Home Buying in 89108>Question Details

Katy D'errico, Both Buyer and Seller in 89108

I own a home in Las Vegas and my husband is relocating to California, can I buy a 2nd house and how do I

Asked by Katy D'errico, 89108 Thu Jan 17, 2008

prove someone will be renting the one is Las Vegas until I can sell?

Help the community by answering this question:

Answers

6
Talk with a lender , look like Nathan know what is talking about you should call him
0 votes Thank Flag Link Sat Jul 20, 2013
Hi Katy,
It really depends on your equity position that will allow us to use the income from the vacating property if you rent it. If you call me today, I'd be more than happy to look into your situation, and give you a barometer as to what your present buying power is. I look forward to hearing from you.

http://thenationalrealestatepost.com/find-a-professional/mor…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Fri Jul 19, 2013
Although I am not a mortgage expert, I have helped multiple buyers & sellers deal with 2nd homes. Not being sure exactly what you are concerned about, I'll answer this a couple of ways. Last month we had a closing on a property where the owner was going to put his brother in the new home and keep his. In order to get approved, the mortgage lender asked us to pull rental comps in the area. He entered that amount as positive income which qualified him to purchase the new house. I don't know the lender rules in California, but if you are buying a 2nd home here, they usually require 10% down. Hope this helps. If you need help selling your house, I would love to come talk to you!
0 votes Thank Flag Link Fri Jan 18, 2008
Katy:

If finances allow for you to purchase another home before selling this one then you should speak with a lender about getting a loan for your purchase and see if underwriting will have any issues with you having a second home. I am not a lender so I cannot speak to all the changes that have happened in the lending industry of late. However, I would say that as long as you have the means to cover the new mortgage and a renter in your current property (in the past, a copy of the lease agreement would usually suffice) then there may be no issue.

Speak to your lender first (if you need the name of someone I can e-mail you some names). Then contact a property management company about what you can get for your property in terms of rent. They can give you statistics on rents and vacancy rates related to the current market. If you would like to know what your current home is worth, feel free to e-mail me the address. I will be happy to work up a market analysis for you - free of charge.

Best of luck in your move!

Blythe Mancini
Executive Realty Services
BlytheMancini@cox.net
702-612-2097
0 votes Thank Flag Link Fri Jan 18, 2008
Hi Katy,

There are a few ways to accomplish this as long as you have the finances available to you.
The question is what are you plans for your Las Vegas property?

Feel free to give me a call, I will put you in touch with my preferred lender as well as give you an idea of what your Las Vegas home is worth in the current market.

Regards,
Bill Johnson
Your Real Estate Consultant
(702) 553-6543
0 votes Thank Flag Link Thu Jan 17, 2008
If your finances allow, then of course you can purchase another home. Are you concerned about someone renting your home in Las Vegas so that you do not have two mortgage payments? If so, then I would recommend putting an ad out, or having an agent help to market your home for rent, and see if you get anyone interested. Also, make sure that the going rental amount for a home like yours would cover your costs.

Please feel free to call and/or email me with any further questions or comments. I have some questions I would like to ask you in order to get a better idea as to what your situation is in order to better help you. I specialize in the Orange County area, however if you are moving to a different part of California I could refer you to another agent in the area of your choice.

Sincerely,

Tiffany Mueller
Prudential California Realty
http://www.stephanieabrego.com
0 votes Thank Flag Link Thu Jan 17, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer