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| *Business questions>>>Renting & Real Estate Questions |
how do I sell my house to relocate pay off my existing mortage and still have enough money for a downpayment . |
Question: We bought a house a year ago this month..now we need to relocate as well as downsize due to changes in job location (same company just differant site) and some credit issues that caused us to get behind in our current mortage. We are looking to get out of this house and into a cheaper one so that we can one relocate and two clean up our credit issues. Answer: Consider this alternative which is a three step procedure. It is absolutely normal for a couple to sell one house and consider this option. Step 1 : Sell the house. Get whatever you can after you've paid off your mortgage. If you're thinking there isn't going to be any left for keeps, don't sweat it. Just settle this 'giant problem' first. Step 2 : This is the simpler part. Since it is apparent that it is generally easier to buy than to sell, you might consider lease-purchase option. Which means, when you move to your new location, it may not be a purchase straight away. Later if you decide this new home is really for you, then you can exercise your option to purchase by entering into a Sales & Purchase Agreement. Step 3 : If you decide NOT to buy, then your lease, maybe 5 years can be made into a very comfortable setting, the money which most people use up paying for mortgage facilities can be channeled into having all the gadgets you require to enjoy a refined quality of life. Optional Step 4 : While you're enjoying Step 3, Save your money within these 5 years and invest in a smaller house, not for you stay in yourself, but to rent it and sell it for profits. Try not to take a loan. Invest in smaller a property because you can re-sell it faster. The idea is to have best of both worlds: one way you refine your lifestyle as in Step 3, and the other to purchase/invest into something which will snowball in value, without having to pay for mortgage services that eat into your savings. The above is is truly the easy way, taken into consideration all the mistakes I have made in properties and, learning from them. |
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