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I wanna change my house.

We bought a house in 2009 with $430,000. We wanna change a house with $300,000 so that we can save monthly mortgage. How do we do?
  • May 06 2013 - Landmark-Van Dom
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Answers (5)

Two Options. 1. Sell the current home at current market value or short sale it if it is under water (make sure you do not make any late payments), then we can issue you a new mortgage 1 day out of the short sale.  This process can take some time and is delicate, everything has to match up.  2. Rent out the current home, we can use 75% of the new rent towards your debt to income ratio and you purchase a new home.  If you would like to discuss either option go ahead and contact me through my profile.
  • May 06 2013
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Hi, have you been able to get an idea of the current value of your home v. what your payoff is?  I'd be happy to send you what the area homes are selling for, just contact me through my profile. Also as suggested from Ken, you can also look at renting your current place, but you should weigh that option carefully.  Becoming a landlord can also be like picking up another job!  The good news is you have options, and its best to flesh them all out, to make sure you're making the best decision!
  • May 06 2013
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Ken,
I find it hard to believe that a lender would even suggest someone short sale a property, particularly when they gave no indication of having problems paying mortgage or that property is upside down. What lender is going to roll over and allow short sale in Alexandria, VA (very strong market) and particularly without months of not making payments? Results would be ruined credit and unable to buy for years. Your " pie in the sky" one day out of a short sale and being able to buy a home is totally reckless advice.
User0960785,
Discuss with Realtor that sold you the  house about current value, and proceed to determine feasibility of selling current house and moving down to a $300K property. You take advantage of today's lower rates, lower payment significantly, and you will be Realtor's newest best friend....
  • May 06 2013
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Ken,

I have to agree with Wayne.  Recommending a short sale is "reckless." My recommendation is to consult with a local real estate expert.  He/she can identify current market conditions and trends in your specific area, and complete a comparative market analysis to help you estimate how much your home will sell for.  Once you know a reasonable listing price, you can evaluate whether selling is a financially smart move.  As Holly suggests, becoming a landlord can "be like picking up another job" and an additional expense, so if your goal is to save more money every month, this may not be the best option.   
  • May 06 2013
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User,

Wayne is a nice guy. Wayne called it reckless. That is a nice way of saying it is shady advice. Like Wayne also mentioned, you will not be able to get a short sale approved with no late payments in a currently rebounding market. I can only assume this advice comes from someone who has their head in the sand. This will not play out as he laid it out.  

A sale or rental.
If you want to take on a rental and can qualify for a new purchase as well, you stand to get out of the home a little later with no loss on the sale and most likley cash flow in this rental market in the mean time.
If you cant qualify to retain your home and buy another at the same time, or you just dont want to be a landlord, you definatley want to speak with a quality Agent that you find through your circle of influence about the best course of action based on what you can sell your home for today.
I hope it all works out for you!
  • May 06 2013
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