We are interested in properties in Ramona. However, our current home is still on the market, Is it possible to secure another loan for home in Ramona?

Asked by Dawn, San Diego County, CA Fri Jul 5, 2013

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Michela Griffin’s answer
Michela Grif…, Mortgage Broker Or Lender, Ramona, CA
Wed Jul 10, 2013
Hi Dawn,

The information provided below is correct:

Option 1: Buy another home while your home is listed. You must be able to qualify with both mortgage payments. I can help you with that as I am a local lender here in Ramona.
Option 2: Make an offer on another home contingent upon this one selling.

I agree with Deb below. The market is hot. There are buyers waiting in line for homes. It may be worth looking into what your list price is and how long you have had your home on the market. Please feel free to give me a call at 858-354-0669.


Best Regards,
Michela Griffin
http://www.michelasloans.com
0 votes
Randall Ortiz, Agent, Sacramento, CA
Wed Oct 30, 2013
Speak to a couple different lenders, they will be able to answer that best.
0 votes
Cecilia Tayl…, Agent, Poway, CA
Wed Oct 30, 2013
Dawn,

Bridge loans and contingencies are great options. However, maybe you need to look a little deeper into why your home is not selling. Shoot me an email, or give me a call and maybe I can help you turn that property a little quicker! Thanks for your time and the opportunity to serve you.

Cecilia Taylor
Cecilia@realestatekingsofcalifornia.com
6193394910
0 votes
Keri Cook, Agent, Newport Beach, CA
Sat Jul 6, 2013
Hi Dawn,

You can get another loan, provided your income and expenses are of a sufficient ratio. The best thing to do would be to contact your lender and have them run the numbers for you.

Also, if you find a property that you like, you can add a contingency for the sale of your property. An offer with a contingency in this current market is not a great scenario, however, because we are getting multiple offers on everything out there! So, avoid that if you can, but I believe that you don't know if you don't ask, and the worst that can happen is that they say no! So if you cannot get a second loan at this time, and you find a home that you love, it doesn't hurt to put in an offer, even if you have to include a contingency.

If all else fails, be assured that your home will sell soon, and if you need a buyer, please let me know! I have people lined up and ready to go!

If I can help you any further, please don't hesitate to contact me! Best of luck to you!

Keri Cook
keri@kericook.net
0 votes
Keri Cook, Agent, Newport Beach, CA
Sat Jul 6, 2013
Hi Dawn,

You can get another loan, provided your income and expenses are of a sufficient ratio. The best thing to do would be to contact your lender and have them run the numbers for you.

Also, if you find a property that you like, you can add a contingency for the sale of your property. An offer with a contingency in this current market is not a great scenario, however, because we are getting multiple offers on everything out there! So, avoid that if you can, but I believe that you don't know if you don't ask, and the worst that can happen is that they say no! So if you cannot get a second loan at this time, and you find a home that you love, it doesn't hurt to put in an offer, even if you have to include a contingency.

If all else fails, be assured that your home will sell soon, and if you need a buyer, please let me know! I have people lined up and ready to go!

If I can help you any further, please don't hesitate to contact me! Best of luck to you!

Keri Cook
keri@kericook.net
0 votes
Robert Chome…, , San Diego, CA
Fri Jul 5, 2013
Yes there are 2 ways you can do that. If you can qualify with both payments you can qualify for a new loan while the other is for sale. If you can't qualify for both, you can get approved for a new loan subject to your existing home selling. Feel free to call or email me to discuss.
0 votes
Sinead McAll…, Agent, Oceanside, CA
Fri Jul 5, 2013
Unless you can qualify to carry both, you will need to write any offers contingent upon selling your current home. I can refer a lender that will tell you right away if you can qualify for both.

Thanks!
​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
0 votes
Deb Espinoza, Agent, Ramona, CA
Fri Jul 5, 2013
Hi Dawn-
You would need to speak with a lender to see if you qualify to carry both loans. On the other hand, I would wonder how long has your current home been on the market? The San Diego market is HOT right now because inventory is so low and interest rates are still really good. If your home is priced and marketed correctly it should be in escrow within a couple of weeks of listing.
Feel free to give me a call to discuss some options and I can recommend a good lender that can answer the loan questions for you :o)
Deb 619-913-7783
Stage Presence Homes
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