I live in North Virginia, my town house is worth around 360,000, my payment are 1800 a month, owe about 180,000, I have fairly good credit, I would like to keep my town house and purchase a single family fixer upper(can purchase one for about 350,000-400,000), but just have enough to cover the mortgage for my townhome. Have any suggestions?
Howdy Vico:
Borrow enough to make the payments on the fix up and sell it fast. Be careful. The number of houses on the market in Fairfax just went up 50% over last year. This will put downward pressure on the market. Find a super deal and not just an average one.
Ted,
The market in the Northern Virginia area is VERY hard to read…when I sold out up there (June last year), decent houses stayed on the market a matter of days, great homes only hours. We sold a towhhouse…had an open-house on Saturday and published that we would review offers on Monday. We had eight full-price offers, six with escalation clauses. The house sold for $15K over list. We took the highest offer which also had NO contingencies whatsoever (no inspection contingency, no financing contingency, etc.). The buyers were tickled to finally get something. Prices escalated very rapidly. I’m thinking that it had to cool some!
Keith
I am currently working with a couple clients in Virginia and the Property values are still going up. One client is refinancing a purchase that I helped him with a year ago when the appraised value was 365k. It is now appraised at 487k.