I am selling two homes in Oregon, and will move to Connecticut. Is it ok to purchase home in CT if we find something we like before our OR homes?

Asked by James Nickel, Mount Angel, OR Sat Jan 29, 2011

sell? No credit/car debt, one mortgage to payoff of 178k, total income ~130k.

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8
, ,
Sat Jan 29, 2011
Before anyone tries to tell you yes or no, someone would need to review all of the numbers with you, and mow what kind of rice range you are in, what size mortgage you want, and lots of other things. The amount of the debt doesn't matter, it is what your monthly payments on those 2 properties are. Also, is your company transferring you, or are you taking a new position? My company is a mortgage banker based in Stamford, CT. We do both banking and brokering, so if there is a way to work it out, I can find it for you.
1 vote
Mick Marsden, Agent, Essex, CT
Sun Jan 30, 2011
It's really a matter of personal finances and your tolerance to risk. Sure if you find a place here in CT and want to act I'd be asking if you can really carry properties comfortably to start. I'm assuming you really don't need the equity from the OR sale or you wouldn't be asking the question at all. The other question is how long does your listing agent think it will take to sell your OR home? Although you can always play the hubbard clause card which is making the purchase contingent on the sale of the OR home, you're in the weakest negotiating position you could place yourself in, in this buyer's market. So assuming you can carry both properties and you don't the need equity to close on the CT home...it's OK.
Web Reference:  http://rivertoshore.com
0 votes
Kevin Geysen, Agent, Glastonbury, CT
Sat Jan 29, 2011
It's really no different than selling a property locally. List your Oregon homes with a competent local Realtor and begin the process of locating a home in the Essex area. Your best opportunity will be to work with a local Realtor on the buying side that is familiar with Essex and other local areas where you wish to look. You will be guided through your purchase options!
0 votes
, ,
Sat Jan 29, 2011
Assuming you are both allowed by a lender and financially comfortable with the additional risk of owning three properties, you could make an offer with or without an added contingency (referred to as a Hubbard clause) that one or both of your Oregon properties sells first. The seller will view this extra contingency as a negative but may be willing to entertain such an arrangement in a buyers market.
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Sat Jan 29, 2011
You may also want to check if there are any tax implications to changing your residence to another state prior to the sale. In Md there are extra funds witheld in these instances.
0 votes
Traver Stein…, Agent, Old Saybrook, CT
Sat Jan 29, 2011
Short and sweet, call a mortgage broker or bank. I could answer using a long intelligent train of thought, but that is the bottom line. I work on the shoreline around the CT River and deal with this quite a bit.
Web Reference:  http://traversteiner.com
0 votes
Elizabeth He…, Agent, Agawam, MA
Sat Jan 29, 2011
I am currently working with a client who has a very similar scenario to yours. You would need to speak to a Lender to have them run the numbers for you. Depending on your credit score and personal comfort level, you may be able to afford to purchase a home in CT before your homes in OR sell.

I work with a Lender who offers many mortgage options.

I ama licensed Realtor in CT so if I may be of any assistance, I can be reached via elizabeth@elizabethherbert.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Jan 29, 2011
James,
You will need to discuss this in detail with a mortgage pro in CT. Based on what you post, it's likely possible, depending on the price of your new home, available down payment etc. The risk of having three mortgage payments is something you should think hard about. Lots of people have done the same thing with the best of intentions only to have it get away from them.
One suggestion regarding your OR homes, don't hold out on your price too long. Your agent can best advise you on the trend in your area, but if it is at all declining, get out ahead of it. Make sure you homes are the best looking, easiest to show, best marketed homes in the price range or you will be hanging onto them for a while. Best of luck.
0 votes
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