Loubell30, Both Buyer and Seller in Front Royal, VA

We are currently looking at a house in Front Royal.. We have a house that needs to sell also in Front Royal

Asked by Loubell30, Front Royal, VA Wed May 6, 2009

but different area.. What are people doing right now with the market so unstable? Are people renting out their houses? Maybe they are selling and we just do not realize it. I know that there are at least 4 homes where we live that are in foreclosure. It is perplexing and we just do not know what to do but we do know that we need more elbow room, so we have to move.. Any advice?

Help the community by answering this question:


I will address your concerns one at a time: First, some people are finding that renting their current home is a viable option if they are unable to sell it, but as Cindy pointed out there are many things to consider before this decision is made. Can you afford both mortgages if your tenant doesn't pay?, Are you prepared to handle the problems that can arise when you become a landlord?, etc. etc.
Second, homes are selling in Front Royal! Your first step is to contact a reputable experienced agent to determine the current fair market value of your home, what is the estimated time it will take to sell and what can you expect to net financially from the sale. Only then will you have the information to make an informed decision.
Web Reference: http://www.justcallball.com
1 vote Thank Flag Link Sat Aug 15, 2009
We are seeing more people holding on to their first house, using them as rentals and buying a new home. However you should speak to a local mortgage professional before you start. Most lenders will not consider future rental income on your old home as part of your qualification for a new mortgage.. You will likely need to prove that you can pay both mortgages without rental income before you can get a second mortgage.

If the finances work out for you then make sure you check the rental market is in your area to see how many rentals you may be competing against, how long it will take to find a good renter and what your liabilities will be as a landlord. Since you are staying in the area you could probably manage the property yourself but not everyone wants to be a landlord.

Those are my recommendations to get you started. Good luck !
Web Reference: http://cindyjoneshomes.com
0 votes Thank Flag Link Thu May 7, 2009
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