Comments
I thought this was always the case?? Especially when the market started going south about two years ago. Some lenders wouldn’t even allow you to enter into a contract unless that other house was completely sold. I don’t remember what they called it… there was a term for it.
Comments
No sir, IF the owner was going to sell their old home, the deal was contingent. If they were going to buy a new home and have their old one rented, they could qualify for the loan. People were having relatives lease their old home, and when the got the knew one, the relatives broke the lease etc… and the home would be foreclosed on.
Another thing that folks were doing was to rent out to some unsuspecting renters, and collect the rent, but not make the mortgage payment (after they closed on the new home). The old would go into the foreclosure process
Hot Topics
Recent Entries
(Top of page)Search homes
- Search New Homes
- Search $1,000,000+
- Search NEWER homes under $150,000
- Search Condos
- Search Gated communities
- Search 55+active community
- Search Horse properties
- Search golf course properties
