Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Has anyone done this? Or have any agents here dealt with this (I'm sure you have)? We need to move across the country and we are pretty desperate to do this (we are moving for medical reasons), but with two very young kids (baby and 3), it seems insane to rent/use storage and then move all over again. Financially, it would be hard, but we could survive it.
Would you do this? Assuming of course, that we are pricing our home VERY competitively but in an average market.
Yes it happens all the time, just talk to a lender in the area where you will be buying. The lender will tell you if you qualify without selling your home first or if you need to sell your home before you can be qualify.
If you need to sell your home first, you'd put in an offer with a contingency on you selling your other home. Depending on the situation, the seller might say, I don't want to deal with someone with that kind of uncertainty. They may ask if you already have an accepted offer, if you don't have an offer and you aren't qualified for a loan, they probably won't take your offer, but nothing is stopping you from putting in an offer.
I have done it, and I carried two mortgages for a considerable time in a slow market.
The issues are- can you GET a mortgage on a new house before the old one sells? And what is your tolerance for risk? Because there is a risk that you will not sell quickly.
It is at least a decent market most places, so making offers contingent on selling another house is not likely to work.
Most lenders will require that you have 30% equity in your current home in order to even consider you for carrying two mortgages. That is to prevent the buy and bail scenario. Then you have to financially qualify to carry two mortgages.
We did it with our last move and it was a good thing, but we wouldn't have qualified with today's rules because we didn't have 30% equity at the time we sold.
We are in the process of doing this right now. We have an offer in on a short sale and are waiting to list our current home until we close on the new one. This gives us some time to make some necessary changes to the new place before moving in (providing our SS actually goes through)
Has anyone done this? Or have any agents here dealt with this (I'm sure you have)? We need to move across the country and we are pretty desperate to do this (we are moving for medical reasons), but with two very young kids (baby and 3), it seems insane to rent/use storage and then move all over again. Financially, it would be hard, but we could survive it.
Would you do this? Assuming of course, that we are pricing our home VERY competitively but in an average market.
Yes, just did this. Only difference is, we knew for sure where we wanted to move to, so we had already checked out the new area thoroughly.
Most lenders will require that you have 30% equity in your current home in order to even consider you for carrying two mortgages. That is to prevent the buy and bail scenario. Then you have to financially qualify to carry two mortgages.
We did it with our last move and it was a good thing, but we wouldn't have qualified with today's rules because we didn't have 30% equity at the time we sold.
About 2-years ago, we were in process of moving and put an offer on a great beach side short-sale. Short sales were taking several months to close at the time and I anticipated that we could sell our other place and be ready to buy at about the right time.
However, the bank was ready to close on the new place within about 10-days!
Since we had just sold a second condo and had our existing place on the market for several months, I wasn't sure we wanted to get back into another indefinite, dual mortgage situation. ... So, I pulled the plug on the short-sale deal.
Then, within the next month, our existing place sold!
Oh well, you win some and you lose some. BTW, the market value on the short-sale that we backed-out of, has since increased by about $200K!
Most lenders will require that you have 30% equity in your current home in order to even consider you for carrying two mortgages. That is to prevent the buy and bail scenario. Then you have to financially qualify to carry two mortgages.
We did it with our last move and it was a good thing, but we wouldn't have qualified with today's rules because we didn't have 30% equity at the time we sold.
Quote:
Originally Posted by jghorton
About 2-years ago, we were in process of moving and put an offer on a great beach side short-sale. Short sales were taking several months to close at the time and I anticipated that we could sell our other place and be ready to buy at about the right time.
However, the bank was ready to close on the new place within about 10-days!
Since we had just sold a second condo and had our existing place on the market for several months, I wasn't sure we wanted to get back into another indefinite, dual mortgage situation. ... So, I pulled the plug on the short-sale deal.
Then, within the next month, our existing place sold!
Oh well, you win some and you lose some. BTW, the market value on the short-sale that we backed-out of, has since increased by about $200K!
Doh, it sounded like you had originally closed., should've would've could've. Do you remember if it was a fixed or an ARM?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
, should've would've could've. Do you remember if it was a fixed or an ARM?
