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Home Selling in 55379 : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling4
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Activity 4
Fri Nov 1, 2013
Mike Westphalen answered:
A realtor is the answer for sure. Realtors can tell you what your home is worth by doing a Comparative Market Analysis (CMA). By doing this, you can determine how much you can walk away with from your home for a downpayment on the next home. Mortgage company will qualify you for a mortgage. Some homeowners can purchase a new home without selling their current home. But, most need to sell their current home first.

Mike Westphalen, Realtor
RE/MAX Advantage Plus
612-978-9786 cell
952-226-7701 fax
www.advplus.com/michael.westphalen
Helping sellers and buyers in the Twin Cities and surrounding areas since 2002
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Mon Oct 14, 2013
Christopher Pagli answered:
Have your agent do a comparative market analysis so you can get a good idea where they would comfortably list the home. Nobody can say for sure what it will actually sell for but you are always in control. If you aren't getting offers that will work then you don't have to sell it. I wouldn't make an offer contingent upon your sale until you have a solid buyer that is in contract and close to getting their mortgage commitment. The most important thing to keep in mind is you have to listen to the market when it speaks to you. If the comps are all coming in much lower then what you need to sell for you most likely won't get a buyer to pay what you need. Supply and demand could work in your favor as it is in my area. Just because comps come in low doesn't mean a buyer won't put up more cash needing less of a loan, it depends on how much they want your home.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
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Mon Oct 14, 2013
Alan Mackenthun answered:
As others have mentioned, I'd look at renting the smaller home until you're ready to sell. You can look at doing a short sale, but I wouldn't recommend it as it's hard on your credit and I simply don't think it's good to walk away from a debt you can cover. Talk to a real estate attorney to see if a short sale is possible for you.

Assuming you're not going to do a short sale, you need to figure out how to come up with the difference between what you own on the loan + closing costs and what someone will offer for your home. If you don't have savings or other liquid assets available, then you can consider refinancing your other home. If you have a 401k, you might be able to take a loan from your own 401k account. There's trade offs and additional expenses with either of these options. If you don't have liquid assets, I like the idea of renting the home out for a while. If you can rent it out and get enough to cover the mortgage and all other expenses plus bank a couple hundred a month, then you can use the rent to give you time to save the $s needed to bring to close and the rent can even help build up this sum.

Good luck,
Alan
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Mon Jun 6, 2011
Christopher Block answered:
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