Moving on Up (conclusion) research going, look at the bottom of this page and see if (by golly!) there isn't a phone number down there.
Okay, subtract the moving expenses from how much you will net from selling your home. You should still have a positive number. If so, move on to the next step.
Subtract how much the lender says it will take you to move into the new house, including down payment, closing costs, prepaid expenses, and all the other “stuff.”
Hopefully, you still have a positive number. If not, don’t panic. There is a lot of “fudge factor” involved here and purchases can be structured to limit the out-of-pocket cash necessary to close the deal. Or perhaps you knew you might be a little short and always intended to use savings, borrow from your 401K, or get help from family members.
Or…you might have a positive number that is fairly BIG. If so, put that number on the left side of the page because that is “cash left over” (or it could be). It is also money that you could use to make a larger down payment or to buy new furniture or help stimulate the economy.
So the right side of the page is for calculations and reasons not to move, sort of like a right-brain vs. left-brain kind of thing. Or vice versa.
Oh. We forgot. What about that circle you drew in the middle of the page? (We didn't really forget).
By the time you get through this process, you'll know whether moving is a good idea or not. That circle is where you write your decision in big bold letters. | continued from page one  ...a deficient roof (and you intended to replace it yourself) than you would offer on a house with a brand new roof that had just been replaced (or was about to be replaced) by the owner.
Everything in real estate is negotiable. Additionally, if there is an obvious problem with the roof, the lender will not close the loan. They will require a serviceable roof to be in place, but they don't care who pays for it.
Question: I was told I might not be able to sell my home. It is very small, only 541 square feet and evidently lenders have a minimum square footage requirement. How did I buy my home ten years ago? How do I sell it now?
Answer: True, standard lenders have a minimum square footage requirement. I assume when you purchased the home, you got your loan from a portfolio lender (like a savings & loan) or an FHA lender.
Portfolio lenders have their own guidelines What your agent can do is run a search for closed sales on homes with small square footage. Then she can identify the lenders associated with those purchases using information in the public record supplied by a local title company. Then she can call those lenders and verify their guidelines have not changed in the interim and they can still do loans on those small properties. |
