I bought a house in Chandler AZ at the end of the Seller's Market-I have to admit I do not like the house but

Asked by Renee, Chandler, AZ Wed May 28, 2008

we needed a place to live ASAP at the time. I bought the house 3bd 2 ba 12/06 for 240,000 it was appraised at 260,000 but today I still owe $232,000 and it is only worth about that. I want a bigger home at least 4bd when is a good time to sell and rebuy another home-we are right across the street from a school-which is appealing to some???

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Nicole Thomp…, Home Seller, Chandler, AZ
Mon Jul 21, 2008
You could buy my home and I could buy yours-I am also upside down. I have a 4 to 6 bedroom house in Chandler..I owe about 445 (almost 4000 square feet) but would sell for less ...write to me xraygyrl76@aol.com
0 votes
Sb, Home Buyer, L.A. CA
Mon Jun 30, 2008
You are at least 20k underwater the simple answer to the question is...how much money can I afford to lose..of you can bring 20 to 30k to the closing and then still have the ability to put an additional 3 to 5% on a new home then all should end well...
0 votes
NonRealtor, , 23456
Fri Jun 6, 2008
What if it's really only worth 190K? good luck.
0 votes
Doug McVinua, Agent, Gilbert, AZ
Wed May 28, 2008
Hi Renee

The best answer is to get all the information together needed to make the decision.

Have a Realtor do a market analysis to determine a realistic selling price in this market.

Determine if you can sell based on the current market value.

Talk with a lender to make sure you are able to buy again. This might also include the costs of buying, sellers are often willing to contribute today.

The options are endless and require the advice of experienced professionals to work thru the options you may have.

It can be a great time to move up, it's fun to buy right now!! A little pain in selling rewarded by the great opportunities when you buy.
Web Reference:  http://www.McVinua.com
0 votes
Lucinda Tkach, , Phoenix, AZ
Wed May 28, 2008
Renee,

It is important to know how much you need to purchase your new home for down payment and closing costs. Also, the savings you recieve on the house of your dreams may be worth the move. I just had two sellers do this and they were like yourself, taking advantage of the current market to upgrade.

I would ask an agent if they have referrals both written and verbal from previous clients. An agent that has a plan to sell your home and give you the correct guidance will work hard for you. I would suggest to see a plan that works for you rather than reducing comission
0 votes
Sal J. Giorl…, , Phoenix, AZ
Wed May 28, 2008
As Daniel just stated, commissions are completely negotiable. If you are selling the home and buying a new one with the same agent, most are willing to sell the current property at a reduced commission.

Along the lines of carrying over a loss: I would have to say this would be hard to do. To sell the home, you are going to need to give clean title, and the way to clean it is to pay off your liens in full. If you can't sell it for what you owe, you will need to come up with the cash somehow.

If you were able to purchase the next home with some cash available at closing, you could use that to offset any loss you took in selling your current one.

Hope that helps.

~Sal
0 votes
Daniel B Ste…, , Maricopa, AZ
Wed May 28, 2008
Renee,

One way to negotiate reducing your Listing Agents commissions, is to sign an agreement with them to represent you as a Buyer's Agent.

Food for thought,

Daniel
0 votes
Renee, Home Seller, Chandler, AZ
Wed May 28, 2008
Our financial situation is pretty good-we locked in at a rate of 6% on this house in 12/06-I guess I was also looking at the cost of commissions and would it be okay to carry over some of the cost to the new home since we are already at a loss in this house? thanks!
0 votes
James Wehner, Agent, Scottsdale, AZ
Wed May 28, 2008
Like Sal has mentioned, it depends on your financial situation. You would want to have a competent real estate professional evaluate you current home's value and see what your competition is. If the price your home would sell at doesn't work for you, you may have an option to lease your home and purchase the new home. Not everyone is in the financial situation to do that, but it is something to be considered.

Think of it this way, you may be able to find the new home you desire for less than what you are paying now. Even if you have to pay towards the mortgage on the home you lease, your overall situation will be better. Years down the road you will look back and be glad you did.

Good luck!
Web Reference:  http://www.jameswehner.com
0 votes
Sal J. Giorl…, , Phoenix, AZ
Wed May 28, 2008
It really depends on your personal financial situation. Speaking of school, summer months can be a good time to sell as there are more buyers in the market due to summer vacation. Your house will sell at the right price, and if you are buying up, it could be a great time to purchase.

Let me know if I can be of any help. Best of luck to you.

~Sal
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