Having made the decision to leave our Destin Florida home, I had another decision to make with my husband. "Should we list and sell our Destin home before buying or building another one, or should we find something we really wanted first, then sell?" First, of course, we had to get “qualified” for a new mortgage, either way. Would it even be possible for us to get another loan without selling?
Knowing the amount of paperwork we would face to apply for a mortgage, I took the first step. I contacted a handful of mortgage lenders. The difference in style and knowledge was apparent. We ended up working with Joe Pelter of First Federal Bank of Florida. The instant I spoke with him on the phone, I knew he was the master. After about a 40 minute detailed conversation, he told me we could go ahead and buy or build without selling our home first. This would have to be verified by the full mortgage application process, but he was confident, and we were confident in Joe. Since First Federal Bank did not do lot loans, we also got pre-qualified for one with People's National Bank of Niceville, in case we went the building route with a construction perm loan. (They are one of the few lenders who currently do lot loans on the Emerald Coast).
Armed with the knowledge we could buy without selling, I made a chart comparing the positives and negatives of buying a house, or buying a lot and building, either with selling first or later. The key criteria for me was “stress” (that came later anyway). I thought it would be less stressful buying first, then selling. That’s what we did! Part Three will be about “The Search”. The fun part!
Wendy Rulnick, Destin listing Broker, has featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida.