Ninadecaramelo
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Rent one of the houses. Purchase it as a rental property. Talk to someone about how the taxes work out for that situation, because you'll be receiving income from rent. |
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starlit l
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Hello I'am a loan specialist and there are plenty of ways to do this. Can you afford to pull out a line of equity? Is your house already on the market? Send me an email with a little more detail regarding your situation..... |
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graygirl
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I dont know if I would rent your house out. People who rent dont care about the property and tear it up. Maybe you should just think about it and just wait, and maybe the house will still be there. You could also lower the price of your house and maybe it will sell faster. |
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BRYAN w/a Y
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I work in Real Estate, what state are you in? |
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corey k
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well with the cost of houses going up you can buy the new house and sure you'll loose a lot of money paying for both mortgages but after you sell your old house you should have enough money pay off what you owe |
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Eric D
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try to finance it with a promisary note, of you will give x amount down upon the close of your current home
a realtor can help you with this |
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taketwo
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bridging loan from the bank but it's expensive |
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Chikky D
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get loan from your office,,,,or get a money from a friend |
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riverhawthorne
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You can put a bid on the new one and add a contingency clause stating that it is dependent on the sale of your original house...or you can put in a bid as an investment property. A mortgage lender can give you ideas. |
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Unique
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Rent one of the houses.
I have two houses; rent one and live in the other. |
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robert c
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you need to talk to your bank manager i have just gone through this recently i bought a property and have just let my old one so i'm now in the buying to let game.depend how much u nee ed to borrow, u can use your old property as collateral it can be done, but you need all the professional advice you can get. don't just go to one bank manager shop around I got mine setup for for free which would have cost me several hundred pounds, some building society also do commercial loans. |
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Gypsie
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get a buy to let mortgage on one and a normal mort on the other. |
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ThePartyGirlPrincess
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Some real estate companies will buy yours allowing you to make your new purchase. Check that option first. Another would be if you rent your present home while it's being marketed. Would give you the money you need to pay your new mortgage payment. Good Luck! |
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MSMORTGAGE
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You can have a LET TO BUY (NOT BUY TO LET) mortgage which means you let your house out on a rental basis and use the equity as a deposit for the new one, finance is up to 95%. Need any help e mail me. Good Luck. Don't listen to scare mongers, you do not need to afford it, the rental property will become self sufficient, you only need to be able to afford your new property. I have 10 properties and cannot afford all those, but I don;t need to they afford themselves. I only need to afford the one I live in, they are a source of capital should I need it, by selling one off, or remortgaging. You never get rich if you stay afraid |
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popaholic94
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Just buy it if you don't have enough $$$$$$$ remodel your old one(the one you want to sell) and sell!! |
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Sam<3
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well you can put a conditional offer on the other home. That means you put an offer on the other home but it wont totaly go through untill your home sells. It just lets the other house owners know that you are very interested in buying,
Also either get a real estate agent ir get another one!
Byee |
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Caolan
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yes |
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patrickmcc55
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Try and sell your home as soon as possible. You will not qualify for a mortgage commitment without a contract on your current house, and without a mortgage commitment, you wont be able to get a contract on your new house. |
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Princess Buttercup
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You make the new purchase contingent on the old property selling. Talk to your real estate agent about this. |
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theophilus
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If you can't afford it, you can't afford it. I've been in that situation, where there was a house I dearly wanted to buy, but I couldn't sell mine fast enough. If I could have, then I could have paid the whole shot - no mortgage. But sometimes things aren't meant to be. |
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pianoshopgirl
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Pray that your current house sells quickly so you can get the mortgage for the one you want.... |
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The librarian
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I wouldn't do it. You get into the area of bridging loans and so on and they are VERY expensive. But you might get your house sold in time to buy the other one - I wish you lots of luck with it :0) |
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nemesis
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Your two options would be to:
1. Take out a buy to let mortgage on one of the properties, depending on the equity you have on your existing one.
2. Take out a bridging loan on your new property, which would be expensive, and could be like having two mortgages - which you say you can't afford. |
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victoria
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Get a bridging loan - its what its designed for. As long as you are intending to sell your house and can do so in the near future. |
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Lulu
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I was going to suggest an interest only mortgage, which you could pay off when your house is sold. Shop around, Halifax do one without a penalty for early repayment, but you would need to put a percentage down, so this may not be an option.
Another alternative is bridging from your bank at some horrendous interest rate and vile penalty clauses, but this could turn into your worst nightmare so I really don't recommend it.
Get your house on the market asap, when getting it valued ask for a valuation to find a buyer in about 8 weeks. then stretch out the buying process as long as possible whilst putting pressure on your buyer to get a move on. The worst buyers are first time buyers who have not got their mortgages arranged in principle, and the best, of course, are those with nothing to sell.
good luck, but remember there are other dream houses which have not yet come on the market
Lulu |
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ttopcat2005
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sell yours |
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Jamie
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If you can't afford two mortgages then you could be in trouble. Renting one of the houses could have its pitfalls, you will have maintenance on two houses to take care of, and if the rented house is vacant for any period of time you will still have to pay the mortgage and taxes on it. |
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W. Coastal Eddie
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Don't purchase it as rental property! That will cost you. Intead do this: refinance your current home- telling the lender that it's your primary residence (it is)- you'll get a much better interest rate than if you tell them you intend to rent it out. When you re-fi, take out all the equity you can. Use that money as the down payment on the new place. When you get the mortgage for that place, you cna use expected rental income from your first place to help you qualify. As soon as you move, find a tenant for your old place. Even if it doesn't cover the mortgage payment 100%, at least you'll be able to afford both that way. Good luck! |
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