Question Hello Connie, My husband and I own a home in Long Beach, CA. We have about 175-200k equity at this time. We've decided to sell and move to Texas next year. My husband is thinking we should sell now and rent a place for a year before we move as that will save us around 1200/mo. My questions are:
#1 is that a good idea?
#2 when moving to another state, is it possible to pre-qualify for a loan but not have jobs "waiting" for us when we get there ?
#3 we would like to sell "by owner" to keep more of the profit from the sale, how hard is that to do? We would of course use a real estate attorney for the paperwork.
Thank in advance for your advice, it's greatly appreciated.
Answer Hi Liz,
#1 - Good idea - could be... make sure on the rents you charge you have all expense's covered... not just the mortgage, but ins, taxes and maintenance covered, perhaps even gardening... and run backgrounds on tenants and be sure they can afford the rent, they don't pay you still have all the bills that need to be covered... property management is not for everyone...
#2 - speak with a lender that can loan in Texas sooner than later...it will depend on many factors, but in general the lender wants to KNOW exactly how you will repay them.... and a job is typical for that to happen unless you have a lot of money in your funds pool to use as payments... you won't get the best rates, but there may be a loan out there ... you may do better to rent in Texas until you have secured employment before spending all your sale funds and not have the means to support the home payments... run all your options... you may want to buy now as an income property, and rent until you get there... while you are working you can show how you'd pay the mortgage and expenses... and possibly take the write off... just a thought
#3 - Keep in mind on an FSBO (for sale by owner) the agent that brings you a buyer will want to be paid and he will be working against you on the negotiations... most stats show at the end of the day FSBO's make 7-20% less on the final numbers... and keeping the buyer in line is not as easy as we agents make it look... ;-) I have 20+ years of keeping buyers and their agents in line... and the attorney will not work for free... could even scare off a buyer since attorneys are not typical to how we transact business here in Southern Calif.
Good luck... let me know if I can help, I'm a 5 decade resident of Long Beach... take care
Broker,CPRES,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why "Not to listen to your friends and even your family members", Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.WGroupRealtors.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!
4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales,Certified in Probate Sales (one of a handful!), Pre-Foreclosure, Regular and Short Sales there is little that I have not seen come across my desk over the decades!
Publications USProbateServices.org Member,
Broker Agent Magazine,
Long Beach Business Journal,
Long Beach Press Telegram,
Signal Hill Tribune,
Zillow - Lead Agent - Advise Expert,
Truila - Advise Expert,
CPRES - Certified Probate Real Estate Specialist,
SSG-Short Sale Certified
Awards and Honors Managing Broker for WGroup Realtors
19 years running top selling agent in Long Beach, South Bay area California.
Top Producer 11 years straight Re/Max - Lifetime Achievement Award Winner, C21, Realtyworld.
Past/Present Clients upon request = or check out our website www.WGroupRealtors.com and check the Testimonials section!