Profile picture for hkstirman

what is the best way to buy a new home before the existing home sells? is renting it a possibility?

  • March 15 2009 - Boston
  • 0Yes

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Answers (1)

Profile picture for Bentley Advisors
As long as you can qualify with both sets of mortgage PITI pymts, you can do whatever you like.  Leave it empty or rent it out.  To avoid the "buy and bail" phenomenon that began as a result of this crisis, lenders are requiring you qualfiy w/ both sets of pymts unless you have at least 30% equity in the old home.  "Buy and bail" is where a homeowner that is underwater on the existing home buys a new one before letting the old one go into foreclosure.
  • March 15 2009
  • 0Yes

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