“Hubbard Clause Risks”
We have decided to take our home off the market, rent it and move forward on the purchase without the Hubbard clause. Our hand was forced as they have another buyer for the property. I know you indicated that our debt ratio is fine even if we don’t sell our current home, so let’s move forward.
By the way thank you for getting our rate locked when you did, definitely better than we expected.
Do you think we can close next week?
When I go through the pre-qualification process with clients that have a home to sell before they purchase, I will always go through the numbers to see if they will qualify for the purchase without the sale of their current home.
In most cases clients will not want to carry two mortgages as the same time, but at least they should have the numbers so that they can make decisions that are best for them.
I also explained to these clients that if they close in January, they will not have a mortgage payment for the new property until March. Then they can decide if they really want to rent the current home or keep it on the market since they are heading into the spring market.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.