Living in One State, But Wants to Move in Another (loan, refinancing)

[AVTechMan]

I have a question that I would like some input on. Suppose a person has a current mortgage on a house living in one state (as primary residence). In a year or so that person wants to move in a different state and live there, but having a current mortgage in where the person is currently living may be a problem.

I am sure that the best way is to sell the house first before moving to the next state to buy another home to make their permanent residence but, is something like this even possible? I am sure there will be alot of red tape for this to happen. Knowing the housing markets selling can be tough, but wondering if its possible for it to happen. Any thoughts or inputs on this?

[tammie2]

Originally Posted by AVTechMan

I have a question that I would like some input on. Suppose a person has a current mortgage on a house living in one state (as primary residence). In a year or so that person wants to move in a different state and live there, but having a current mortgage in where the person is currently living may be a problem.

I am sure that the best way is to sell the house first before moving to the next state to buy another home to make their permanent residence but, is something like this even possible? I am sure there will be alot of red tape for this to happen. Knowing the housing markets selling can be tough, but wondering if its possible for it to happen. Any thoughts or inputs on this?

Anything is possible!

You can always put your home on the market, then make an offer on a home in your new state that is contingent upon your home selling.

The other option is to put your home on the market, wait until you get/accept an offer and then during your pre-closing time look and purchase another home. However you then run the risk of the buyers not completing the sale....the good news is this is a more attractive contingency than a home without a buyer.

However, if you are up against deadlines to start a job, be in the new location for the start of the school year, whatever, it might make this more difficult.

The reality is that buying a home in another state is really no different than buying down the block as far as paperwork is concerned. The biggest difference will be to make sure you research the area and use a good realtor, you will need someone who knows about the area and which areas are flood prone, which areas have too much traffic, etc. etc.

[Modification Specialist]

Originally Posted by AVTechMan

I have a question that I would like some input on. Suppose a person has a current mortgage on a house living in one state (as primary residence). In a year or so that person wants to move in a different state and live there, but having a current mortgage in where the person is currently living may be a problem.

I am sure that the best way is to sell the house first before moving to the next state to buy another home to make their permanent residence but, is something like this even possible? I am sure there will be alot of red tape for this to happen. Knowing the housing markets selling can be tough, but wondering if its possible for it to happen. Any thoughts or inputs on this?

Av.. Here's something to think about.....

By trying to sell your house in a down market - you old home is'nt going to sell as much. By keeing your property and renting it out, could bring in some needed cash.

Your home has a primary mortgage on it now. If you move away it will still be a primary loan, unless you refinance it when you are living in another house. By refinancing when you are living in another state, the new loan will be for an investment property.

I have a client in living Georgia, that moved from New Jersey. They did not sell their previous home, but rented it out. Unfortunately the tenant's stopped paying rent and have been living there free for the last 6 months. This has force him into a deed in lieu and he is giving up the house. Point - if you keep it and rent it out - make sure you can manage the property when you are living it your new home.