“Hubbard Clause Risks”

“Hubbard Clause Risks”

 

 

Hi Joe,

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

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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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.

Comment balloon 2 commentsJoe Petrowsky • February 14 2020 01:59PM

Comments

Good morning, Joe Petrowsky there's always a way to work the numbers if you qualify and everything will sell at a certain point....

Posted by Barbara Todaro, Previously Affiliated with The Todaro Team (RE/MAX Executive Realty - Retired ) 8 months ago

Good morning Joe. Geographical areas have various named assigned to clauses commonly used in a contract, but the premise remains the same. Undestand the consequences of your decisions. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 8 months ago

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