Equity in a property can only be used in 2 ways. Sell it and you have the equity in hand or refinance or get a home equity loan on the property. It sounds like you want to move out before you list the condo, but are you going to rent a place or move in with family? If you are thinking you want to buy your new place before listing the condo then you need to speak with a lender to see if you qualify for two mortgages at the same time. The lender can't do much with the equity since it is unclear if it will sell and for what amount and when.... more
You can check Craigslist / Hot pads to see what other apartments are renting for. Also there is a website called http//rentometer.com which gives you an idea.
A lot of HOA's are going up so that could indicate the increase?
The rental market is very strong at the moment with vacancies down. With demand higher, prices may start creeping up?
720 226 4168... more
Especially with the tightening of the lending market today, lenders are looking for stable employment. Long term employment in Illinois will show some stability, and 20% down is helpful, but it would sure help if you could show them that at least ONE of you, is employed upon arrival (or before leaving Illinois)... it would be even MORE helpful if you could show that you're being "transferred" within the same organization.... more
When the market recovers, the higher priced properties that you are interested in purchasing will be much more expensive to purchase than they are right now. The very motivated seller will not be as plentiful as they are now either. More importantly, mortgage money continues to be more difficult and more expensive to obtain as time goes on – even for very qualified buyers.
My suggestion is to try and make your move up to a nicer home right now. If you sell your property, the sky is the limit on how good of a buy you can find in the market today. If you do not sell your home now, nothing lost on your part – other than the missed opportunity of living in a much nicer home.
Bill Kosena, ABR, CRS, SRES... more
I cannot say that I have ...
You may want to request three options from the buyer and then present them to the seller and let the choose the one that best fits their schedule. If the seller wants to sell then they will pick on of those 3 options otherwise I'd question their desire to sell. Good Luck to you.... more