I Want To Sell My House....
in a way that I want to be flexible and yet benefit from it. I'm not facing foreclosure nor any of those kind of stuff.
Just want to sell my house and buy a house near my work place.... most likely a two family. In this way, i can start my real REI experience....
Can anyone give me an advice to benefit on my sale and acquire the house I wanted. Below are the details of my plan.
My 1 year old house remaining principal is 249,000. I want to sell it for 350,000 at max (other comparative houses in the area sells at 355,000 and 359,000). I could go as low as 345,000 as long as i don't pay any commissions. My location is in Mt. Olive New Jersey. I will be needing the cash value as a downpayment, closing and moving expenses for the house I wanted to buy which is described below. I also know that I'm exempted of the capital gain taxes for around 125,000 due to my mileage/distance from work is more than 50 miles.
My friend is selling his 2 family house in Jersey City and is moving south by August. He also doesn't want to pay commissions. He is giving me the house for 375,000. His house is about 6 to 7 years old. I believe he is needing the money for his downpayment and closing costs.
Currently, I'm just stuck with the conventional selling and buying. I would really appreciate it if you can give me an advice on different approaches to this kind of situation.
Thanks to all in advance....
List it for sale... sell it. Get your money to move on. Be done with it. Nice and easy. Why complicate matters?