Property Q&A in Plymouth>Question Details

Amyv6603, Both Buyer and Seller in Plymouth, MA

Home owner turns landlord & new home owner?

Asked by Amyv6603, Plymouth, MA Tue Nov 1, 2011

Thinking I'd take a loss selling my home, I'm considering renting it out, or a rent to own option. Will this free up my credit to purchase another home? If so, do I have to have the home rented out for a certain amount of time before purchasing another home?

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Answers

2
Renting in this market is marginal. Landlords have to be very careful who the tenant is, why they are renting, what their rental history is, credit, ...
You might be better off doing a short sale and be done with the property. Your total debt to value, the loss the bank is willing to work with, and the loss you are willing to work with, are all part of the puzzle.
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0 votes Thank Flag Link Wed Nov 9, 2011
Everything depends on your specific situation. Get in touch with a reputable lender and find out what their requirements are, then you will know what you will need to show, financially, in order to get a new preapproval.
0 votes Thank Flag Link Tue Nov 1, 2011
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