Dave and Karen Chapman

Ronnie.

Sounds like have not you sat down with a mortgage loan officer yet. Before Karen and I go out with a buyer to look at homes we have them get together with a mortgage banker. To me getting together with a loan officer is the first step you should take when buying a home It can be one your agent recommends or some one you fine on your own. I would suggest a mortgage banker, not a mortgage broker. That way, you can get pre-approved for a loan( know how much home you can buy) and get your questions pertaining to the loan answered up front. - Mon Jun 2 2008, 10:23

Nancy,

You said it is listed with an agent. Is it a full service brokerage? If so, I suggest you set down with your agent and ask them what are they doing to get your home sold quickly. What is their marketing plan? Where are they advertising your home? I also suggest that you discuss what your alternatives are if it does not sell before your new home is ready. The reality is you may need make to 2 mortgage payments for a period of time. Are you willing to rent it out for a year? You might want to talk to your agent about a rent to own program. That might attract more buyers. Or if you don't get any showings you need to reduce the price even further. We live in Frederick, Maryland. It was a hot market a couple of years ago, over 20% appreciation a year. These days it is just the opposite. Now, we tell our sellers if it doesn't sell in 30 days and you don't get regular showings they need to reduce the price by 1% and continue to reduce the price every thirty days by 1% until it sells. The percentage in you area may be different , but you need to stay ahead of a falling market. One other idea that comes to mind is if your house can qualify for FHA you can give a gift to a buyer through a program like Nehemiah. The web site for Nehemiah is www.getdownpayment.com. With a program like Nehemiah and FHA you can get a qualified buyer to buy your home for no money down. That might attract buyers. I hope that helps - Fri May 23 2008, 19:53

Rob,

I agree with what a lot of the other answers here that if it works don't replace it. What I want to add is I suggest when you do put the home on the market in the next year, you buy a home warranty for the new buyer at closing or better yet have the agent who lists your house buy a 1 yr home warranty for the buyer at closing. The home warranty will give the new owners piece of mind knowing that even though the heat/AC is old they will be covered for the first year and the new owner can renew it after that. Not only is the heat/AC covered but all the appliances will be covered. So, when it does finally fails they can replace it for a $50 to $100.00 deductible. There are different companies that offer home warranties and the price depends on the size of the home and extra that need to be covered. The ones we buy run around $450. We buy them for our listings and if one is not offered by a seller we buy it for buyer clients. - Fri May 23 2008, 17:14

Joel,

I suggest you Talk to a Lawyer about this matter. - Fri May 23 2008, 11:08

VJ,

It depends. Are you planning on renting it? If so, you need to find out what your cash flow will be. Positive or negative. If it is positive, then its a good time to buy. If not, I wouldn't do it. Or, are planning on rehabbing and flipping it? Then, you need to ask, can I make a profit in my local market when I resell it? If not. Stay away. - Fri May 23 2008, 11:03