I currently have a duplex in North New Jersey. The tenant is about to move out within the year and I’ve considered selling the property and buying a house in a more affluent town in Northern New Jersey. I’m aware that in this sellers market, it’s hard to have any contingencies (buying/selling simultaneously) but how about having a contingency to sell and stay in a different unit for 4 to 7 months while searching for a property. I’ll have to sell so that I could have a higher down payment on the new house and honestly, I don’t want to keep the old duplex and be a landlord. Do you guys have any suggestions on what I should do? by portele560 from Atlantic City, New Jersey. Jun 28th 2022
My suggestion is two-fold. First, talk to a mortgage Loan Officer to determine finances and options. Next, combine that information with information from a real estate agent, who can tell you what the current market is in your area. The hot hot hot market has cooled very dramatically since rates jumped up this year. I provide home mortgage loans in MN WI IA ND SD. Find me at WI-MortgageBroker.com - Cambria Mortgage, NMLS 274132
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