Should we sell?

[hully1029]

Ex wife is moving and she's gonna get a fat check from the mortgage company. Had a friend of mine buy a house 2 years ago for 80k, listed it at 129k and it had a full offer in 24 hours.

Just got my appraisal back from the county and it's gone up 20k since last year. I could probably pocket upwards of 20k from where my mortgage is right now.

I eventually want to purchase some property locally and see this as an opportunity to get some cash down for that property..

Should we sell? Or just hang on to what we have.

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[rjtkdplus]

Depends on the deal you could get on new property. You might actually lose money by selling.

[Playa]

Won't your ex get half of the proceeds?

[em12]

I just sold my house in Dallas, bought 4 years ago, made over 80,000. Since we are moving to a completely different market it was awesome for us because we made a fortune and are buying in a much cheaper market. But if I had been buying in Dallas it would not have made sense because we would have had to spend just as much money on something else as we sold ours for. So if you are going to buy in the same market, you essentially won't make any money. But if you are going to go a different route, or put the money down on land than it could be a good investment.

[HoustonHunter]

Depends... Just because the county assessment came up, does that mean the value went up?

From what I've seen here locally, we are getting nearer to a buyer's market.

Also, won't you pay 6% of the sales price to an agent?

What about fees for the new mortgage? I'm assuming they will charge you origination and closing fees. Add that the the closing costs you'll pay when you sell your home.

Will you get the same rate or will it be higher?

Lots of moving parts. Talk to a local realtor and see what they think about your value. For a few hundred, you could order an appraisal yourself to determine the "true" value; although, the true value is what someone will pay for it.

Besides pocketing some change, is the headache of packing, finding a new home, moving (plus costs) make it worth it? We just moved and I don't want to do it for at least another decade.

[Charles]

Ex wife is moving and she's gonna get a fat check from the mortgage company. Had a friend of mine buy a house 2 years ago for 80k, listed it at 129k and it had a full offer in 24 hours.

Just got my appraisal back from the county and it's gone up 20k since last year. I could probably pocket upwards of 20k from where my mortgage is right now.

I eventually want to purchase some property locally and see this as an opportunity to get some cash down for that property..

Should we sell? Or just hang on to what we have.

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I'm confused. What does your Ex-Wife moving and your friend have to do with whether you should move or not?

[Chad74]

Is the $20K you speak of before closing fees or after fees. If it is before then you will likely walk away with very little in your pocket. If it is after fees then you will barely have enough for a down payment on another house. Doesn't seem likely a winning combination to me.

[solocam_aggie]

I'm confused. What does your Ex-Wife moving and your friend have to do with whether you should move or not?

I kept scratching my head on that one too. Maybe I'm not grasping something lol

[Grayson]

I'm confused. What does your Ex-Wife moving and your friend have to do with whether you should move or not?

Think he's just using her as an example.

[Kdog]

Don't forget you gotta live somewhere.

[txwhitetail]

Closing costs both ways 20k isn't much

[hully1029]

I'm confused. What does your Ex-Wife moving and your friend have to do with whether you should move or not?

Just using them as an example.

I kept scratching my head on that one too. Maybe I'm not grasping something lol

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[hully1029]

Won't your ex get half of the proceeds?

I don't know. If an ex gets half the profits from a home sale, then I should be getting a check. The house is still 50% in my name. She told me the title company would only need our divorce decree and they could work the paperwork without me signing anything. If that's not the case, I need to know.

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[Charles]

Just using them as an example.



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gotcha.

In reality, your $20K equity will disappear real quick in fees and moving expenses.

[Robertt]

If you bought the house after you were married it is community property and profit should be split equally unless something is stated otherwise in the decree. If one of you owned it before being married any payments made while you were that accrued equity is considered community property also.