If you have a mortgage on your current home that you owe more than your home can sell for, you may or may not be able to let someone assume your loan depending on the investor that owns the note. If a gov't loan, it's possible it may be assumable. Need to check your paperwork on if it's assumable...I'm guessing it's not. A lease purchase could be a good idea for you to find a home you want to buy in the future, and to lease/rent it with an option to buy in the future....this could help as you wait for your home to sell. Ideally if you want to go for it all - you would find a home to buy straight out or with a lease/option purchase using owner financing, settle on the terms, and either rent out your other home while you try to short sell it with your lender. I've seen this happen many times where the lender will approve the short sale, but for you to buy something you need or lease/option it for a future purchase, the owner financing is the best way. The reason is after you complete your short sale, you will not qualify for purchasing another home with a mortgage for approximately 2 years. Another option instead of the short sale (if you have only one mortgage) is to request a deed-in-lieu of foreclosure on your current home. Has a more negative effect on your credit but if doing owner financing for your larger home, most times you can still complete the purchase...you just may need to provide a little more cash deposit to the owner for the lease/option agreement. Good luck.
Tom Hinz www.shortsaletosell.com 732-531-8282... more
This is a very nice community! I am sure that the Mortgage Companies/Banks are trying to sell all their properties as quickly as possible. They do not want to have a huge inventory of larger homes on their hands, with the volume that is possibly to come. One thing that is a bonus for Buyers is there are a lot of these wonderful homes out there that have been drastically reduced! So, enjoy choosing your new home!
If I can be of any assistance to you please feel free to contact me! Have a fantastic day!
Lesley Denney, RE/MAX Right Way
Andy, I am very familiar with the area you are referring to. Without actually seeing your home, I cannot give you a suggested list price. If you do not have a Realtor, my husband and I will be happy to drop by at your convenience and discuss our experience and marketing plan with you. Location, condition, and pricing are crutial in making your home more desirable than others. We can share with you the absorption rate in the area, your competition, and recent sales so you can intellegently make a deicsion on a list price. Although you may not get as much as you would like for your home, you can probably make up for it on the purchase of another home. With the current interest rates, it is indeed a great time to be purchasing a home. Please feel free to visit our website for additional information. Best wishes, JoAnn... more
Although it may be possible to roll the extra into a new home loan, it is not very probable. However, I am not a loan officer so I would suggest you call a reputable loan officer in the area to find out what all may be available. If you do not know of a good loan officer, I will be happy to recommend one. It is true that Cordova (along with most other areas of the city) has experienced a down turn in the market. However, it is still a very desirable area to live in. In fact, I currently have 3 clients looking to purchase a home in the Cordova area. The numbers for June are not out yet, but according to the Memphis Area Association of Realtors, there were 164 home sold in Cordova in May -- Not too bad. Best of luck, JoAnn... more