Home Buying in Fresno>Question Details

Elizabeth He…, Both Buyer and Seller in Alvarado, TX

We are currently homeowners but would like to buy a bigger house and sell ours?

Asked by Elizabeth Hernandez, Alvarado, TX Thu Jun 19, 2008

I'm currently a home owner bought a house in 2005 in Fresno, CA. I have a 2 bedroom, 1 bath home. I bought my house for $199,000.00 but it presently went down on value. It's worth around $177,000.00 or less . We wanted to know if it was possible for us to buy a bigger house 3bed/ 2bath and sell (short sale) my current home or rent it. We have Good Credit and money for the downpayment, but don't really want to keep our current home. It's in good condition but not big enought for our family. We want to buy a home under $200,000.00. I know that now is a good time to buy and bad time to sell so were caught up in the middle. We don't want to make a mistake and ruin our credit. Any advise from a pro will be great. Thanks,

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The short sale process is meant for homeowners who have had a change in their financial situation and can no longer afford to make the payments on their current home. Since you're looking to buy a more expensive home, it doesn't sound like you're a candidate for a short sale. If you want to move without selling, then it would be best to rent it out.
1 vote Thank Flag Link Fri Jun 20, 2008
A short sale will ruin your credit and the bank won't agree to one unless you prove that you are in dire financial hardships. Want a new bigger house hardly qualifies as hardship. If you want a new house and your current house is now worth less than you paid 2 years ago, you're going to have to take a hit and lose money on the sale. This could however end up being okay if you have enough cash on hand to bring to the closing table and get a good enough deal on your next house.
1 vote Thank Flag Link Fri Jun 20, 2008
Hi Elizabeth, If you are in a financial postion to rent out the home you live in now, you can accomplish your goal. Call or email me at 209-758-3113 or thecoach@prucalifornia.com. My Fresno office has 18 Agents in it. I am sure I have an Agent that can help you achieve. Best of Luck! The Coach
Web Reference: http://askPCR.com
0 votes Thank Flag Link Fri Jun 20, 2008
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