contact a lender about your ability to purchase while you try to sell your condo. Banks won't take a trade especially since your current lender would have to approve the transfer and that is not likely to work. If the lender can qualify you "not" contingent on the sale of your condo go after the bank owned home. If you need to sell first then just make a plan for a short term rental or a leaseback to the new buyer of your condo. Creative ways can make your goal a reality.
Let me know if we can help.
Keller Williams Arizona Realty
I would recommend that you sell your current condo and then look for a foreclosure. If you are not in a situation where you can sell your current condo then I would advise that you rent out your current condo until the real estate market is back up and you are ready to sell.
If you would like to look at some available Foreclosures in the North Scottsdale community of Desert Mountain you can visit my website at http://www.DesertMountainHomesOnline.com.
You already got your answer. No!
I suggest that you contact a local real estate professional and sit down a find out what it will take to move from your condo to a new home. There are lots of moving parts involved. Why donâ€™t you get your information straight from an experienced professional who can answer all of your questions.
Search Trulia for agents in your area. Ask your friends for recommendations. The best advice that you will get will be from a professional who works every day in your market.
Banks would not be interested in trading as stated below. Two likely scenarios would be to either keep your condo and rent it out or sell your condo and purchase another property.
With either option you would want to make some connections and due some evaluation as to which one is the best for you.
We have professionals that can assist you in determining the best option for you. Many agree with you that it is an excellent time to purchase property in the Valley as prices are very affordable. It might be a great time for you to move up.
Please let me know if you have any questions.
I would recommend asking a CPA about the viability of leasing your condo out. Ask about the tax consequences both during the leasing period and at the time of sale.
Talk with a lender about your qualification for a new loan if you lease out your condo.
Get the facts first. Then decide.
No the bank will not trade. I have several cash buyers that are looking for condos. If you would contact me maybe we can sell yours and find you a new one. This could be a win-win for both of you.
My contact information is below: