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  Carrying two Mortgages....???
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Carrying two Mortgages....??? Sign In/Join 
Picture of rubyruby
posted
deleted per REL advice!

This message has been edited. Last edited by: rubyruby,


"In the spring, at the end of the day, you should smell like dirt"
 
Posts: 1174 | Location: Houston, Tx Zone 9 | Registered: Jul 13, 2004Reply With QuoteReport This Post
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Deleted per request of OP, rubyruby.

This message has been edited. Last edited by: Idaho Resident,
 
Posts: 6487 | Registered: Jan 01, 2008Reply With QuoteReport This Post
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Hi Ruby, sorry to hear your home hasn't sold yet.

Is 40K less than 20% of the value of the new home? Conventional financing? If so, you may be required to pay PMI.

WRT a refi, assuming you plan to stay in the proposed home, we use a 24 month rule to recoup refi costs. Have no idea what your particular costs might be but if you saved $169 per month (40K, 3%, 30 years), you would recoup approx $2K of costs in 12 months.

For financial planning purposes, do you maintain an adequate emergency fund? If not and you qualify for the higher mortgage amount on the new home purchase, you might want to hold the next 40K (net proceeds from sale of old home) as part of your emergency fund.

WRT the relevant RE tax issues, do consult with your own tax advisor but holding the two properties shouldn't cause a problem. For state tax purposes (if any at either location), I suggest careful documentation of the move-in/move-out dates.

From a sales standpoint, JMHO but I believe it's preferable to sell your existing home occupied, completely furnished and appropriately staged. Most importantly, you can continue making sure the home is spotless for showings.

In many areas of the country, family neighborhoods turnover during the summer as parents move their children prior to the new school year. Sure you want to leave during what's possibly the prime selling season?

I can definitely understand your personal reasons for wanting to move on. If it were my situation, I would review the various factors and perform a cost-benefit analysis, including any emotional costs.

Any plans to rent the home if it doesn't sell within a certain period of time? Any friends or relatives available to house-sit and manage showings, cleaning and staging? What about security if the home was left vacant?

Here's hoping the home sells long before the end of June so you can start your new life in Houston!

Best to you -
 
Posts: 168 | Registered: Sep 21, 2012Reply With QuoteReport This Post
Picture of rubyruby
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IR! You got it! and this is exactly what kind of info I was looking for! Thanks y'all! SmileAppreciate the input!!!


"In the spring, at the end of the day, you should smell like dirt"
 
Posts: 1174 | Location: Houston, Tx Zone 9 | Registered: Jul 13, 2004Reply With QuoteReport This Post
Picture of rubyruby
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Smile .

This message has been edited. Last edited by: rubyruby,


"In the spring, at the end of the day, you should smell like dirt"
 
Posts: 1174 | Location: Houston, Tx Zone 9 | Registered: Jul 13, 2004Reply With QuoteReport This Post
Picture of real estate lady
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Go move with your husband, put minimal down on the new house. Sock rest away. Suggest not discuss personal finances on the net, here or otherwise.
Just my thoughts.
 
Posts: 9182 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of rubyruby
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Good point REL. BearCat and Idaho, would y'all mind deleting/editing your post. Smile thanks ladies!


"In the spring, at the end of the day, you should smell like dirt"
 
Posts: 1174 | Location: Houston, Tx Zone 9 | Registered: Jul 13, 2004Reply With QuoteReport This Post
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Hi Ruby,

Sorry I haven't been around so missed your post.

Although I replied to your OP, I try to make my comments general when discussing financial planning issues in order to possibly (even though it's only MHO) assist any lurkers in cyberspace. Took a quick look at my post and didn't see any of the details of your situation. Let me know if you'd still prefer that I delete it.

How's everything going now? Take care and good luck -
 
Posts: 168 | Registered: Sep 21, 2012Reply With QuoteReport This Post
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