Just bought and now want to sell.

Asked by wondering, Santa Ana, CA Mon Nov 9, 2009

Unfortunately there are some aspects of the home we bought this summer that we really don't like. What are the repercussions of selling so soon? After a year of looking and making many offers we settled on something that we now know was not for us. Are we trapped?

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Connie Bramb…, Agent, Rancho Cucamonga, CA
Mon Nov 9, 2009
Dear wondering,
Sorry to hear you are unhappy with your home. To answer your question about being trapped, you may be for a short while. Depends on what kinda of deal you got when you purchased. It will cost you in actual costs: your title, escrow and transfer fees if any. If you purchased with an FHA loan, your down payment is almost gone because of MIP that was added on to your loan amount when you bought. If that is the case, you still may have equity in your home as things are going a little better now than last summer; and if you bought a repo and did any fixing or updating that may help also. Talk to a Real Estate agent about your trouble. There are those of us out here that may be willing to help you get your home sold for very little cost in order to get you into a home you are happy with. You will be very tight selling, but if you have the 3.5 % down for the next home you may be able to do it with help from an agent on the selling end. There are also Fannie Mae repos out there that require only 3% down. You need to talk to a Realtor about your particulars.
Just call one of us for an evaluation!
Connie Bramble
Prudential Ca Realty
1 vote
Aaron Zapata, Agent, Placentia, CA
Sat Jan 16, 2010
Hi wondering,
Were you able to sell? Just following up to make sure that it all turned out OK!

-Aaron Zapata
Prudential CA Realty
0 votes
Jess Mendoza, Agent, Anaheim, CA
Mon Jan 11, 2010
No you are not trapped, if the property value is at or less than what you paid then you would be looking at a loss, to enable you to buy immediately, we can short sell your home so that you will not have any out of pocket costs for the closing costs including the commission. As long as you are not late, then you can qualify for a loan. Call me at 714-264-5890 for more details or email at jessmend@yahoo.com. Start looking for your next home at http://www.TheOCmls.com
Web Reference:  http://www.TheOCmls.com
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Sat Jan 2, 2010

Yikes.....that's too bad!! It's really just a financial decision. If you bought the home this summer....the home price is going to be very similar. You might find a slight increase in value, but not much. The good news about that is that you most likely will not have a taxable gain (check with your CPA)...but if you have any profit, you need to own the house for 2 years to allow that to be tax-free.

There are costs to selling a home, if you have equity, we can probably mitigate some of this by getting it from the buyers. Just like short sales and bank owned homes......I find that buyers are happy to pay some of the seller's costs just to buy a home they don't have to wait for. Often they have to bring significantly extra money to the table for short sales.....so to buy in 30 days and to know there are no surprises? It's a good deal for them.

If you are buying another home....many Realtors will give you a discount on the home you are selling (I do) but you still have some commission and need to offer something to the buyers' agent. We can try to find our own buyer.....which would save that cost too.....but we'd need to discuss how to do that.

I have some ideas on this...if you would like to talk further, shoot me an email and we can brainstorm and get you some concrete numbers. I'm really sorry that you feel this way.....but you will ultimately be able to move and prices are still low....

0 votes
Emily Knell, Agent, Huntington Beach, CA
Mon Nov 9, 2009
I have buyers for Santa Ana right now, I've been working in the Floral Park area recently helping out an upside down homeowner, so I do have buyers at the moment wanting to live in the area. If you can let me know what you paid for the house, size, bedrooms etc., I may be able to bring you a buyer and if the numbers work out, maybe you won't be negative to sell.

Just shoot me an email when you get a chance & I'll send you back a Net Proceeds sheet, let's see if we can make it work without you being negative.

Then you can take your time and find the right house on the next go around.

0 votes
Jeremy Lehman, Agent, Garden Grove, CA
Mon Nov 9, 2009
Sorry to hear it isn't working out for you. The standard fees for selling a home are about 2%-8% of the sales price depending on whether you use an agent or not. The market is very hot right now for sellers, so you definately have that as an advantage for now. It's possible that your home value has gone up enough to at least break even, depending on the amount you bought your home for, and as Connie mentioned, your loan fees. In some zip codes in Orange County, we have already seen a rise in home values, especially at the low price band. Without knowing the specifics of your home and the neighborhood it's in, we cannot evaluate it and say for sure.

If you liked your agent that helped you purchase, you should contact them for help in evaluating the property. If not, any one of us would be glad to help give you an estimation.

Final thought, property values may have bottomed and according to 2 articles in the OC Register last week ( http://lansner.freedomblogging.com/2009/10/29/16-percent-gai… ), we may see an increase as much as 16% through 2010. Can you hang on for awhile?

Good luck.
0 votes
Joe Homs, Agent, Laguna Hills, CA
Mon Nov 9, 2009

Without knowing ALL the details of your purchase, how much money you put down, did you buy low, what are the current comps, etc. It would be difficult to give you good advice. There are many ways to sell a home and even if you did not have any equity built up yet, you can sell on a land contract, lease option, take over your payments, or just a straight standard sale. The market is very hot right now and you might just be surprised. How badly do you want to move?
If you need some help or more advice, let me know.

Joe Homs
Wright Realty Partners
0 votes
The Medford…, Agent, Fremont, CA
Mon Nov 9, 2009
You can always sell your home any time you want – however, there are implications to selling so soon after purchasing:

(1) You will need to pay the standard fees for selling your home, including Realtor fees and closing costs. It is unlikely that your home has appreciated in value enough to cover these costs, so you may end up losing money.

(2) If your home has appreciated enough that, after paying your fees, you manage to MAKE money, then that profit will be classified as income and subject to the short term tax rate. You’ll need to discuss this with your CPA for the tax implications.

The only other problem is the inconvenience of listing, selling, finding a suitable replacement home and moving … again.
0 votes
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