UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: Ilby One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 893777  
Subject: Question about selling the house Date: 5/27/2013 1:03 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Because of my husband’s job we have to move. We are selling our house and moving into a rental apartment near his work place. The moving date is July 1st, whether we sell the house or not. We just found out about this, and didn’t yet put the house up for sale. It might take a week or two to get it in shape for showing, and we are planning to try to sell it without a realtor.

We realize it might take some time for the house to sell, and we are a little worried that it might be hard paying both the mortgage and the rent for a few months until the house sells. We are pretty close to the end of our 15 year mortgage, and actually have the funds to pay off the mortgage now. The money is sitting on the (former) Orange account, now Capital One 360, earning less than $20 a month. This is not our emergency fund. It is a separate money saved for the down payment for the new place we hope to eventually buy (together with the money we clear from the house sale).

In light of this, does it make sense to pay off the mortgage in June? Then we will not be in a hurry to sell, even if it takes a few months, or if the buyer can’t get to close the deal as fast as we would like. The house is a condo, so we can’t rent it, and we still have to pay the condo fees, but at least we won’t have the mortgage. It seems logical to do that. Are there any reasons not to do it?
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next


Post of the Day:
Macro Economics

Looking at Oil and Gas
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.