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Author Topic: Is it possible to keep two primary residences?  (Read 7748 times)

Offline jbaldwin

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Re: Is it possible to keep two primary residences?
« Reply #15 on: April 23, 2008, 09:09:29 am »
Read my posts, almost always I say something to the effect of, "This is what MY bank did/does" or "This is what I was able to do".  I don't think I ever say "This is how it is".  I'm simply offering up what I was able to accomplish to give some insight to what is being offered by different lenders. 

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It has to do with the fact that you are giving advice on a subject in which you have very little experience.

You don't know me, my holdings, my portfolio, etc. just stop right there.

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So now lets say the OP takes your "don't sweat it" advice and puts down earnest money and pays for an appraisal, and an inspection and now has 2-3K wrapped up in this deal only to be told by the UW "this deal does not make sense because you own a 200K home, and you are moving into half of a 150K duplex?" so now he is scrambling around trying to find financing before his earnest money go "POOF" not to mention the $800-$900 he lost on inspection and appraisal.

Another smart comment.  Look back 3-4 posts from your latest one and read what I advocate this person do.  My quote was,
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I'm not advocating that the poster keep a big secret from his banker as to what's going on.  My point was simply that it is my belief that if you're on the up and up with your banker I don't think it's a big deal.
 

I go on to say,
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I'll say it again.  It's been my experience that it's not a big deal.

If someone is taking what me, you, or anyone else says is possible and making investments without doing their own research and/or due diligence they deserve to loose 2-3k. 

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so now he is scrambling around trying to find financing before his earnest money go "POOF"

While you may believe I'm giving advice on a subject in which I have very little experience I would like to offer some advice to you.  Clearly you're not experienced or smart enough to put into contracts multiple clauses that would allow the buyer to regain their earnest money if they are unable to obtain suitable financing.  Anyone with any brains wouldn't allow their deposit to go "POOF" just because they couldn't obtain financing.  You might want to make a better argument than that if you're going to try and disparage me.

Offline christopher w

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Re: Is it possible to keep two primary residences?
« Reply #16 on: April 23, 2008, 09:50:58 am »
J,

We are not talking about me here. We are talking about the OP. You can say what you want about me your opinion means nothing to me. All I am saying is do not give advice on a subject in which you are clearly not competent enough to do so. I am not disputing the fact that you have some experience in buying rental properties. As I said before what I am disputing is your making it seem as if it is no big deal what the OP was trying to do. He is obviously a newbie looking for advice, and based on your "don't sweat it" comment he could have run right out and put in a contract and put down money, etc...

You are not aware of his level of experience so next time why not ask more questions before you start throwing out bad advice. Because based on the quote below it looks to me as if you are giving out some very bad advice.

The bank isn't going to care about you now renting out your former primary residence.  Don't sweat it, the bank isn't going to make you switch to commercial terms or anything like that.

In the future why not just email the OP your bankers name and contact information because the advice you are giving is based on deals with that person. Not the rest of the world.


Christopher W
C-214.923.5781

Offline furnishedowner

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Re: Is it possible to keep two primary residences?
« Reply #17 on: April 23, 2008, 08:02:15 pm »
christopher w,

jbaldwin is correct. It is "no big deal" to buy a second owner occupied residence. People buy vacation homes and condos all the time, for example.

People often move up and sometimes down in size and price as their family and financial means change. When I have done this the lender asked me for a "letter of intent" which I was happy to give. I have never been refused a loan because of some kind of nebulous fear of fraud from the lender. The poster sounds like a completely upfront guy. He will get a loan.

Offline christopher w

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Re: Is it possible to keep two primary residences?
« Reply #18 on: April 24, 2008, 08:20:31 am »
Furnish,

Please read the original post. Deeze is not looking for a second home or condo. He is looking for a new principle residence. If he was looking for a second home or vacation home it would be no big deal. He is looking for a new principle residence that he wants to "take his time " moving into. Totally a different story than a second or vacation home.
Christopher W
C-214.923.5781

Offline phlemboy

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Re: Is it possible to keep two primary residences?
« Reply #19 on: April 25, 2008, 12:06:07 am »
I was quoted from a person from Quicken Loans that I could qualify for OO (vacation home) if the property was more than 10 miles from my existing home. Although I'm not sure why you just can't get an NOO loan terms for the property you won't be occupying. Reveal all the info. to the lenders involved and let them make the decision based on true information.
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline Mdhaas

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Re: Is it possible to keep two primary residences?
« Reply #20 on: April 25, 2008, 04:12:08 am »
A second home opportunity allows for basically the same rate and term options as a primary residence which are much better than those offered on NOO's.
If at first you don't succeed.....................skydiving is not for you

Offline WilsonTaylor

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Re: Is it possible to keep two primary residences?
« Reply #21 on: April 25, 2008, 05:45:27 am »
Thanks for the replies.
The reason I am moving from single family to duplex is because I want to rent out one of the units and live in the other. That way have half my mortgagte paid for me and sock away the rest in savings or investments.

But I'm not going to rush to move into the duplex until I sell the single family.

Has anyone ever seen this "must move in within 30 days" clause?

Deeze,

When I bought my current residence, I had not sold my previous residence.  Since I had rental properties and my new residence was within a few miles of the old residence, the mortgage company specifically asked me if was buying another rental property.  I had to write them a letter explaining why I was moving without having sold the previous property.  Also I ran up against the "must move in within 30 days" clause because I needed to do some rehab.  It was actually about 60 days before I moved in, but I did not have any problems other thatn the questions. 

My suggestion would be just to explain the situation to your mortgage company and if they do not like the deal, find another mortgage company.

Wilson

 




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