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GuruKelly
GuruKelly, Financial Advisor
Category: Finance
Satisfied Customers: 27
Experience:  16 Year seasoned business expert in Venture Capital, Financial Management, and International Bus.
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I just bought I house, and I need to know how long should I

Resolved Question:

I just bought I house, and I need to know how long should I wait to sell it, to walk away with either a zero profit or a plus profit
Submitted: 5 years ago.
Category: Finance
Expert:  GuruKelly replied 5 years ago.
Customer

I can help you with your situation, however, can you provide me with more information about your situation?
Customer: replied 5 years ago.

What do you need

Expert:  GuruKelly replied 5 years ago.
Where is the house? Are you talking about how long you need to wait to have favoritable tax treatment as a primary residence? Are you living in the property? How much did you purchase it for and what is it worth today?
Customer: replied 5 years ago.

It's located in Columbia TN, 38401, I didn't realize I was buying this house and now I can not get out of it. I need to know when I can sell it to break even. I bought the house for 132,000 its been appraised for 140,000. All I want is out of this house, and to move back where I came from, I made a stupid mistake, and i need out of this. I will be living in it until I can sell it.

Expert:  GuruKelly replied 5 years ago.
Customer

If you will be patient with me I may be able to help you. Have you closed on the house? If so when? What do you mean that you didn't realize you were buying the house?

What is the interest rate on the loan (if you own it). How much did you put down? This will get me started.
Customer: replied 5 years ago.
Well its a long story, basiclly I left my wife and went looking for a place to live ( I never bought a house before) I saw a place i liked and I bid on it they counter I counter they accepted. My wife tells me the Doc found a lump, so I tried getting out of the house, no luck, I went to a lawyer, tried to reason with the seller nothing, it seems that was the contract. I close on the house on 12/12/2008, interest 6.0%, nothing down. it's through wells fargo, and it's a VA loan. TN state law does not require my wifes signature, and the home inspector did not find anything wrong that I didn't already know about. The appraisel was the last thing and nope that was good to. I signed what I thought was a bid turned out it was a contract, I will live there long enough to get out from this, my wife needs me, and I'm trying to be the good guy in this.
Expert:  GuruKelly replied 5 years ago.
You need to work on the problem. Lets first get a better understand of the contract. You can upload the contract to this site for freehttp://www.box.net/ I would black out personal information of yours and the seller for me to look at.

I can't understand why you cannot walk away from the property. If you can't there are some other options to look at to get you out right away.

What did your lawyer say? What are the sellers telling you? What is the zip code of the property. How many bedrooms, bath rooms, sq footage?


Customer: replied 5 years ago.
Lawyer said I'm stuck, the seller said unless your dead sorry charlie, zip code 38401, 3 bedrooms, 2 full baths, itsXXXXX square footage i think 1300, as far as the contract my computer will not allow me to upload it security, and all. I wish I never saw this house, really though I was told I would need to live in it for 2 years before I stood a chance in selling it and breaking even, I have tried to get out of this beleive me I have tried, I could fax the contract, that would be my only option.
Expert:  GuruKelly replied 5 years ago.
How much will the monthly payments be on the property?
Customer: replied 5 years ago.
approx 987.00 a month
Expert:  GuruKelly replied 5 years ago.
chattanooga
clarksville
jackson
knoxville
memphis
nashville
tri-cities


TELL ME WHAT CITY IS CLOSEST TO YOUR HOUSE
Customer: replied 5 years ago.
FRANKLIN, SPRING HILL, CHAPEL HILL,
Expert:  GuruKelly replied 5 years ago.
No i mean of the cities below. I need the two closest areas.

chattanooga
clarksville
jackson
knoxville
memphis
nashville
tri-cities
Customer: replied 5 years ago.
Nashville, tri-cities
Expert:  GuruKelly replied 5 years ago.
It appears that you cannot get out of the house. If that is in fact the case I propose one of 3 options:

1) List it for sale by owner (no real estate fees) for 140k which would be able to get you out of the property with no loss

2) Wait 12 to 24 months and list it with a realtor. Should be enough equity to get out and pay a realtor.

3) (My preference) Go to the following two websites after you have closed on the home. Offer a lease option to buy on the property. Give someone 2 years to take down the property while they pay the monthly mortgage payment and sell it at 140k.

This option should be able to allow you to get someone to bite within 30 days. If you get someone to bite and want me to draft a lease option to buy contract. Come back to justanswer and at the beginning of your question put GuruKelly to answer and put it under the category of Finance.

http://nashville.craigslist.org/rej/

http://tricities.craigslist.org/rej/

Best of luck

Let me know if there is anything else I can do for you.
Expert:  GuruKelly replied 5 years ago.
Anything else I can do for you? If you liked my answer please click accept answer so I get credit for todays conversations.
Customer: replied 5 years ago.
Thanks for your advice, and thanks for the offer, I think me not being so smart at this I will wait the 12-24 months and sell the house with my tail between my legs.
Expert:  GuruKelly replied 5 years ago.
Customer

Thank you for using Justanswer.com. Please click the accept button so I get credit for answering your question.

Best of luck
GuruKelly, Financial Advisor
Category: Finance
Satisfied Customers: 27
Experience: 16 Year seasoned business expert in Venture Capital, Financial Management, and International Bus.
GuruKelly and 5 other Finance Specialists are ready to help you

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