Description
I recently worked with a client who wanted to relocate to a better area, but there was one major problem: all of their money was tied up in their current condo.
Their condo was worth approximately $170,000 with a loan balance of about $100,000, giving them roughly $70,000 in equity. The problem was they didn't have the cash available for the down payment and closing costs on their next home.
We found a new home priced at $410,000 and negotiated a 6% seller concession.
3% went toward their closing costs, and another 3% was used to buy down the interest rate to approximately 4.5%.
That brought the estimated monthly payment to around $2,500, but their goal was closer to $2,100 per month.
To make the move possible, we worked with a third-party company that advanced approximately 40% of the equity in their condo, giving them about $28,000 upfront to use toward the purchase of their new home. The company charges a 2.5% fee once the condo is sold.
After the condo sold, the seller netted approximately $54,000 after selling expenses. They repaid the $28,000 advance, leaving them with roughly $26,000.
The result?
They were able to move into their new home before having access to the equity from their condo, while still walking away with cash after the sale.
Once everything is completed, the plan is to recast the new mortgage using additional funds from the sale, with the goal of reducing the monthly payment from approximately $2,500 to around $2,100.
Deals like this aren't always about having more money. Sometimes it's about structuring the transaction correctly.
If you're trying to buy, sell, relocate, or figure out how to use the equity in your current home to purchase your next one, give us a call. We can help underwrite the deal and look at different ways to make the numbers work.
Contact Information: Chakits Krulsawat | Direct: 702-319-1092 | Email: chakits.k@gmail.com | Simply Vegas | 1780 W. Horizon Ridge Pkwy #100 Henderson, NV. 89012.
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❎All INFORMATION IS RELIABLE BUT NOT GUARANTEED. ALL PRICING SUBJECT TO CHANGE ❎ Chakits Krulsawat with Simply Vegas Lic# S.0168764 in not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. DO NOT make buying or selling decisions based on Chakits Krulsawat videos. If you need such advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. or financial advisor. Linked items may create a financial benefit for Chakits Krulsawat®. Any use of other media is by fair-use only. This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
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