Buying A Home
PSU_Texan
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Carrying Two Mortgages?
[Poll]
Re: Carrying Two Mortgages?
As pp said, if you are prepared to carry 2 mortgages for an indefinite period of time, I'd go ahead and put an offer on the new house. But you also need to have a Plan B if the house does not sell in a reasonable time frame. Would you be willing to rent it or just continue to drop the price to find a buyer?
I agree with everything said
You have to be prepared to carry the mortgages indefinitely and have plan B in mind. Your poll says 6+ months...so a big discussion point should be at what point do you move to plan B (either rent, take a loss, etc.).
We have two mortgages--our primary residence and a rental property. You will have to jump through a few more hoops with the lender to show that you have the funds necessary to support both, but as long as you do, the process is not painful
My Valentine Bookends (2~13~13, 2~15~09)
We're in the process of getting a mortgage for a new condo and have not listed our current condo yet. We're waiting until mid-late Feb. since January is always slow around here. We had to show we can afford both mortgage payments for 6 months.
We can afford both mortgages, but would obviously rather not. I think our plan will be to list it and see how it goes. If it doesn't work out, we're in a great rental area and we'll have no problem renting it out.
But even if they did ... 2 mortgages, 2 sets of insurance, 2 sets of taxes, 2 sets of basic costs (still have to heat/cool the home, have drive shoveled or grass watered - depending on your location) + down payment + moving costs + normal monthly expenses + having an emergency fund that would cover all of those double costs ...
Not even so sure to say that at worst you have two sets of expenses for 6 months ... what if it is 1 year? Our neighbors home has been on the market for 9 months. It is 4 years old, in a nice neighborhood with a park. Maybe real estate in your area moves quickly.