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Originally Posted by Hifred
I am interested in opinions. I own a home in The Village of Charlotte and am considering building a larger home in The Village of LaGrange in Eastport. I am confused... With the bidding process for lots and potentially purchasing a lot and then not being able to sell my home for the price I need to complete a build that I would want. There are two options: 1) I sell my home first and then when the lot I am interested comes up to enter the lot lottery or 2) Purchase the lot and then try to sell my home. The issues are if I sell my home and rent then I may not get the lot in the area I would like to live since the lots have multiple people trying to purchase. But if I purchase a lot and then try to sell my house if it doesn't sell then I must move forward with the build and that could cause me problems financially. I have spoken to TV sales department and they are very positive that my house will sell which is what I would expect from the sales department. If anyone has had recent experience with this process can you tell me how it went for you? My current house is in very good condition but with all of the new houses for sale in the south I am thinking my house may not sell for what TV market appraisal is. I looked on line and my home would be the 10th pre owned sale sorted on price and square footage. However there are more than 18 new homes that are less expensive based on price and square footage. Your thoughts are appreciated.
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Your concerns can be solved with a bridge loan. It will cost you some interest and points paid upfront but it will resolve your concerns.
If you have an IRA or SEP retirement account, you can make the loan to yourself. The are limits on the time within which it must be repaid. If not repaid within the time allowed, it will be treated as income for tax purposes.