Skip to main content

Selling and buying at same time. Where to start. Agent or pre approved for financing first?

I apologize if this is stupid.

We’ve lived in our house since 2008. It was my great grandparents and passed down. It was deeded to me and my husband in February 2021. So in February 2023 it will be 2 years living here with it in our name for 2 years. So we get up to 250,000$ exemption I believe for capital gains taxes. No mortgage.

We are in the process of painting, had all new windows installed (none used to open), replaced all interior doors (none of them used to close 😂), etc. It was built in 1947 and look’s actually really nice. Proud of ourselves.

Who do you contact first and how soon in advance? Real estate agent or mortgage/bank? Or does it matter.

Does a higher down payment lead to lower interest rate on new house? Most funds from sale will go as down payment on new house. So we are looking at anywhere between 30% down to maybe 44% down. My house is worth 150,000$ or more and looking at up to 300,000$ for new house. So I’m just estimating 110000$ down.

I’m near a university so odds are my house will be bought by an investor and turned into a rental. That is just where my neighborhood is headed or is already there.

I’ve read a lot about the process but I don’t know it can get confusing. We are not looking to sell/buy for a few more months also but I’m getting antsy. I appreciate your help!

submitted by /u/Spookymaze
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/10k3q1t/selling_and_buying_at_same_time_where_to_start/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more