Zillow Advice: Buying Process - Byung a house when you still owe on another property.

It is possible that your ...

Mon, 15 Nov 2010 20:09:00 GMT

It is possible that your property has gone down in value during the 2 years you have owned it. If it has and you put enough down to have some equity left or are able to bring money to the closing and have enough for the down payment on the property you would like to purchase, than yes it is possible. You need to start with finding out it current value in today's market and then make your decision.

To sell your home it sounds ...

Sun, 12 Sep 2010 13:39:00 GMT

To sell your home it sounds like a Short Sale would be required where the lender must agree to a reduced payoff amount to accommodate a market sale transaction. The problem is that the only loan program available for immediate purchase after a short sale is FHA, and that is only available to people who are downsizing or relocating. I might suggest that you consider renting out your home in hopes of selling it after the market improves. You would need to qualify for the new home with that old mortgage in your Debt to income ratios without consideration of the rental income collected. You would do well to consult with a mortgage professional, like myself, who is experienced in this area to develop a workable plan.

Once was a time when it was ...

Sat, 11 Sep 2010 14:36:00 GMT

Once was a time when it was common for a Buyer to go through a basic Check-List before they decided to purchase a Home or Condo. As a buyer, you would have already had a stable, long-term job; some seasoned money was sitting both, in a Savings and Checking account with your local Bank. You probably had been discussing this matter for some time now; making plansand getting your finances in order. Then it was time to make an appointment and meet with a Mortgage Lender.During this meeting, you would discuss the finer details of your finances and provide the Lender with enough information so he/she could determine what your purchase price would be so that it will not disrupt your personal financial health. Once this number was determined, your next course of actions would be to align yourself with a Real Estate Agent. This too should be a process; maybe you had already found an Agent that you felt comfortable enough to work with or you were still trying to make a decision, either way you should allow yourself time to interview and preview several different Agents before you narrow it down to just One! These are successful steps to take when you are purchasing a property, this very well may be, the largest purchase of your life, shouldn't you take the necessary precautions to protect yourself?

NOW, home buyers have not taken any of the above mentioned steps before they decide to go searching for a home or property to purchase. The reason for this, I believe, is simply due to the massive housing boom that took place beginning in 2004 which created a shift in the Home Buyers way of thinking and planning. Bad financial habits were developed and continue to plague the National Real Estate Market. A combination of events took place that helped changed the way Homebuyes made efforts to purchase a House or Property.

I would either rent that ...

Fri, 10 Sep 2010 17:13:00 GMT

I would either rent that property or sell it on contract for deed/lease option. What ever option you would be comfortable with either being a landlord or Vendor. That would free you up to purchase another property!
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The process is that you would ...

Fri, 10 Sep 2010 16:41:00 GMT

The process is that you would need to bring a large check to closing to pay off the difference between the sale price and what you owe on the mortgage.

There is no magic formula for getting out from a property that is 'underwater'. You either rent it out, stick it out or take a loss.

If you are financially able, ...

Fri, 10 Sep 2010 04:01:00 GMT

If you are financially able, renting your present townhome may be an option until the market turns around and you can sell. It's a great time to buy but not a good time to sell so you need to be creative. Talk to your agent and lender for imput on this matter.