Advice sought: selling a home soon after purchase...

Discussion in 'After Hours Lounge (Off Topic)' started by David Lawson, Dec 30, 2003.

  1. David Lawson

    David Lawson Screenwriter

    Sep 11, 2000
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    This is by no means definite, but personal circumstances may require a move out of state. The problem is that I just purchased a home in August, and I won't be able to afford two separate residences.

    I suppose one of the bright spots is that I don't have to sell the house by a certain date, so I won't necessarily need to jump at any initial/lowball offers. I also have time to spruce up the interior with some fresh paint and possibly cheaper carpeting (though I'm undecided on that since the wood floors are salvageable but in major need of refinishing). Both of those are things that need to be done, anyway; the interior was in dire need of updating when I purchased it, so any improvements would increase the resale value.

    Any experiences or advice on "quick turnarounds" would be welcome. Thanks!
  2. Glenn Overholt

    Glenn Overholt Producer

    Mar 24, 1999
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    First, get yourself a good agent!

    If you plan on reselling at the same price, is the area that you are moving to less expensive?

    Can you put your current home up for sale while you are still living in it? This is important as you could sell it before you are scheduled to leave. If you have the new area already scoped out and have enough time, you could sell yours, and while it is in escrow, pick out and buy your new home.

    If you hire professional movers, it could take a week before they get your goods to you, and by that time you could have your new place nearly set up!

    That is ideal, of course. It would suck if you filled up a U-Haul only to empty it into a storage locker while you stayed at a motel for a week or two.

    And by all means, tell your mortgage company what you are planning to do. There are plenty of Internet sites that you can use to search out your new location too.

    Good luck!
  3. Jeff Ulmer

    Jeff Ulmer Producer

    Aug 23, 1998
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    Be prepared for the mortgage interest penalties you will incur if you end your current mortgage early, but talk to your lender as you may be able to port the mortgage to your new home. You will also have to consider the closing costs and real estate comission in your new home buying decision. I would wait until you have an acceptable offer (and have the subjects removed) before commiting yourself to a new purchase, especially if the new home is in the same price range as your current one.

    I wouldn't do anything to the flooring, let the new owners decide what they want to do. Wood floors are usually a selling feature. Paint is good, but don't go overboard, as the new owners will likely have different tastes than yours, and you will be throwing money away.

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