty
Phone: 703-635-0388
http://www.LisaMoroniak.com
Licensed in VA
0 votes Thank Flag Link Thu Mar 14, 2013
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