If the condo is priced correctly you should be able to close in in 60-80 days. The Merced may be problematic
requiring some experiment or may be hold on to it a bit longer. I have a property in Mariposa County. Last 1 year I had 1 call. The other options are get some income from Merced property to pay for mortgage in the mean time.
Sam Shueh, mba
Here are some suggestions:
1. After reviewing your tax situation, if it is determined that you can sell both, before looking for the 3rd home, you may want to make sure both homes are sold first in this market because it can be tricky the do all 3 transactions at the same time (it can be done, but having 2 homes on the market makes the outcomes less predictable)
2. All the numbers can be crunched with different scenarios such as optimistic, most likely , and pessimistic to give you a better idea of the range of outcomes you can expect if your homes sold for a certain price. Running through all the scenarios would give you a better idea of the next best steps.
The first thing that i would do is sit down with a good lender and tax specialist to see whether you need to sell the condo or merced home to make the purchase in North San Jose. With good fico scores and if your property break seven (including rents), you may want to keep the properties as investments and add a third to your budding real estate empire.
Any agent worth his/or her salt could sit down with you and run through different senarios. For example, depending on how long you have owned the investment property you may have taxes to pay when you sell it. It could make sense to sell the invesment property and buy the home in north San Jose with any proceeds for the sale. Then rent it for two tax years and then move into it. Or, it might make sense to sell both properties, pay any taxes owed and buy the North San Jose home. None of us can make specific suggestions except to get a good tax specialist because you might need one in the loop to make the transition less taxing (sorry for the bad pun). Good luck.
If you have not chosen your Realtor I would be happy to help out. Not only putting you in touch with an agent in the Merced area I know but also helping you with your options for financing. I have a strong team of people I work with from lending, preparation for sale, and ,who would work with you throughout each step of each process and in finding your new home that best suits your needs. I am available to my clients 7 days a week. Feel free to contact me any time.
I am part of a 5 person team here in San Jose with Keller Williams Realty and we have excellent KW offices in the valley that can meet your needs. Our team would be glad to meet with you and help you figure out the best and most effective way to meet your goals. If you are still looking for help, please contact us and we would be glad to meet with you.
Have a great Memorial Day!
Lea Ann Hernandez, CRS, GRI
Congratulations on your decision to move in to your new home in north San Jose. Hiring a Realtor who can help you achieve your goal is the foremost important step. I'd be happy to present to you my plan to enable you achieve your goal. Please contact me at your convenience to set up a meeting so I can present to you my experience, skills and references.
I am a San Jose Realtor and I work as a team with John Motter. He is Broker and Owner of John Motter Realty. He has over 35 years experience and he is a Certified Residential specialist. I am a e-PRO and specialize in San Jose residential real estate. Feel free to Google us and check us out. We would be happy to help you!