I purchased my home in 2007 and trying to sell it now to relocate back hometown, home is completely paid for and taxes/insurance uptodate, what option

Asked by Chitown00, Fort Worth, TX Tue Jan 18, 2011

what options do I have in terms of trying to purchase another home in my hometown. My credit is fair but never foreclosed on any property.

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Don Groff’s answer
Don Groff, Agent, Austin, TX
Wed Jan 19, 2011
You should set appointments with several Realtors in your area. Have them give you a market analysis on what your home is worth. Do not make the mistake of going with the agent who gives you the highest value. Listen to the agents on how they are basing their value.

You will also want to meet with a lender and go over your options for buying a new home where you would like to relocate. See where your credit is exactly and then put together a game plan so you can make sure you are moving in the right direction. Look over different options with different down payments using the funds form the sale of your current home. Get as much information as possible so you can make an informed decision!


Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com
0 votes
T.E. & Naima…, Agent, Dallas, TX
Tue Jan 18, 2011
You do have another possibility. Depending on where the home is you're looking to buy, you might be able to arrange for an exchange. You trade your property here for the property there, maybe in Streamwood, Hanover Park or Hoffman.

Of course you would want to know first how much your property here is worth so that you could find comparably valued properties in the target area. Then focus on properties there that are looking for an exchange in Fort Worth or that might be.

While the likelihood that you can match up is not 100%, it is worth a try, especially if your credit won't allow you to purchase.

If you can get an equity loan on up to 80% of the value of your current home, you could generate enough funds to buy something there or at least have a healthy down payment that you could use to convince the seller there to hold a second mortgage for the balance.

Feel free to contact me if you have other questions.
Web Reference:  http://www.SumnerRealty.com
0 votes
Dp2, , Virginia
Tue Jan 18, 2011
You could sell you property with seller financing, and sell the note or a partial to get some cash (if you need it).
0 votes
Get-smart, , Durham, NC
Tue Jan 18, 2011
There are a variety of different ways to sell your creatively where you can get close to full market value for you house. You can find cash buyers or creative buyers that can offer you the up front cash you need. You can find those types of buyers off of google, yahoo, bing, and classified sites There are also buyers in the newpaper you can call on. One in particular is in the reference link.
0 votes
Eli Givoni-S…, , Boca Raton, FL
Tue Jan 18, 2011
There shouldn't be a problem Drop the price until you reach the magic number where supply crosses demand and the house will sell. Please call with any questions.

Thank you,

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes
Doug Rush, , 43942
Tue Jan 18, 2011
If you want to sell it fast, offer owner financing. No need to reduce the price or do an in-depth "market study".
Web Reference:  http://www.tkfunding.com
0 votes
Greg Fowler, Agent, Dallas, TX
Tue Jan 18, 2011
Bruce gave you a great array of options. It really depends on the timing of your next home purchase, and whether your next home will be more expensive than your current home. Using the equity in your current home may allow you to purchase before you actually sell the home that you own.

Another option would be not to sell the home that you own, but rather lease it to a tenant. You could still get a home equity loan and use that cash to purchase your next home. Then you come out with both a new home and an income generating asset.

For the most practical advice, I would recommend that you have a discussion with either your bank or a mortgage lender who can better lay out your financial options. If you let them know your desires, they can recommend several courses of action and help you understand the financial implications of each.

Good Luck!!
0 votes
Bruce Lynn, Agent, Coppell, TX
Tue Jan 18, 2011
Chitown...
Lots of different options.

If you are thinking of getting a loan...just apply with your local bank.
You could sell first and then use the cash to purchase the new home, then no lender involved.
You could also take home equity loan on current home, use that cash for the new one and pay off home equity when you sell this one.
You could get a new loan and then pay off a portion when you sell the current home.
Web Reference:  http://www.teamlynn.com
0 votes
Cynthia Sutt…, , Fort Worth, TX
Tue Jan 18, 2011
Chitown:
It depends on your financial status. Whether you can afford to buy while owning this property. If you would like a free market analysis on your home just contact me at 817-223-4056 nd I will be happy to talk with you about other options at that time. Looking forward to helping you soon.

Cindy
0 votes
Blaser Yoakum…, Agent, Southlake, TX
Tue Jan 18, 2011
HI
Congratulations to have you home paid for with everything up to date. You are in a great position to contact a real estate professional that works your area and then price your home at market value so you can move forward and accomplish the goals you have set for yourself.

From experience I can tell you the Tarrant County area is beginning to move much better than it was over the holidays. Interest rates are going up according to the lenders that I have been talking with so now is the time to get your home sold especially if you are wanting to reinvest your money from this property.

Good Luck and continue to ask those questions that will lead you to a great realtor.

Pam Yoakum
Web Reference:  http://www.BlaserYoakum.com
0 votes
Dave Buske, Agent, Burleson, TX
Tue Jan 18, 2011
As a Realtor, my best advice is to contact a professional Realtor, or more than one and find one that you are comfortable with, get a market analysis and an estimate from your Realtor how much they think you can sell your house for in today's market and give you an estimate of what your closing costs will be.
I will be glad to help you with this or answer any questions you have.
Dave Buske
RE/MAX Associates 1
817-980-9436, Dave@DaveBuske.com
Web Reference:  http://DaveBuske.com
0 votes
Wendy Kinion, Agent, Keller, TX
Tue Jan 18, 2011
Chitown00,
Knowing how fair your credit is will help in your purchase of a new home. Lending practices and qualifing have changed over the last few years. I recommend you speak to a lender as soon as possible.
Let me know if you need some referrals in that area.
Also, are you planning on selling your current home prior to moving to your hometown?
Web Reference:  http://www.wendykinion.com
0 votes
Diane Wheatl…, Agent, Upland, CA
Tue Jan 18, 2011
Dear Chit,

If your home is free and clear then you should have substantial funds for a down payment on a new property which will help offset some credit issues you have. Purchasing a property once you have sold your existing one should not be an obstacle but I would certainly check with your bank or lender to determine your qualifications.

Good luck!

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Jan 18, 2011
If own this other home in 100% free and clear with
NO tax liens
Zero balanced mortgage

Can qualify for a loan based on employment history, credit scores, debt / income ratio I don't foresee any problems HOWEVER you need to confirm with mortgage broker and submit a loan application

Virtual answer not to your benefit many more questions require answers

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
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