Have a home that i cant sell but have to relocate and want to buy another one. I have equity in first but no

Asked by M S, Big Bear Lake, CA Sun Jun 29, 2008

buyers. My equity(profit) would have been down on next. was looking at conventional loan. Since it doesnt look like i can sell, should i refinance with an interest only and try to purchase the other home as a second. I qualify for Calstrs 0% down loan for second so dont need the profit from first although it would be nice. Any suggestions or referals in Temecula area?

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Robert MacLe…, Agent, Huntington Beach, CA
Mon Jun 30, 2008
You have a house in an area that doesn't have a lot of turnover. Meaning your buyer pool is very small. The financing rules are changing on a daily basis right now. What someone tells you that you can do today might not be available tomorrow. You really need to sit down with someone and pencil out all the alternatives. Sell, rent, buy, tax implications, etc. You need to get all 3 parties (realtor, finance, tax consultant) involved to make the right decision for you. Your request is not uncommon just a little more complicated in this market. Any good realtor will have referrals for you. You need to find someone that you trust and "click" with.
Web Reference:  http://www.robertfirst.com
1 vote
Pamela Brown…, , Folsom, CA
Sun Jun 29, 2008
M S,
I would suggest meeting with a loan person to go over your options? As a real estate broker I don’t feel comfortable giving loan advice but, I am an expert in home sales and I would be happy to help you in anyway I can with the purchase of a home.

If you would like referrals for loan people I would be happy to send you a few. I wish you luck in your new venture. Please contact me if you have any questions; http://www.MyTemeculaRealtor.com or by phone 951-551-6121

Take care,

Pamela Brown-Gatlin, Broker
0 votes
Sean Giorgia…, , 92553
Sun Jun 29, 2008
You can always sell, the question is, at what price? Since you can't sell at an acceptable price you must either stay or rent the first while buying a second.

So let me ask you, "Can you afford to carry the first house if it sits vacant for 60 days?" See, on a tax basis I'm confident you'll come out ahead by keeping the first and adding a second home. But cash is king, so you must be able to realistically plan for down time.

If you rent it out, will you manage it, or will you let a company handle that for you? Do you have reserves in case something breaks and needs repairs?

Your plan sounds reasonable. I'm currently working with several people just like you. Contact me directly at 951-371-9229 or Sean.Giorgianni@gmail.com. I'd be happy to put together a complete plan for you and show you how you can achieve your goals.

P.S. I have several really nice bank owned listings in the Temecula area too!
0 votes
Dot Chance, Agent, Burbank, CA
Sun Jun 29, 2008
I have a great friend to refer you to in Temecula. He has lived there for many years - before it became so big!

Have you considered leasing out your home in Big Bear? How long has your home been on the market? Many lenders are requiring that your house be off the market for a minimum of 60 days now before they will consider a refi.
Web Reference:  http://www.DotChance.com
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