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OT-Spinoff of first time buyers for home

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Jump to page : 		Last activity 2017-11-14 7:27 AM
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Turnburnsis
Reg. Nov 2004
Posted 2017-11-13 10:37 PM
Subject: OT-Spinoff of first time buyers for home


Expert


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Location: Oklahoma		We are not first time buyers. We have a place that we love and a great area. Biggest flaw is in flood zone. We have talked about moving and getting another place but we not sure how. How do people buy another while waiting for theirs to sell? or do you sell first and then go rent til you find something, or what if you find something and don't have your place sold yet? I don't want to rent or move 2x! and what is bad is to replace what we have Im afraid we would be so far in debt! My husband is 50 and I am 46 so we are thinking bout our retirement and don't want to be in debt or a huge mortgage. So how do you do this and not put yourself in a bind. my husband said we should just keep our place and rent and we buy another but we cant afford 2 mortgages if someone doesn't pay their rent or its in between renters! no way am I taking that chance!
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Griz
Reg. Sep 2003
Posted 2017-11-14 5:47 AM
Subject: RE: OT-Spinoff of first time buyers for home


Industrial Srength Barrel Racer


Posts: 7268
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I believe you write a contract on the next house contingent on the sale of your current home then you don't have 2 mortgages.
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fulltiltfilly
Reg. Dec 2008
Posted 2017-11-14 7:26 AM
Subject: RE: OT-Spinoff of first time buyers for home



I hate cooking and cleaning


Posts: 3314
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Location: Jersey Girl		You would buy with the sale contingent on selling your home.  

Or you sell yours and rent while you look to buy the new home.
 

Edited by fulltiltfilly 2017-11-14 7:27 AM
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horsegirl
Reg. Feb 2004
Posted 2017-11-14 7:27 AM
Subject: RE: OT-Spinoff of first time buyers for home



The One


Posts: 7998
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Location: South Georgia		Depending on the demand in your area, you may be able to rent out the place you currently live in so that you can move to the new place you'd like to buy. As long as you'll have the income (and the income you get for the rent you bring in will count), you'll have no problem getting the new mortgage.

I kept my first home and made it a rental, and my husband and I built our new home together.
 
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