Selling Our House

whitt whitt
2 months ago

So my husband and I are considering selling our home after just living here for a year. But because if we sold we'd be paying back pretty much all of our mortgage, we wanted to figure out what the best way to sell would be for us to pocket the most money for a decent down on a new place (or to buy a parcel outright and own the land).

So we paid 185k for our place last year, we have 120 acres (three contiguous 40 acre parcels). The middle 40 has the house/garage/barn/multiple sheds, southern 40 is mainly lowland, northern 40 has tons of well manicured trails and highland. We were thinking splitting the parcels up would be the best idea? Even though I'm assuming that money would go to the bank/pay off some of our mortgage. We got a deal on the house because it was sold "as-is" and was full of junk... I mean literally full. Every shed, every building, owners didn't want to deal with it. We've since cleaned it up.

I wanted to get opinions on this from people with more experience, as this is our first house. We have someone willing to give us 55k cash for the northern 40, thinking of selling the southern for 45k, and then the main parcel for 200k+ (whatever we could get right now since the market is so high). Do you think this would give us a shot to pay off our mortgage and walk away with enough to find a decent house?

Thanks for any insight! Also I'm not sure if this is the right thread to post this in, I'm also contacting realtors today obviously to discuss options.

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