I'm a Real Estate Agent in Houston, TX and Southern CA. Although I'm currently in CA, I can put you in touch with an agent in the Houston / Cypress area that can assist you.
Some of the posts below will give you good answers as to your best potential choices, but the most important two are, first, to ask your question to Cypress Texas Realtors, and second, sell or rent your present house before offering on a foreclosure.
I live outside of Houston, and our rental market it huge right now. Half the houses on my street are rental properties, and I heard that will make it harder to SELL mine. So should renting it out be a better way to go?
Here is the link to the house I want to go for, if it helps:
Thank you to everyone who is helping answer my question!
I had a client in your situation recently and I had given them the same advice has the other realtors on here. However they decided to jump both feet in and were able to buy a new house at a great price and rent out theres. Now they did'nt have 30% equity or even 20% equity in there current home, so they had to put 10% down on there new home and had to qualify for both mortgages and surprisingly enough they did. Im not sure what the rental market is like where your at, but because of the many displaced homeowners due to forclosure our rental market is booming. They were able to put there home on Craigslist and had it rented in 4 days. Mind you there negative about a 100 per month on the rental but now there in a position to not only own there dream home but also now have an investment property.
Every situation is different, but all is possible when you put your mind to it and the timing is right.
Good Luck to you!
Thanks for coming back online with additional info. Find out how far along in the legal process this property has progressed. Also, is it a short sale?
Can you sell your home quickly so that you can close on the new home purchase within the timeline restrictions of a foreclosure?
Lynn911 has a good point here. One thing you can do is lease the house you currently live in. Or the other thing you can do is sell your current home. This whole process might take a while depending on the price you want for your current home versus the price of the comparables. You should also keep in mind that you need to sell for more than what you purchased it for when you bought your home to pay off you existing mortgage. Check with a mortgage company to see if you can obtain a loan wether you sell your home or lease it before you do anything.
Century 21 Beachside
In this (Buyer's) market, you should sell your home prior to purchasing another because it may take a long time to sell the property you now own. The time it takes is directly related to location and price. If you have owned your current home for only a couple of years and have a mortgage that was close to the purchase price, you will likely not be able to sell it for what you now owe.
If you do place your home on the market prior to buying another, you will know whether you will be able to obtain a price at which you would be willing to sell.
Then, once your home is sold, you can look for another property knowing you will not have two mortgages to worry about. Just remember, a transaction is not "done" until it has recorded so don't lock yourself into a purchase unless you have a contingency for the sale of your current home.
Best of luck,
Broker & Realtor
Orange County, CA