Cupcakes411, Both Buyer and Seller in Westchester County, NY

We own a 1 bedroom condo in Westchester and are thinking of selling it in order to get a bigger place. We

Asked by Cupcakes411, Westchester County, NY Fri Sep 12, 2008

dont really have much in the savings but as long as we can sell our place we'll have more than enough money to put 20% down on another place and to pay off almost all credit card debt. My question is will be able to qualify for another place based on the fact that we are only gonna buy another place if our condo sells and will that profit be enough to get approved for another mortgage? I only ask cause right now our credit scores are in the mid 600's and owe a lot of credit card debt (which like I said will be paid off once our place sells)

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Hello Cupcakes,

As Gail has suggested contact a mortgage broker and see what advise can be given for a solution to your question. First start with the bank you are currently with to see if they can give you a straight answer. If your bank informs you that with your current credit and financial situations it might be difficult to get another loan right away. At this point get your home in the market place and priced right and staged properly and get your condo sold.

In the intrim of paying your bills you should try to find a month to month rental or lease while you pay your debt and increase your credit scores. Make sure to maintain a small balance on a few cards. Once your credit is corrected and you have your financials in order then you should be able to move on and purchase that larger place that suits your needs and wants.

Got Property Get Egen!
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1 vote Thank Flag Link Sat Sep 13, 2008
As a few of the other brokers have mentioned you need to speak to a mortgage person who can help give you some insight on how difficult it will be to get a mortgage in your situation. From a Brokers perspective, I will tell you need to sell your place before you buy anything.
It sounds like you have some equity built into your property and will be in a good spot to upgrade and clear up some debt. Have you tried to open an equity line on your present home? I know it is more difficult today but you may find that paying a Heloc rate will be much lower than the rates credit cards are charging. Also when the time comes if you are trying to line up a sale and purchase you will need the 10% to put into escrow.
At the end of the day you need to try and get your credit score a little higher to open the door to more financing options, get your property ready and on the market. After that start doing your homework on areas and specifics you would consider for your new home. If I can ever be of any assistance feel free to contact me.

Andrew Rogovic
Associate Broker Prudential Rand
0 votes Thank Flag Link Fri Oct 24, 2008
You should join a real estate group such as Buying & Selling Westchester Real Estate, and work with someone who knows about not just real estate but also is a mortgage planner. Scott Richardson, a Certified Mortgage planner, can give you great advice on both your credit and mortgage issues, as well as help you find and sell real estate in Northern Westchester. Give him a call. 888-RRT-KWRE

He knows a lot about first time home buying & move up buying, and the topic of the next meetup is Buying Your home, they get 5 star ratings:

Also check out his blogs that get hundreds of hits a day:,,

He is also very knowledgeable about short sales and can help a seller facing foreclosure as well as a buyer who wants a deal:

Good luck!
0 votes Thank Flag Link Thu Sep 18, 2008
Best answer is to speak with a mortgage broker who can advise. Contact me off line and I will be happy to give you a recommendation based on our personal experience.
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0 votes Thank Flag Link Sat Sep 13, 2008
I am an Associate Broker in Westchester and would love to help you. On the surface of your situation, this is what I recomend. I think you should sell your co-op first, pay your credit cards off, put the savings in the bank and get a rental for a year while your credit clears and gets better. Then you will be in the postion to buy the best and larger co-op you deserve. Want to discuss it further come to my office at: 120 Bloomingdale Rd. Suite 101, White Plains 10605 and ask for Paul Tarrats or e-mail me at Then we can find more solutions, if needed.
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0 votes Thank Flag Link Sat Sep 13, 2008
Hi, The lenders are stricter then ever these days. The real key to getting a loan is excellant credit and enough reserve money in the bank. I strongly suggest two things, 1) Sell your place and pay off your debt before trying to buy another place, you will only set yourself up for disappointment 2) Consult a mortgage professional as only they will be able to help you efficiently. It will not cost you anything to have a conversation and it will give you the confidence you are looking for.

I have a few professionals that I can recommend to you, all are in Westchester

1) James Pugliese - DML Mortgage - 914.497.2886
2) Christian Babcock - Chase - 914.447.9691
3) Wayne Slaughter - Wells Fargo - 914.261.3502

Give them all a call to see how their perspectives differ and relate. Just think how good you will feel having sold your condo, and credit card debt free when it comes time to purchase. Also they will be able to tell you what is on your credit report so that you can get a head start tightening it up.

Christopher Pagli
Associate Broker
Legends Realty Group
0 votes Thank Flag Link Sat Sep 13, 2008
This is when a conversation with a trusted financial and real estate advisor would make a lot of sense. You need to talk with someone that knows:
1. Your personal situation
2. Your property
3. the local real estate market.

It might take two or three people to make it all work and make sense. if you need a referral I'd be happy to refer a Realtor in your area that can guide you.

Proverb: Wise is the man who uses the council of many.
0 votes Thank Flag Link Fri Sep 12, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
When your place sells reduce your credit card debt HOWEVER DONT close those accounts it will lower your credit scores. Reducing the balance by at least 50% or more increase your scores HOWEVER will take approx. 60 days for your credit bureau files updated. You might want to consider short term lease or extended stay hotel while credit is updated, paid off, while you search for another home.
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0 votes Thank Flag Link Fri Sep 12, 2008
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