Community Corner
House Hunt: How to Move up to a New House in Three Easy Steps
Can't sell your home? There are options!
In talking with a client recently who just had child number three, she said, “I would move to a bigger home today if only I could sell this one.”
Well, there is a way to do it. Here are the three easy steps to follow:
- Determine how much home you can afford while carrying both the existing mortgage and the new one. The rental amount from the existing home will not be counted in the mortgage qualification equation. However, that income from the existing home can be added to the household income each month.
- Carefully select a Realtor® who can determine what the rental income can be from the existing home and subsequently locate a great tenant for you.
- Have your selected Realtor® locate a tenant who has been properly screened and can afford the monthly rental payment established as appropriate for the market. Of course, the future tenant’s rental history should show that he will take great care of your home.
While the tenant selection process is being done, your home search should also be taking place and hopefully the timing will be just right; a tenant is secured at the time that you have found your next home.
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The leasing market is quite active due to the abundance of homes that cannot be sold without being sold as a short sale. If the short sale choice is elected, the current mortgagee cannot purchase another home until a time in the future, usually three years. Because the short sale option puts a blemish on the credit, the lease option provides a viable and immediate way to take advantage of the historically rates and prices!
Because of current market conditions and various other reasons, many prospective purchasers are opting to lease rather than purchase. Therefore, the demand for rental homes is very high and typically rental homes can be leased in no more than 30 days of being placed on the market for lease.
Find out what's happening in Cascadewith free, real-time updates from Patch.
For help with your house hunt, contact Shirley Simmons, Prudential Georgia Realty at www.shirleysimmons.com.