There are tax and some liability areras you need to be aware of.
Now is a great time to buy and if you wait a year the prices may fluctuate and you might lose out.
People ares till buying homes even in North Hills. If you would like to know the real facts, such as homes sold, active inventory, days on market averages. please let me know .
Thank you for the question. While I can't advise you on the tax consequences of your choice (your tax professional is the one to guide you there), I would be happy to help you take a look at your situation from a Realtor's perspective to see if this would make sense for you and your family. Now really is a great time to buy.
I would also be happy to give you an estimate of the value of your current home and a pretty good picture of what you might net after the sale of your home (should you decide to sell it). If you send me the address I can provide you with a Comparative Market Analysis (CMA) with no obligation. I would also be happy to help you locate another home to purchase either as an investment or as your future family home.
Please let me know how I can be of assistance.
Take care and have a wonderful day!
Tisza Major-Posner, Realtor, IVPG (909) 837-8922 or (213) 392-4084
If you do not need to sell and can ride the wave, I will advise you to rent your house especially if the rent will cover your mortgage because your competetion, especially in your area, are REO properties. Good Luck to you!
Renting your current property so that you can enjoy this buyer's market is an excellent idea. I would, however, suggest that you get in touch with a good loan officer to take a look at how best to qualify. As you probably know, loan approval is much more difficult now with the meltdown of the mortgage industry. You need to consider your overall debt to income ration (needs to be below 43% for most lenders) and whether or not you will need to count the rent on your home as income to qualify. If you do need this income you will have to rent your home first and show that cash flow before you purchase. Some lenders will accept a signed lease agreement as proof but it is definitely best to show a deposit or two (and make copies of your tenant's rent checks).
I know that it will be quite the task to move out and find temporary living (great time to garage sale/goodwill that unused stuff!). But It will DEFINITELY be worth taking advantage of the huge opportunity in acquiring real estate right now.
Please let me know if you would like me to refer you to an excellent & reputable agent or loan officer (I used to live in the LA area).
Best of luck!!