I live 2 hours from Sioux Falls and am looking to buy a house there. What are my options if I find one I love and have yet to sell my house,therefore?

Asked by Marce, Canby, MN Wed Mar 16, 2011

would have no downpayment. I have interest in my house and could sell for $10,000 less than what I would like but trying to get a little more first.

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Craig Markhardt’s answer
Craig Markha…, Mortgage Broker Or Lender, Sioux Falls, SD
Wed Mar 16, 2011
Hi Marce,

That is a great question and could only be answered once you apply for a home loan to evaluate what your current expenses are, then add the new property expenses to it to determine if both can be counted. If you do not have much for a down payment without selling, then I would want to help get you qualified for the lowest down payment loan possible, while keeping the monthly payment as low as we can.

Feel free to contact me for more details at craig@advanamortgage.com

Thanks

Craig Markhardt
VP Mortgage Banking
Advana Mortgage
0 votes
James Vandeck, Agent, Pittsburgh, PA
Wed Mar 16, 2011
Hi Marce

Talk to a good mortgage 'broker'....A broker, not a bank loan officer....Ask if you qualify for a 'bridge loan'. There should be no charge for this...and no obligation. And since the broker will be on a commission basis, he/she will be glad to let you know if your qualify for a bridge loan and how much...and they should provide an explanation of your options in your situation......After you get a pre-approval, call an experienced real estate agent, ....not a part-timer...

PS Call a well-known mortgage company broker, such as Prudential Preferred....

Good luck.....
0 votes
Michelle Car…, Agent, Coppertino, AL
Wed Mar 16, 2011
Homes have many functions beyond strictly financial vehicles. Get a real estate consultant who will tell you the full truth about values for both types of homes and is willing to help you get these. A contingent sale is likely your best bet, however you could also consider a possible home trade if you find someone who has what you want and your home is what they want.
0 votes
Nancy Hopp, Agent, Sioux Falls, SD
Wed Mar 16, 2011
Hi Marce ~

You've already recieved alot of information here but I would like to add that I'm currently the agent for a simular situation. I have an out of town buyer with a home to sell and she has contracted on a home in Sioux Falls contingent on the sale of her out of town home. In recent years it was almost impossible to get a seller to do this however today's sellers are much more agreeable to a contingent house offer.
I'd go ahead and start shopping so you know what you want. Nothing ventured ~ nothing gained!
If you have any furthur questions don't hesitate to ask ~ my cell is 605-360-1974.

Good Luck ~
Nancy
Web Reference:  http://www.hopponline.com
0 votes
Wayne Schnab…, Agent, Sioux Falls, SD
Wed Mar 16, 2011
Marce
We are coming into the best time of year to sell your home. If you can get your home sold for $10,000 less then you were hoping for, it might be the smart thing to do. As mentioned by other agents, there are a lot of programs to help you buy and you can possibly make some or all of the $10,000 up on you purchase. I would be happy to visit with you about your move. My cell is 605-376-3610.
Good Luck! Sioux Falls is a Great place to live.
0 votes
Dick Hahn, Agent, Sioux Falls, SD
Wed Mar 16, 2011
Marce,

You can make a "Contingent House" offer on a the home you are buying. It's easier to do if your home is already under contract.

If you have no downpayment, there may be an option for you...it is Rural Development Financing. You can get 100% financing, and we could arrange to have the seller pay your closing costs. There are some income restrictions, so you would have to see if you qualify. This would not work in Sioux Falls, since it is only available in communities of 20,000 people or less. You could look at Tea, Harrisburg, Brandon or other neighboring communities. All are within 5-15 minutes of Sioux Falls.

I would be happy to put you in contact with some good Rural Development Lenders.

Sincerely, Dick Hahn
0 votes
Rosalie A Ev…, , Sioux Falls, SD
Wed Mar 16, 2011
You are in the best position if you have your house sold first before getting on with purchasing a new one. With your house sold even if you do receive a little less then you want for it you do not have to have a contingency that you can't buy until it closes. If you do it in this way you will be more credit worthy as well. There are alot of good buys out there right now and the best of them are getting picked up by people who do not have the encumbrence of another house they need to sell! If you think about it ,with a contingency like this it really just mean (IF AND WHEN) but sometimes if and when don't happen. So even if you are coming a little short on the selling end you will get a spectacular deal on the buying end. Good luck and by all means if you need help give me a call.
0 votes
Bob Peterson, Agent, Sioux Falls, SD
Wed Mar 16, 2011
You basically have two options. If you can afford to buy without selling, there is no problem.

If you must sell before being able to obtain another mortgage, you can make an offer to purchase subject to the sale and closing of your present home. Most Realtors do not like this type of sale and would include a kickout clause in the event another acceptable offer was received on home you want to buy in Sioux Falls. This kickout clause could be from merely a notification that your offer was no longer accepted to a period of a couple of days to remove the contingency of your present home selling.
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