Home Buying in 85224>Question Details

Wizzz456, Home Owner in 85224

We would like to rent our existing home and buy another. What steps should we take to begin this process?

Asked by Wizzz456, 85224 Mon Dec 31, 2012

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19
Lets start with a new lender to determine the buying power you have and also do an analysis of your current home for the rental. Perfectly fine to do this, it s a great strategy. let someone else make the payment on your current home and you move to one that fits your situation better.

We have new lenders, property management and can represent you as a buyer.
0 votes Thank Flag Link Sun Feb 3, 2013
I would recommend starting with your lender to find out if you qualify to own both homes. If you are underwater in your current home it can be quite difficult to purchase another home as rules have been put in place to stop people from buying a new home and then letting the old one foreclose. If you have equity in your current home and can qualify for both payments then there won't be too many issues. If you need the rental income to offset the payment on your current house in order to qualify for the loan on the new home then you may need a signed lease in order to make that work and that can get a bit tricky to coordinate but can be done.
0 votes Thank Flag Link Thu Jan 3, 2013
I do have a client that is selling their Chandler home and wants to rent. Maybe you can share with us a little information about the house you own?

If you would like to sell but just afraid of it not selling, we even offer a 27-day guarantee sale program. I'd love to tell you about the details if you are interested. If you rent the home your rental income will count towards your total income and help qualify you for your next loan. Go with a trusted lender because in our Phoenix market 1/3 of all offers are currently failing.

The first step is to get together and go over your situation. Give me a call and we'll take care of you from there.

Brandon Switzer, MBA
602.403.5132
Curtis Johnson Realty
2680 S Val Vista Dr. Bld.5 Suite 122
Gilbert, AZ 85295
brandon@curtisjohnsonrealty.com

http://www.brandon.curtisjohnson.com

Ranked in the Top 50 teams in US by Wall Street Journal

Home of the GUARANTEE SALE program - Guarantee to sell your home or we buy it!
0 votes Thank Flag Link Wed Jan 2, 2013
Yes where is your home located it is better condition or not actually i am looking forward to buy or rent home for my office which is basically works on free online dating services and help me to cover up the rent cost from there and its your house located on commercial or posture areas.you can contact me at..
Source(S):http://www.snoogd.com/
0 votes Thank Flag Link Tue Jan 1, 2013
If financing, contact a lender that you currently work with. They will have to acquire your financial information first to make sure that you can do this. This is your first step. Once you have that completed, contact an agent, preferably one that can do leasing (for the rental of the existing home), get that going, then have that same agent help you find the property you're wanting to purchase. All the best!
0 votes Thank Flag Link Tue Jan 1, 2013
I'm a realtor who is actively looking for a nice rental property in Chandler. Can you please provide information on your rental property? I might be able to have it rented before you need to list it.

Thank you--

Brian Newman
Realty One Group
Tempe, Az
480-330-8185
0 votes Thank Flag Link Tue Jan 1, 2013
I would love to send you a list of active properties that you may like and keep you up to date on future homes that come available as well. My Team & I always have an active list of properties that are not listed to the public also.

I am a Buyers Specialist in the East Valley (Tempe, Ahwatukee, Chandler, Maricopa, Mesa, Gilbert, Scottsdale, Phoenix, AZ etc) with over 13 years in Real Estate. I can also help you get pre-approved for a mortgage if needed.

Please feel free to contact me with all your criteria via phone from 9am-11pm, 7 days a week or by email anytime. I can set up a FREE automated search for you to receive new listings via email. It takes just seconds!

John C Johnson "JJ"
Solutions Real Estate
Valley Solutions Team
REALTOR®, Buyer's Consultant
JJsellsAZ@yahoo.com
Direct (480) 606-2027
eFax 1-(888) 958-2554
http://www.3Bedrooms2Baths.com
http://www.YouTempe.com
http://www.Ahwatukee4Sale.com
http://www.ChandlerProperties4Sale.com
http://www.DobsonRanchHomeExpert.com
http://www.GilbertAZHomesOnline.com
http://www.MaricopaHomeSolutions.com
http://www.ScottsdaleAZHomeHunter.com
0 votes Thank Flag Link Mon Dec 31, 2012
I am a highly experienced property manager and buyer's agent with extensive recommendations from my clients on my profile that you can view by clicking on photo beside this response. As far as your current homes goes, you will want to investigate comparable rental homes and have a property manager present you with their fee structure, management agreement, and marketing program for filling your home with a tenant as soon as you are ready.

On the purchase side, you will want to prepare either a pre-approval letter or proof of funds for the amount you plan to spend on the new home. What are the criteria that you have for your new home?

If you would like to search the MLS with the same capabilities that I have as a Realtor you can do so online on my website at http://www.jenniemillerrealtor.com. This site will you allow to search both rental homes in your area and for sale homes for the new home.
0 votes Thank Flag Link Mon Dec 31, 2012
Well. We just found out that we have to stay in the house for a year since we just refinanced using the harp program. That is what it reads in the contract through wells fargo. Unless there is some way around that...any ideas?
Flag Wed Jan 2, 2013
There are a couple things that are needed. We need to know what the value is on your current property to lease it and what you can get for that.

You will need to get with a lender to find out if you can lease out your existing home and qualify for another loan.

I can provide you with a list of qualified lenders to assist in that process.

Once you have done that, we can discuss your needs and wants and get you set up on a custom search and walk you through the process.

Not sure when you purchased your home and in what market that was done.

I'm here to help :-)

Debbie Nieman
Real Estate Professional
Keller Williams Sonoran Living
602-799-5239

http://www.diverdebi.com
http://www.diverdebirealty.com

diverdebi@cox.net
0 votes Thank Flag Link Mon Dec 31, 2012
Dear Wiz:

You will be able to rent your existing home quickly in relation to buying a home. To purchase a home first get pre-qualified with a lender, unless you are buying cash. Then, think ask your Realtor to find you a home in your desired area and requirements. Once you are ready to move out of your existing home and get it ready to rent with paint, touch ups etc you can have your Realtor put the rental home on the market with a noted lease start date for prospects to know the availability.

May I wish you the best and Happy New Year!

Jeff Masich, Realtor, GRI, MBA
HomeSmart
Scottsdale, AZ
http://www.JeffMasich.com
JeffMasich@ArizonaHomesLand.com
0 votes Thank Flag Link Mon Dec 31, 2012
Hello, I have alot of experience in listing rental homes & have 2 myself. I am happy to help you. The first thing you would want to do is make sure you can qualify for both homes. Although you would have rental income, a lender will only consider a portion of that monthy rent. I believe the ratio is only 70%. I have a great lender on my team that I can put you in touch with. Then we would consider how much you would get for your rental. After that, we would list it on the MLS. I also list my rental properties on epropertysites.com which posts your home on 7 different websites such as Trulia and Zillow. In addition, I list it on a number of facebook groups I am involved with. These websites generate alot of business (more than the mls). The next thing we would want to do is search for a home. Ideally, you would want to find a home quickly and make an offer. Depending on where your current home is located would depend on how quickly it would rent. If you find a home that is a traditional sale (meaning no short sale), you could close in as little as 10 days (only certain lenders do this). If you want to discuss your options, please give me a call. I am also happy to let you talk to some of my clients that purchase rentals and then rent them with me.
0 votes Thank Flag Link Mon Dec 31, 2012
Hi Wizzz456:

From a lending perspective, assuming you are going to want a loan on your purchase property, there are rules associated with these types of transactions. The rules vary depending on the percentage of equity you have in your current home and the type of loan you plan to take out--Fannie/Freddie vs. FHA.

Fannie and Freddie require you to have 30% equity (FHA is 25%) in order to count the income from the rental property. They will also want to see a signed lease agreement and that the security deposit has been deposited into your account.

If you are going to be using mortgage insurance (MI) on the new purchase, the MI company may also require you to have six months reserves for each property.

So, one of the first steps may be to talk to an experienced loan officer to see which rules will apply to you and how to prepare to meet those rules and get pre-approved for your new mortgage loan. I would, of course, be glad to help you in this process.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
EM: BParker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes Thank Flag Link Mon Dec 31, 2012
We specialize in the Chandler area and Southeast Valley, please give a call to discuss the current rental market in your area and the number of possibilities we currently have for sale.

Dave Rose-The Darwin Wall Real Estate Team
dave@darwinwallteam.com
480-250-3252-DIRECT
0 votes Thank Flag Link Mon Dec 31, 2012
Hi wizzz

1st step is speak to a lender and get fully qualified. 2nd begin searching for a second home and can put your current home for rent subject to you moving out first befor anyone can move in.

Speak to a property management company if you are looking for them to handle the rental and tenants.

Feel free to call or email and we can figure the best plan for you, it's not difficult at all.

Juan Pesqueira
American associates
4804588007
http://Www.tempehomescondos.com
Azluxuruhomeblog.com
0 votes Thank Flag Link Mon Dec 31, 2012
Renting your home wil be relatively easy, but first you should speak with a mortgage representative to see if you can be qualified to buy a new home and rent your current one.

I would be glad to assist you with this transition. Feel free to contact me at any time.

David Acamovic Jr.
CENTURY 21 Arizona Foothills
602-690-0311 (mobile)
dacamovic@gmail.com
0 votes Thank Flag Link Mon Dec 31, 2012
Do you have a mortgage balance on your current home? If so, it will be important to get in contact with a mortgage lender to find out your options. You will usually need to have income sufficient for both payments, not including the rent. If you have other questions or need a good lender, let me know.

Michael Maddox
Zip Realty
480-861-5194
mmaddox@ziprealty.com
0 votes Thank Flag Link Mon Dec 31, 2012
I can explain to you the process in detail.
Briefly, we can list your home for rent; and start the home search for your new home.
Please call me at 480-966-9353, or email.


Steffy Hristova, MBA, SFR, Realtor®
HomeSmart
Tel: (480) 966-9353 Fax: (602) 507-3703
3131 E. Camelback Rd. #125
Phoenix AZ 85016
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Mon Dec 31, 2012
I am more than happy to help you!
The transition to purchase and then rent your home is a smooth transition and I would love to help.
Feel free to contact me so we can format a gameplan that makes sense to your needs!

Anna Selby 602-570-2649
info@sellbuyselby.com
0 votes Thank Flag Link Mon Dec 31, 2012
What area are you looking?
0 votes Thank Flag Link Mon Dec 31, 2012
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