I know this question might have been asked a few times, but I’m thinking of selling my house only after a year of ownership. When I purchased it, it wasn’t something I was thinking of staying in long term. Long story short, the market is kind of crazy and my house did ok equity-wise(or at least I think so).
I purchased my home for 185,000 last year. The current value est is 230-250k right now. I wanted to get a bigger home using that equity I got. The new home I’m looking to purchase would be anywhere from 280-320(320 being new construction). I’m reading I might be subjected to a capital gain tax for whatever I sell my house for because of the one-year ownership.
I’m currently working with this company Orchard Mortgage, where they give you up to 90% of the home equity to use as a down payment (or use it as I like). When they sell the home, I get the remaining estimated additional proceeds.
I’m curious as to do their fees operate the same as just going the traditional route of selling my mortgage?? (I’ve added pics).
Also, should I just wait another year to avoid that tax??
Do you guys think I should use a traditional real estate rep and do it the old-fashioned way??
Here’s a link to what has been offered https://imgur.com/a/fskr6Er