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Asked by Tao, Mississippi Sat Jun 28, 2008

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Answers

12
Cameron Piper, Agent, Forest Lake, MN
Sun Jun 29, 2008
Tao,

STOP!! I am going to have respectfully disagree with a couple of my colleagues here. What they are proposing is a fairly risky financial proposition.

I would not recommend buying a house in Atlanta until your current home sells. There is no guarantee that your current house will sell and then all of a sudden you will be left with two houses to maintain in two different cities as well as two mortgages. Move into a rental on a short term lease and take your time to get to know the area where you will be living. Atlanta is a huge city and you may find that you don't like the part of town you initially thought that you would, it would be too bad to have a house already purchased there.

In addition if your present home doesn't sell, you'll be back on these boards asking us how to handle a short sale, or worse yet, a foreclosure. There will always be good deals and rates are up about .75% over 3 months ago, they may go up further or they may come back down, the truth is nobody knows. There simply aren't any guarantees about houses selling today, two years ago it was only a matter of time, now we can't be so sure.

This very conservative real estate advice, as such, you should view it in that light. If you are on the more liberal side of things, you'll have to look to someone else for help. I hope that helps.

Cameron Piper
Web Reference:  http://www.campiper.com
1 vote
Bob Engert, , Kennesaw, GA
Fri Jul 4, 2008
I'm not comfortable answering that, Tao. I'd recommend that you take that up with Cartus. I can tell you that I've had very few fall-throughs in my 20 year real estate career, and I'd expect that's true with most experienced agents. Once you're past inspections and financing approval, you should feel pretty secure that your home is headed for closing.

On the Atlanta side, if you need any information to help your transition, please let me know and I will be happy to provide it for you.

Congratulations...and good luck with your move!

Bob@BobEngert.com
Web Reference:  http://www.BobEngert.com
0 votes
Tao, Home Buyer, Mississippi
Thu Jul 3, 2008
UPDATE - WE now have an offer, however I am curious: If an offer is made on your home and then the buyer backs out of the offer after Cartus has released the equity, what happens? Do you have to pay the equity back? We would not be involved in the closing etc at all, as we have already in effect sold our home to Cartus. And they are closed for the holiday.
0 votes
Dominick Dina, Agent, San Antonio, TX
Mon Jun 30, 2008
Tread softly. DO NOT rush your decision.

Talk with your financial planner, advisor or mortgage company. Two mortgages are not a good idea. Unless one of them is on a rental property and your tenant pays it. This is an option.

Depending on the type of property and location, real estate investors love to get a property with the tenant already inside and paying the bills. This may be the option for your particular circumstance.

A bridge loan may work, however, YOU need to talk with the folks mentioned earlier and see if this would be viable.

Again, go slow and give this thoughtful consideration.

Good luck!

Dominick
Christian Realty San Atnonio
0 votes
Bob Engert, , Kennesaw, GA
Mon Jun 30, 2008
Tao,

With all due respect to my fellow Realtors, I suggest you avoid those who are encouraging you to purchase now, regardless of your selling situation. Two mortgages will very quickly put you on the road to financial ruin. The only thing you can do is either carefully price your current home at or slightly below its current market value, or rent it to someone you can trust. Do not consider a purchase without having a sales contract or a one year rental agreement in hand. As for companies that offer "buyouts", if you price your home aggrssively, you'll probably put more in your pocket than any real estate company is willing to offer you. Hope this helps!

Good luck with your move!
Web Reference:  http://www.BobEngert.com
0 votes
Jesus (jesse)…, , Nashville, TN
Mon Jun 30, 2008
Buy, Buy, Buy or Sell, Sell, Sell, I guess it all depends on what side of the coin you are on however, I can tell you one thing for sure. Holding 2 mortgages is much riskier than holding 1. Your question revolves around 1 central idea and that is, “Do you fell lucky”? Unless you are Dirty Hairy, I wouldn’t buy anything unless I had sold what I already had. Ask yourself one question, are you able to loose all you all your risked and still survive and be happy, if so, then have at it however, my guess is no. We don’t know what the future is going to hold and with energy prices rising, inflation and recession scares along with international pressure in the middle east, I recommend you first sell, then buy.

You might want to consider speaking with a financial planner and have a honest conversation about your money situation and see what they think.
0 votes
James Dudley, Agent, Suwanee, GA
Mon Jun 30, 2008
Tao,

My reccomendation is to contact someone like me. I"m part of the Cartus Relocation network. Cartus is the largest relocation network in the world.

I can connect you via our broker to broker network to a qualified brokerage in your area where Cartus wil find you an agent that meets requirements specific to your needs. In addition agents working within this network constantly work with people relocating to your area and may have a buyer for your home.

In addition you will be able to work with a relocation specialist such as myself to help you find a home here in the Atlanta area.

You can also ask me about the ERA Seller Security Plan that guarantees your home to be sold in 180 days or ERA will buy it. This is an excellent option for people like yourself who need to relocate, but do not have a buyout progam available through your company.

Feel free to contact me and I would be happy to give you some more details about the many ways I can assist you with your relocation here to Atlanta.
0 votes
Tori Lawson,…, , Fayetteville, GA
Sun Jun 29, 2008
Tao,
I have to agree with Cameron, do not risk a potential financial nightmare, either wait for your home to sell or see if you have a family member or friend that would be willing to rent it from you, but certainly use a REALTOR or property manager depending on what you are going to do. If you want to sell directly first, then yes rent here in GA while you wait for the current home to sell.
Web Reference:  http://www.torilawson.com
0 votes
LaVonne Walk…, , Marietta,Kennesaw,Roswell,Smyrna,Alpharetta, Atlanta,Duluth,Canton
Sun Jun 29, 2008
Hi Tao,

I think you should consider the pros and cons of both scenarios and see which one is best for you. First, I would definitely make sure my current home is priced to sell and that is shows nicely. You may even consider a bonus to the Buyer to see if that sparks any traffic. Second, I would peruse the Atlanta market and see if you can find a home that sparks some interest to you. If you find a home you like and you feel comfortable with handling two mortgages then now is a great time to buy especially with the low interest rates. Add to that your relocation package and you may actually make out pretty good. Third, you can always rent your home in Mississippi if it doesn't sell and re-list again first of the year. If you decide to rent it you may even qualify for tax benefits (see your tax consultant). The bottom line is what is financially comfortable for you. Most people don't want to carry two mortgages but the deals on homes are almost to good to let go by. I am a Relocation Specialist in the Cobb county area and I run into these situation all the time. If your current home doesn't sell by the time you have to move to Atlanta you may just want to bite the bullet and purchase because you have to have a place to stay anyway and why pay rent when you can be putting that money towards your mortgage. Please let me know if I can assist you further. I can be reached at 770-366-1574. Good Luck!
0 votes
Judy Wittenb…, Agent, Suwanee, GA
Sun Jun 29, 2008
If you are able to get loan approval on a second house in Atlanta, I would purchase while you can still get a really good deal. We don't know what the future holds in regards to prices but we do know that mortgage rates are still very low. If you are going to be spending the money toward rent anyway, why not make it be a house payment. Your house payment could actually be less than a rent payment, depending on the area you are moving to and relo's can be very beneficial from a help with closing standpoint.

If I can help you let me know. Prudential is one of the top Relo companies in Atlanta.

Judy Wittenberg
Prudential Georgia Realty
0 votes
Mr.P, , Arizona
Sat Jun 28, 2008
Well Tao,
You seem pretty smart with your money. Begin looking in Atlanta, if you find that must have awesome deal, Buy it. Again, I think you will know a great deal when you see it. Now back in Mississippi, find a great agent, and price your home to sell, you are looking to create multiple offers.

Good Luck
0 votes
Maria Morton, Agent, Kansas City, MO
Sat Jun 28, 2008
I would buy now. Why? Because mortgage rates hit their historic low and are now inching upward. Get in now before they go higher. Also, home sales across the nation increased ~1.8% last month; we may be on the way up. You have zero debt, good credit, and a manageable mortgage payment on your present home. Plus, it sounds like you could take advantage of your company's relocation package which could be thousands of dollars.
If you'd like a referral in that area, call Mary Lou Haywood-Catron 913 266 5609. Tell her your story, that I said to call and see if she can help. Good luck & safe journey!
0 votes
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