New Home Sale - Posted by TL

Posted by Russ Sims on July 11, 2001 at 01:28:24:

If you’ve only owned your condo for a little over a year you may have insufficient equity to clear your debt and put any cash into your pocket…it depends on how much down you paid and how fast the property has appreciated, and whether or not you want to sell by owner or hire an agent to do it.

If you really want to move, then do it. Just realize that putting your condo on the market and asking top dollar may not be the best way to go…do the math and see if there will be anything left over after closing costs and brokerage fees. I think a better solution would be for you to sell the condo on owner contract terms and ask 10% more than current value. Then find a low down loan for the home that you’d like to purchase. Your lender will want some documentation (like a lease/agreement)that your condo debt is being offset by the rental income…

In the end you’ll get quite a bit more for your condo, you’ll probably enjoy a bit of monthly cash flow from it,and you’ll get the home you really want.

New Home Sale - Posted by TL

Posted by TL on July 09, 2001 at 20:27:04:

My first question is if I just purchased a brand new townhome in May of 2000, is it to soon to want to sell it? I’m asking because I purchased a new Townhome for $134,000 and I recently saw a nice little single family home that I would much rather live in for around $129,000. My other question is could I use the equity in the new townhome to purchase another home? Any suggestions that you have would be greatly appreciated.