Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
WOW! Tough question with so many avenues to explore. My first gut reaction when you mentioned " girl friend" and buying property together was...see an attorney. I don't want to be the fly in the ointment but if you both tie yourself to a fixed asset and things don't work out you would need to be set up in such a way that you can part ways amicably. Consult with an attorney. As to the last part of your question," whatever will put us in the best financial position", consult with an accountant. Their advice is priceless in such situations. Realtors can answer questions about real estate value, and offer advice on buying and selling real estate, but there is much more going on here. Please, I can't stress this enough, please spend the few hundred dollars and seek the advice of an attorney and an accountant. There is too much money and real estate invovled here for a simple answer. It will be the best money you ever spent in a situation like this. I know an accountant that owns several apartment complexes in Columbus, Dayton an some in Cleveland. Please let me know if you want me to pass his name and number to you.
All the best,
Jeffrey Paeltz, SFR
1st, you are right that a home or condo will always take longer to sell when the builder is still building. The other part is that some builders have cut the price to finish selling all of the homes in a community.
You will for sure want to get a market study from a qualified Realtor on both homes. This is free from a Realtor.
I may say that if you are planning on living in one while the other sells will there be double the furniture to make it look crowded? If so may not be a good idea.. You need to make the home look bigger then it is. not like you are tight for space because the buyers will think they will have the same problem. Another thing, if you are thinking of going to rent one. The bank will not count the income from that rental until you have a written lease and have proof of the income for 12 months. (in most cases) they used to say rent it and we won't count it. But now they want proof of history. Meet with a banker to discuss what you qualify for if you rent it and if you have to sell it to buy. Rules have changed! I have been never busier in real-estate so don't listen to the news the buyers like yourself are still buying. They are however watching that they do not overpay for the market. Today’s market, sadly that can affect your offers when you sell but youshould be able to recoup when you buy.
Carol Reeves / Remax Achievers
- David Cooper..Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow . email or call for FREE daily list +1-7024997037
Molly is correct... I would say the first step is to find out how much you owe on the current homes you leave in and at the same time contact an agent in your area to perform a CMA on your properties to know if you will even be able to sell them and clear the payoff amount. If you can not clear the payoff amount from the sale ask the agent to provide you with a rental market report. This will tell you how much you can rent the home for.
Once you know if you can sale or if you need to rent the home you can contact a lender and see how much you would qualify for if you were to rent the property and/or sale the home.
Then you will be able to see what would place you in the best financial position.