Advice needed please

[Dustinb09]

So, me and my wife are kicking around the idea of selling our first house and buying a place with some more land. With that being said we've only had our first place for a year and it wasn't really what we wanted, but we had to do something quick cause we had a kid on the way. At the time she was traveling around with me and my job. Is selling so quick going to hurt me? What are the first steps i need to take? Thanks for the help in advance!

[mchildress]

Believe you need to stay it a primary residence two years to get the full tax benefit on your gains.
You may be able to still roll it all into the new residence and be ok.

[cvanbrunt]

I would start with finding a realtor you trust and have them pull the comps in your area. This will tell you a lot about what has been selling and for how much. This is how they will put a value on your house at the loan underwriters for potential buyers. Once you see what you're house will potentially sell for, compare that against the amount you owe and see if it is feasible to sell this quick or if you need to wait a few years to make some more headway against the loan so that you dont lose your butt in the process.

[justintyme8303]

Was it new or resale home?
Did you put any cash down?
If not did you get bond money or down payment assistance that will require to be paid back if less than 2-5 yrs?

[Dustinb09]

Was it new or resale home?
Did you put any cash down?
If not did you get bond money or down payment assistance that will require to be paid back if less than 2-5 yrs?

It is a resale home and i did put cash down. It has 5 acres and theyre building a new plant 10 miles down the road, so i believe that would bring the value up and sale fairly quick.

[Henry]

Find a realtor, if you like i can recommend one.
Have him/her determine the market value of your home to see if its worth it to sell. Ask to see the comps.

You might have to bring money to the table if it isnt worth more than what you bought it for. Ask for a Net Sheet to see what you will net from the sale.

[Dustinb09]

Find a realtor, if you like i can recommend one.
Have him/her determine the market value of your home to see if its worth it to sell. Ask to see the comps.

You might have to bring money to the table if it isnt worth more than what you bought it for. Ask for a Net Sheet to see what you will net from the sale.

I couldn't see it being worth less with the money I put down and the improvements I've made. Thanks for the leads.

[justintyme8303]

What kind of plant are the building? That could hurt more than help not everyone wants a rendering plant even 20 miles away.
How much % did you put down that may help break even.

[Dustinb09]

What kind of plant are the building? That could hurt more than help not everyone wants a rendering plant even 20 miles away.
How much % did you put down that may help break even.

Its a phillips plant figured it would make more jobs available and people moving in to work. I put 10% down

[Dustinb09]

What kind of plant are the building? That could hurt more than help not everyone wants a rendering plant even 20 miles away.
How much % did you put down that may help break even.

The plant has always been there they're just adding to it.

[justintyme8303]

A buyer relocation to work at plant might help but will not add any market value.

Only thing that will affect value are resent sales but that includes foreclosures too so finding good comps is the key.