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should we stay or should we go?

My husband and I purchased our 1930's home 5 years ago. We have put a lot of hard work into it from day one. We redid the porch, gutted rooms, new carpet, added a swimming pool and the list goes on. As many of you may know it is a never ending list. So now that just about everything is finished we would like to move closer to our parents. We have a 30 year mortgage on the home we are in now. But we also have a really great opportunity to help a 1800's farm house in dire need of some help, near where we would like to be. I am just not sure we can take on two mortgages and upgrades for the house we would like to purchase. I know that we can do it if we sell the house we are in now, but how long will that take? How do I go about the process? I don't even know where to start. Any advice would be appreciated.

Re: should we stay or should we go?

Selling a home is a process that involves many factors. "How long will you take to sell your home?" depends on the price, on the demand, the condition of the house, the neighborhood, the economy...you see what I'm saying?

If you want to sell your home, and from what you said, you need to sell it to be able to buy that second home, start by interviewing some real estate agents in your area. You'll see very quickly who is a serous agent and who is a bla bla.

I can tell you that: It takes at least 30 days to open and close escrow and to have a successful sale. Sure I've seen shorter times, where no escrow was involved. However, if you're not a real estate shark, don't sell your house without an escrow, not even to family members.

Re: should we stay or should we go?

Just to add this: in some parts of the country homes are sold by lawyers, not escrow companies - but it's the same idea.

Re: should we stay or should we go?

Another thing you can do to gauge how long it would take to sell your house is to look at recent sales in your area. You can do searches on Zillow or Redfin to get an idea of what is selling, how long houses stay on the market, and what price range houses are selling for. It really does depend on your particular area and the buying/selling pattern there. I would also recommend interviewing a few different real estate agents (check Yelp for reviews) to see who would be a good fit for you.

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