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Having two mortgages in Denver may not be an uncommon situation here. As soon as you want to buy a house, you’re racing against the clock to make a move on your dream home upgrade from all the competition. Most of the time you think as fast as you moved on your new home is how fast your old home will sell simultaneously.
Let’s get into what you can do if you’re stuck with having two mortgages in Denver!
Now is the time to be extremely frugal. No more spending money on impulse items for a few months. When having two mortgages you should have your old home payments saved at least 3-6 months ahead of time. The more the better of course. You got to remember you’re currently paying for two houses at this point. You also have the principle, interests, taxes and insurance on your new home.. the down payment and earnest money as well.
If you made a decision on a deal you couldn’t pass up and you know it’s the dream home you’ll retire into, you can figure out way to get some cash to fund both of your properties for the time being until the old home sells. Please seek professional counsel financially and legally before making any final decisions in your situation.
You may feel like a newbie in doing this but everyone has to start somewhere. Becoming a short term landlord may be a great option if you find a friend, relative or tenant to rent out the property on a month to month lease until it sells. It may be much better than fixing up your old home just to make it sell quicker and nobody wants to pay Realtor commissions if they don’t have to.
We run into this situation often and it may be best to just sell your house to an investor. We can arrange a post occupancy for you to reside in the home for a set amount of time in case you haven’t closed on your new house yet. Even if you don’t rent out from your old home, you may be willing to stay in a short term rental in an apartment just so it’ll be easier to save for a new house a year or more down the road. No matter what your situation is, if you feel you may be stuck having two mortgages in Denver, you can find a solution!
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